Brazil's Wallbox Market: Growth of Electric Vehicles and Solar Energy

The Brazilian electric vehicle (EV) market has seen remarkable momentum in recent years. In 2023, Brazil recorded 93,927 light electric vehicles, representing a 91% increase over 2022. According to ABVE, the Brazilian Electric Vehicle Association, that growth spurt sets the stage for sales to surge further — with projections suggesting that annual EV sales could reach 150,000 vehicles in 2024. Long-term forecasts point to 1.5 million EVs sold annually by 2030, accounting for over 50% of Brazil’s total auto market.

Chinese automakers are playing a central role in that transformation. BYD has quickly risen to become Brazil’s second-largest EV brand. In 2023, BYD announced the acquisition of a former Ford plant in Camaçari, Bahia, establishing a production hub for Latin America. The plant is expected to produce 150,000 vehicles in 2025, scaling up to 300,000 units by 2028. Meanwhile, Great Wall Motors (GWM) has expanded its operations in Brazil, converting a plant in Iracemápolis (São Paulo) to EV and hybrid production, with plans to invest $1.9 billion by 2025.

In parallel, Brazil’s solar energy sector is booming. As of April 2024, the country surpassed 2 million households with installed photovoltaic systems, totaling over R$ 70.3 billion in cumulative investment since 2012. These systems now supply power to over 2.5 million consumer units, including homes, factories, commercial buildings, and parking structures. This sharp rise in distributed solar installations creates ideal conditions for the expansion of the wallbox market — residential and commercial EV chargers that depend on stable, localized energy supply.

Several key players currently dominate Brazil’s wallbox segment:

• WEG S.A. is a Brazilian multinational that manufactures EV chargers domestically. It has signed exclusive supply agreements with automakers like GWM to deliver tailored charging solutions.

• Wallbox N.V. is a Spanish company offering smart home and commercial charging systems. In Brazil, it partners with E-Wolf to distribute products such as the Supernova fast charger.

• BYD Energy offers a suite of fast and ultra-fast charging equipment, including its Net Serial Series, supporting its broader infrastructure strategy across Brazil.

• BMW Group supports electromobility by providing wallboxes to EV customers. Over 30,000 BMW wall chargers have already been delivered across Brazil.

• Weidmüller manufactures its e-Connect Wallbox locally, offering up to 22 kW of charging power. The design targets both home and business use, with emphasis on reliability and fast installation.

• ABB — a global leader in electrification and automation — markets the Terra AC Wallbox in Brazil and has formed partnerships with local operators to expand EV infrastructure nationwide.

Although public data on precise market shares remains limited, the steady growth in EV adoption, combined with the scaling of distributed renewable energy, signals immense potential for new market entrants. For European manufacturers looking to establish a foothold in Brazil’s wallbox market, three strategies stand out:

• Local Partnerships: Building alliances with Brazilian OEMs, energy companies, or real estate developers can provide fast access to distribution channels and regulatory expertise.

• Technological Innovation: Offering high-efficiency, IoT-integrated, or bidirectional charging (V2G-ready) solutions will differentiate products in a market still maturing.

• Financing & Incentives: Taking advantage of Brazilian government programs supporting clean mobility — such as Rota 2030, tax incentives for renewables, and financing from institutions like BNDES — can enhance competitiveness.

In conclusion, Brazil presents a powerful growth story for the wallbox market, supported by dual forces: a rapidly expanding EV fleet and a distributed solar energy revolution. For European companies willing to localize, innovate, and partner strategically, this is a rare moment to help shape a high-potential market from the ground up.