Latin America is an emerging market to take notice of. Made up of 33 countries it has the most urbanized population in the world. Eighty percent of its population lives in megacities such as Bogotá (Columbia), Buenos Aires (Argentina), Rio de Janeiro (Brazil), and São Paulo (Brazil).
Research indicates that Latin America’s large population of working age consumers will be the key drivers of growth. Five percent of global consumption growth to 2040 will come from Latin Americans aged 15-59. Middle-class Latin Americans are tech-savvy and associate quality with premium brands. Consumer electronics is the fastest growing market segment. It is worth noting that Latin America is the fastest growing smartphone market in the world. There are huge opportunities for smartphone manufacturers targeting the large pool of consumers who are yet to buy their first smartphone.
Although most people speak Spanish in Latin America, doing business in one country differs from the next. For example, regulatory requirements vary from country to country. To be successful in Latin America, new market entrants need to have a clear go-to-market strategy and rely on the right partners. UL offers you local expertise and regulatory intelligence in your target markets in Latin America.