Passenger Cars - Mexico

  • Mexico
  • Revenue in the Passenger Cars market is projected to reach US$33.4bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.64%, resulting in a projected market volume of US$31.3bn by 2028.
  • The market's largest segment is Medium Cars with a projected market volume of US$11.3bn in 2024.
  • Passenger Cars market unit sales are expected to reach 1,346.00k vehicles in 2028.
  • The volume weighted average price of Passenger Cars market is expected to amount to US$23.40k in 2024.
  • With a vehicle unit sales share of 26.6% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
  • The value market share of the make Nissan in the selected region is expected to stand at 23.6% in 2024.
  • From an international perspective it is shown that the most revenue will be generated in the United States (US$556bn in 2024).

Key regions: United States, Germany, Europe, China, India

 
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Analyst Opinion

The Passenger Cars market in Mexico has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Mexico have shifted towards smaller, more fuel-efficient vehicles, as consumers become more conscious of the environmental impact of their choices.

This trend is in line with global market preferences, as customers worldwide are increasingly opting for smaller cars that offer better fuel efficiency and lower emissions. Additionally, there is a growing demand for vehicles with advanced safety features and connectivity options, reflecting the increasing importance of technology in the automotive industry. One of the key trends in the Mexican Passenger Cars market is the rising popularity of electric and hybrid vehicles.

As the government and consumers become more aware of the need to reduce carbon emissions, there has been a significant increase in the number of electric and hybrid vehicles on the roads. This trend is expected to continue in the coming years, as the government continues to implement policies and incentives to promote the adoption of electric vehicles. Another trend in the market is the growing popularity of SUVs and crossovers.

These vehicles offer a combination of space, comfort, and versatility, making them appealing to a wide range of customers. This trend is not unique to Mexico, as SUVs and crossovers have been gaining popularity worldwide. However, in Mexico, the demand for these vehicles is particularly strong due to the country's rugged terrain and the need for vehicles that can handle various road conditions.

Local special circumstances in Mexico also play a role in shaping the Passenger Cars market. The country's proximity to the United States, one of the largest automotive markets in the world, has led to a significant presence of international automakers in Mexico. This has resulted in a wide range of vehicle options for consumers, as well as competitive pricing.

Additionally, the Mexican government has implemented policies to promote the automotive industry, such as tax incentives for automakers and the development of automotive manufacturing clusters. These factors have contributed to the growth of the Passenger Cars market in Mexico. Underlying macroeconomic factors have also contributed to the development of the Passenger Cars market in Mexico.

The country's stable economic growth, rising disposable incomes, and low interest rates have increased consumer purchasing power and made car ownership more affordable. Additionally, the expansion of financing options and the availability of credit have made it easier for consumers to purchase new vehicles. These factors have created a favorable environment for the growth of the Passenger Cars market in Mexico.

In conclusion, the Passenger Cars market in Mexico is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards smaller, more fuel-efficient vehicles, the rising popularity of electric and hybrid vehicles, and the demand for SUVs and crossovers are driving the growth of the market. Additionally, the presence of international automakers, government policies to promote the automotive industry, and favorable macroeconomic conditions have contributed to the development of the market in Mexico.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. 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, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

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. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Overview

  • Unit Sales
  • Analyst Opinion
  • Technical Specifications
  • Revenue
  • Price
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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