Mexico: Passenger Car Market 2024

Passenger Car Market Size in Mexico

The Mexican passenger car market surged to $X in 2022, growing by X% against the previous year. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in years to come.

Passenger Car Production in Mexico

In value terms, passenger car production stood at $X in 2022 estimated in export price. Over the period under review, production, however, showed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Passenger car production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Passenger Car Exports

Exports from Mexico

In 2022, approx. X units of passenger cars were exported from Mexico; growing by X% on the previous year. Overall, exports, however, recorded a abrupt shrinkage. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, passenger car exports skyrocketed to $X in 2022. Over the period under review, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from Mexico, with a X% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Germany (X units), eightfold. The third position in this ranking was held by Canada (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Canada (X% per year).

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from Mexico, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average passenger car export price amounted to $X per unit, remaining relatively unchanged against the previous year. In general, the export price, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Mexico

In 2022, purchases abroad of passenger cars increased by X% to X units, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a temperate expansion. The growth pace was the most rapid in 2021 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, passenger car imports soared to $X in 2022. Overall, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) was the main supplier of passenger car to Mexico, accounting for a X% share of total imports. It was followed by the United States (X units), with a X% share of total imports. Japan (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Japan (X% per year).

In value terms, the United States ($X), China ($X) and Japan ($X) appeared to be the largest passenger car suppliers to Mexico, with a combined X% share of total imports.

In terms of the main suppliers, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average passenger car import price amounted to $X per unit, waning by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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