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Mexico Automotive Market Size, Share, Growth, Analysis: By Vehicle Type: Hatchback, Multi-purpose Vehicle, Sedan, Sports Utility Vehicle; By Engine Type: Hybrid And Electric Vehicles, Internal Combustion Engine Vehicle; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Mexico Automotive Market Outlook
The Mexico automotive market size is projected to grow at a CAGR of 3.80% between 2024 and 2032. The market is being driven by the growing manufacturing and export of vehicles in the country.
Key Takeaways
- Automobile production in Mexico recorded a y-o-y growth of 13.54% in the first three quarters of 2023.
- The output produced by the Mexican automotive industry contributes nearly 4% to the country’s GDP.
- Automobile exports rose by 14.22% y-o-y in the first three quarters of 2023 in Mexico.
Mexico is the 7th largest manufacturer of passenger vehicles worldwide. It is also the 6th largest producer of heavy-duty vehicles worldwide and ranks among the top 5 automobile producers in the world. This is because of the presence of cheap, yet technically skilled labour, high-quality infrastructure, and favourable government policies. Increasing investments by the Mexican government for creating a thriving business environment is expected to accelerate the Mexico automotive market growth in the forecast period.
The United States is a key export destination for vehicles manufactured in Mexico. Many American automobile manufacturers nearshore their operations to Mexico to overcome logistical challenges which increase the price of goods in other markets. This trend is also witnessed in the case of other Asian automotive manufacturers, which are gradually shifting their manufacturing operations to Mexico, thereby driving the market growth.
Chinese businesses aiming to expand their market presence in North America can also stand to gain significant benefits by moving their production operations to Mexico. This could result in a cost saving of 5-20% due to the thriving economic condition of the country and favourable government policies. This is expected to drive the Mexico automotive market development in the forecast period.
The shift towards electric vehicles is one of the key Mexico automotive market trends, which is likely to favour the market expansion. Technological advancements aimed at enhancing sustainable development are revolutionising the Mexican automotive industry. As rising consumer awareness about carbon emissions drives the electrification of transport, the demand for electric vehicles is expected to result in a big boost, thereby driving the market growth.
Market Segmentation
Mexico Automotive Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Vehicle Type
- Hatchback
- Multi-purpose Vehicle
- Sedan
- Sports Utility Vehicle
Market Breakup by Engine Type
- Hybrid And Electric Vehicles
- BEV
- FCEV
- HEV
- PHEV
- Internal Combustion Engine Vehicle
- CNG
- Diesel
- Gasoline
- LPG
Market Breakup by Region
- Baja California
- Northern Mexico
- The Bajío
- Central Mexico
- Pacific Coast
- Yucatan Peninsula
Key Mexico automotive market players are engaged in upscaling their production capacities to meet the increasing demand for smart vehicles from domestic consumers.
The key market players are BMW AG, Ford Motor Company, Mercedes-Benz Group AG, Honda Motor Co. Ltd., Volvo AB, Tesla Inc., Toyota Motor Corp., Volkswagen AG, Nissan Motor Co. Ltd., and Hyundai Motor Company, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Vehicle Type |
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| Breakup by Engine Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Market Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Latin America Automotive Market Overview
8.1 Key Industry Highlights
8.2 Latin America Automotive Historical Market (2018-2023)
8.3 Latin America Automotive Market Forecast (2024-2032)
8.4 Latin America Automotive Market Breakup by Country
8.4.1 Brazil
8.4.2 Mexico
8.4.3 Argentina
8.4.4 Others
9 Mexico Automotive Market Overview
9.1 Key Industry Highlights
9.2 Mexico Automotive Historical Market (2018-2023)
9.3 Mexico Automotive Market Forecast (2024-2032)
10 Mexico Automotive Market by Vehicle Type
10.1 Hatchback
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Multi-purpose Vehicle
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Sedan
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Sports Utility Vehicle
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
11 Mexico Automotive Market by Engine Type
11.1 Hybrid And Electric Vehicles
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.1.3 Breakup by Type
11.1.3.1 BEV
11.1.3.2 FCEV
11.1.3.3 HEV
11.1.3.4 PHEV
11.2 Internal Combustion Engine Vehicle
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.2.3 Breakup by Type
11.2.3.1 CNG
11.2.3.2 Diesel
11.2.3.3 Gasoline
11.2.3.4 LPG
12 Mexico Automotive Market by Region
12.1 Baja California
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Northern Mexico
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 The Bajío
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Central Mexico
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Pacific Coast
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Yucatan Peninsula
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyers Powers
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 BMW AG
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Ford Motor Company
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Mercedes-Benz Group AG
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Honda Motor Co. Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Volvo AB
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Tesla Inc.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Toyota Motor Corp.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Volkswagen AG
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Nissan Motor Co. Ltd.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Hyundai Motor Company
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Automotive Market: Key Industry Highlights, 2018 and 2032
2. Mexico Automotive Market: Key Industry Highlights, 2018 and 2032
3. Mexico Automotive Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
4. Mexico Automotive Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
5. Mexico Automotive Historical Market: Breakup by Engine Type (USD Million), 2018-2023
6. Mexico Automotive Market Forecast: Breakup by Engine Type (USD Million), 2024-2032
7. Mexico Automotive Historical Market: Breakup by Region (USD Million), 2018-2023
8. Mexico Automotive Market Forecast: Breakup by Region (USD Million), 2024-2032
9. Mexico Automotive Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 3.80% between 2024 and 2032.
The different segments considered in the market report are hybrid and electric vehicle and internal combustion engine vehicle.
The different types of vehicles in the market include hatchback, multi-purpose vehicle, sedan, and sports utility vehicle.
The major regions in the market include Baja California, Northern Mexico, The Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.
The key market players are BMW AG, Ford Motor Company, Mercedes-Benz Group AG, Honda Motor Co. Ltd., Volvo AB, Tesla Inc., Toyota Motor Corp., Volkswagen AG, Nissan Motor Co. Ltd., and Hyundai Motor Company, among others.
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