How big is the electric vehicles market in Uruguay?

The Electric Vehicles market in in Uruguay is projected to grow by 10.22% (2024-2029) resulting in a market volume of US$164.3m in 2029.

Will electric vehicles grow in Uruguay in 2023?

The Automotive Trade Association of Uruguay (ACAU) expects growth in the sale of electric vehicles in Uruguay in 2023. This expectation is based on the doubling of successive commercialisations that Uruguay has had since 2019 in this market. Even in 2022, sales practically doubled, reaching more than a thousand registrations.

Will the EV market expand in Uruguay?

Key View: Uruguay’s electric vehicle (EV) market remains nascent, however, we believe it will expand steadily in the coming years due to the planned development of national charging infrastructure and extensive fiscal policies incentivising EV adoption.

Why are electric cars so popular in Uruguay?

Underlying macroeconomic factors: Uruguay has been experiencing steady economic growth in recent years, which has contributed to the increasing affordability of electric vehicles. As the economy continues to grow, more consumers are able to afford electric vehicles, driving demand in the market.

What is the cost of unused energy in Uruguay?

In Uruguay, unused energy sometimes costs the utility as much as $90 million a year according to officials. However, this has allowed them to stabilize the grid and achieve a significant milestone in renewable energy integration.

Will EV sales increase in Uruguay in 2023?

After growing 125.7% y-o-y in 2022, we forecast the sale of passenger EV sales in Uruguay to double, to reach a volume of just under 1,700 units in 2023. Supporting our view is the gradual easing of the chip shortage, which is enabling EV supplies to recover and the arrival of new Mainland Chinese EV brands such as BYD.