Over the last four years, the light electric vehicle fleet in Latin America and the Caribbean (LAC) has experienced an exponential growth trajectory. On average, the number of units has doubled annually, reaching nearly 444,071 units in circulation by the end of 2024. This figure represents a growth of more than 25 times compared to 2020 and nearly tripling between 2023 and 2024.
This rapid growth is driven—among other factors—by the implementation of public policies in LAC countries, aimed to achieve the decarbonization targets of their economies and energy systems, in line with their international climate change mitigation commitments established in their Nationally Determined Contributions (NDCs), of which approximately 75% identify transport as an important source of GHG emission reductions, and three NDCs set targets for reducing GHG emissions in transport.
