Brazil's electric vehicle market is set to explode soon as legislation, anticipated tax incentives and a growing charging infrastructure are expected to drive sales of plug-ins to over 80,000 units by 2020.
Likely the only two charging points in all of Brazil right now...but in the future there's sure to be tons more.
Of the 80,000, over 70 percent are forecasted to be plug-in hybrid or range-extended electrics.
These prediction come from Frost & Sullivan's latest report titled "Strategic Analysis of Brazil Electric Vehicle Market."
Frost & Sullivan Automotive and Transportation Research Analyst, Ananth Srinivasan, says this of Brazil:
"Although Brazil's automotive policy towards EVs is at an early stage, the second phase of its Inovar-Auto program will provide incentives for EV manufacturers and end users, thereby encouraging adoption. The expansion of EV charging infrastructure, currently focused on Sao Paulo and Rio de Janeiro, to other key regions such as Pernambuco, Sergipe and Ceara will further boost uptake."
"Product launches in the small- and mid-size sedan segments, maintaining a price bandwidth of $40,000 to $65,000 and offering diverse business models, are key success factors in the Brazilian EV market. Market participants will also benefit from an early entry strategy."
In the "Strategic Analysis of Brazil Electric Vehicle Market" report we find this:
"Nevertheless, Frost & Sullivan believes that partnerships with utility companies will provide the necessary support to widen EV charging infrastructure in Brazil, and improvements will gather pace by 2017. Local participants in battery technology development will have significant growth opportunities."
"Moreover, product costs will fall on the strength of tax incentives. Frost & Sullivan's estimates point to a 25 to 37 percent reduction in PHEV prices and 25 to 40 percent reduction in battery EV prices over the next seven years."
Reduced costs are always welcome and will likely be a driving force behind sales in nations around the globe.