Latin America & Caribbean Witness Exponential Growth in Electric Vehicles: Light EV Fleet Surges from 17,800 to 250,000 Units (2020–2024)

The Latin America and Caribbean (LAC) region is undergoing a dramatic transformation in sustainable mobility, From just 17,800 light electric vehicles (EVs) in 2020, the region’s EV fleet has skyrocketed to over 250,000 units in 2024, marking one of the fastest-growing EV markets globally.

The year 2024 has proven pivotal, with the light EV fleet growing 78% in the second half alone—from 249,079 in June to 444,071 by December. This surge equates to an annual growth rate of 187%, showcasing a significant shift towards decarbonized transportation.

“The rapid growth in electric mobility across LAC reflects both rising consumer demand and policy momentum for climate-aligned transport solutions.

EV Growth Outpaces Charging Infrastructure

Despite the promising adoption rate, the expansion of public EV charging infrastructure remains unbalanced. By the end of 2024, the region had 18,594 public charging stations—92% concentrated in just three countries: Brazil, Mexico, and Chile. The remaining 24 nations share a mere 8% of the network, raising concerns around equitable access and regional readiness for mass adoption.

Competitive Market Landscape: BYD, Tesla, GM Lead the Pack

The region’s EV market is dominated by key players:

• BYD leads with ~27% market share, thanks to local production in Brazil and competitive pricing.
• Tesla captures ~18.2%, driven by demand in premium markets like Mexico and Chile.
• General Motors (Chevrolet) holds ~16.9%, capitalizing on a well-executed ICE-to-EV transition strategy.

Other prominent brands include Volvo, Nissan, Hyundai/Kia, JAC Motors, and regional manufacturers like Chery and Great Wall Motors.

Colombia Takes the Lead in Zero-Emission Mobility

Colombia has emerged as a regional pioneer by committing to 100% zero-emission car and van sales by 2035, joining Chile and Uruguay under the Zero Emission Vehicles (ZEV) Declaration. Key initiatives include:

• A national target to deploy 600,000 EVs by 2030.
• Strong legislative support through Law 2169 and Law 1964 (2019).
• 1,590 electric buses already deployed, ranking second globally after China.

Colombia’s policy-driven approach combines legal mandates, incentives, and infrastructure expansion, making it a model for sustainable urban transport in the region.

Looking Ahead

With climate goals looming and urban populations growing, the LAC region stands at a critical inflection point. Continued momentum in EV deployment, backed by inclusive infrastructure development and bold policy frameworks, could position Latin America as a global leader in green mobility.