Rapid growth forecasted: Electric vehicles in Latin America could reach 20 million by the year 2030.
The Latin American and Caribbean region is experiencing a significant shift towards electric mobility, with countries in the region making remarkable strides in adopting electric vehicles (EVs) and expanding charging infrastructure.
According to a study conducted by the Latin American Energy Organisation (OLADE), three growth scenarios for the electric vehicle fleet in the region by 2030 have been identified: Conservative (5 million vehicles), Intermediate (10 million vehicles), and Optimistic (20 million cars).
In the Intermediate Scenario, 23,472 GWh of electricity would be needed, requiring an investment of 5 billion dollars in renewable energy. To achieve this, an installed capacity of 11,405 MW in renewable energy and an investment of 10 billion dollars would be necessary. In the Optimistic Scenario, 46,943 GWh of energy would be required, equivalent to 3% of the current electricity generation in the region.
Governments such as Brazil, Mexico, and Chile have collaborated with private companies like Enel, Iberdrola, and local energy startups to expand charging infrastructure and renewable energy capacity in the region. This collaboration aims to achieve the target of 20 million electric cars by 2030.
On average, Latin America and the Caribbean have 3.3 charging stations for every 100 electric vehicles. However, the region has already established a solid foundation, with 4,848 public charging stations. Brazil and Mexico have the highest number of stations, followed by Colombia, Argentina, and Chile.
The regional fleet of electric buses has increased by 160% over the past three years. Chile and Colombia lead the region in electric buses, with 1,849 and 1,590 units respectively. Interestingly, the analysis reveals that Europe and the United States have fewer electric buses per million inhabitants than Latin America.
One of the key strategies to overcome the challenge of charging infrastructure is to promote home and workplace charging. With the growth of electric mobility, this would drive technological innovation and investment in infrastructure.
By 2030, an optimistic scenario projects that the region could have 20 million electric cars on the road. This growth would not only reduce carbon emissions but also stimulate economic development and job creation.
Brazil has over 152,000 electric vehicles on the road, making it the leader in the region in absolute terms. Costa Rica has the highest per capita adoption rate of electric vehicles in the region, with 34.3 electric vehicles per 10,000 inhabitants.
The future of electric mobility in the region depends on factors like public policy adoption, charging infrastructure development, and electric vehicle availability. With appropriate public policies, investment in technology, and a focus on sustainability, Latin America has the potential to become one of the most dynamic regions in the transition to electric mobility.
During the first half of 2024, the electric vehicle fleet grew by 60%, with countries like Brazil, Mexico, Costa Rica, Colombia, and Chile leading the electrification of transport. This growth indicates that the region is on track to meet its ambitious targets for electric mobility.
In conclusion, the rapid growth in electric mobility in Latin America and the Caribbean is a testament to the region's commitment to sustainability and economic development. With continued collaboration and investment, the region has the potential to lead the world in the transition to electric mobility.
Read also:
- Transitioning to Electric Vehicles Places Heavy Demand on Power Grids
- E-mobility continues its progress after a decade since the scandal, staying on course
- The Commission deems the assistance program to be in agreement with the domestic market regulations.
- Innovative Garments and Accessories Producing Energy: Exploring Unconventional Sources for Renewable Power
