Commercial Vehicles - Mexico

Mexico

The projected unit sales in the Commercial Vehicles market in Mexico are expected to reach 603.20k vehicles by 2024.
The market is anticipated to demonstrate a compound annual growth rate (CAGR 2024-2029) of 1.44%, leading to a projected market volume of 647.80k vehicles by 2029.
This growth indicates the potential for expansion in the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market in Mexico is projected to reach 2,852.00k vehicles by 2029, emphasizing the significant growth potential of the market.
From an international perspective, it is evident that the in the United States will dominate the sales, with an estimated figure of 11,630.00k vehicles in 2024.
Mexico's commercial vehicle market is experiencing a surge in demand due to the country's growing logistics and transportation industry.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market in Mexico has seen significant development in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally friendly vehicles, leading to an increase in the demand for electric and hybrid commercial vehicles. Additionally, there has been a growing preference for smaller and more versatile vehicles that can navigate through Mexico's congested urban areas.

Customer preferences: Mexican customers are increasingly concerned about the environmental impact of their vehicles. As a result, there has been a shift towards more fuel-efficient and eco-friendly commercial vehicles. Electric and hybrid vehicles have gained popularity as they offer lower emissions and reduced fuel consumption compared to traditional diesel or gasoline-powered vehicles. Customers are also looking for vehicles with advanced safety features and technology that can enhance their overall driving experience.

Trends in the market: One of the major trends in the Commercial Vehicles market in Mexico is the growing demand for smaller and more versatile vehicles. Mexico's urban areas are known for their congestion and limited parking spaces, making it challenging for large commercial vehicles to navigate through the city streets. As a result, there has been an increased demand for compact commercial vehicles that can easily maneuver in tight spaces. These smaller vehicles are not only more practical for urban delivery and transportation purposes but also offer better fuel efficiency. Another trend in the market is the rise of e-commerce and last-mile delivery services. With the increasing popularity of online shopping, there has been a higher demand for commercial vehicles that can efficiently deliver goods to customers' doorsteps. This has led to a growing need for smaller delivery vans and trucks that can navigate through residential areas and make multiple stops in a single trip.

Local special circumstances: Mexico's unique geographic and economic conditions have also influenced the development of the Commercial Vehicles market. The country has a diverse terrain, ranging from densely populated urban areas to remote rural regions. This has created a demand for commercial vehicles that can handle different road conditions and transport goods across various locations. Additionally, Mexico's strong manufacturing sector has contributed to the growth of the Commercial Vehicles market, as there is a need for reliable transportation to move goods within the country and for export.

Underlying macroeconomic factors: The Commercial Vehicles market in Mexico has been influenced by several macroeconomic factors. The country's economic growth and stability have contributed to increased consumer spending power, leading to higher demand for commercial vehicles. Additionally, government initiatives and regulations promoting the use of eco-friendly vehicles have incentivized customers to opt for electric and hybrid commercial vehicles. The availability of financing options and the presence of a well-established dealer network have also played a role in driving the growth of the market. In conclusion, the Commercial Vehicles market in Mexico has experienced significant development due to shifting customer preferences towards fuel-efficient and eco-friendly vehicles, as well as the demand for smaller and more versatile commercial vehicles. The rise of e-commerce and last-mile delivery services has also contributed to the growth of the market. Mexico's unique geographic and economic conditions, along with favorable macroeconomic factors, have further fueled the development of the Commercial Vehicles market in the country.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.