Peru Electric Vehicle Battery Market Size and Forecast by Propulsion Type, Battery Type, and Vehicle Type: 2019-2033

Peru Electric Vehicle Battery Market Growth and Performance

• In 2024, Peru EV battery market recorded a significant annual growth of XX%, bringing the total market value to US$ XX million.
• The market is further anticipated to grow at a CAGR of XX% through 2033, potentially reaching US$ XX million by the end of the forecast period.

Peru Electric Vehicle Battery Market Outlook

Peru is positioning itself to be an emerging player in Latin America's electric vehicle (EV) battery market, despite currently limited local battery production. Government policies supporting electrification, paired with promising lithium reserves in the Puno region, signal Peru’s long-term commitment to building a vertically integrated EV value chain. According to the Peruvian Ministry of Energy and Mines, EV registration saw a 50% year-over-year growth in 2024, driven by increased consumer interest and cost-saving benefits of electric mobility. The country also benefits from favorable trade relations, particularly with China, which is playing a pivotal role in the deployment of battery-swapping and compact EV infrastructure. While the EV market is still nascent, pilot projects and rising public-private collaborations reflect momentum. With global demand for critical minerals and batteries on the rise, Peru's resource-rich landscape and supportive policy environment could transform the country into a key contributor to regional EV supply chains in the coming decade.

Peru Electric Vehicle Battery Market Drivers

Peru electric vehicle battery market is gaining traction, fuelled by a mix of strategic mineral resources, urban mobility challenges, and foreign partnerships. A primary driver is Peru’s vast untapped lithium reserves, particularly in the Puno region, currently explored by American Lithium Corp. This positions Peru to potentially supply raw materials to regional battery producers and reduce dependency on imports. Another strong market driver is urban air pollution, especially in Lima and other densely populated cities, prompting demand for cleaner transportation. Additionally, the high operational costs of combustion engines in moto taxis and small commercial fleets create a financial incentive to transition toward electric mobility. Government tax incentives for EV imports and early plans to develop charging and battery-swapping infrastructure further support this growth. Foreign tech players, like U Power from China, are entering the market with advanced solutions tailored to Peru’s urban mobility ecosystem—strengthening the foundation for battery adoption and integration.

Peru Electric Vehicle Battery Industry Trends

Several emerging trends are shaping the evolution of Peru’s EV battery industry. One prominent trend is the shift toward micro-mobility and fleet electrification, particularly in the moto taxi and small delivery vehicle sectors. In 2024, Peru witnessed a rise in EV pilots involving battery-swapping technology, aimed at minimizing downtime and supporting high-usage fleets. Another key development is increased attention to battery supply chain localization, with Peru exploring the feasibility of lithium battery manufacturing to retain more value from its natural resources. Additionally, partnerships with international technology providers are introducing modular, low-cost EV battery systems tailored for Latin America’s unique urban infrastructure. As part of this, the Peruvian government is drafting national e-mobility policies, which include EV battery safety standards, recycling practices, and charging infrastructure guidelines. As regional neighbours like Chile and Argentina accelerate their EV strategies, Peru is taking steps to avoid being left behind by fostering a homegrown EV battery ecosystem.?

Peru Electric Vehicle Battery Industry Development

EV battery industry developments in Peru electric vehicle battery market are beginning to show practical, scalable growth models. In January 2025, U Power Limited, a Chinese vehicle technology company, deployed its UOTTA battery-swapping solution in Peru through a pilot program with Treep Mobility Group S.A.C., a major moto taxi operator. The pilot featured two operational battery-swapping stations and a small fleet of electric vehicles. After successful testing, Treep Mobility committed to transitioning its entire fleet to EVs using UOTTA technology, with expected orders surpassing US$1 million. The anticipated cost reduction—between 30% and 40% compared to fuel-powered vehicles—is a significant incentive for operators. Additionally, in 2022, the Peruvian government expressed plans to foster a domestic lithium battery manufacturing sector, capitalizing on lithium deposits in the Puno region being explored by American Lithium Corp. These developments mark a turning point for Peru, combining grassroots electrification efforts with strategic resource industrialization to advance its role in the global EV supply chain.

Peru Electric Vehicle Battery Market Scope