Key Market Indicators
Mexican vehicle registration is projected to surge to approximately 38.3 million units by 2028, up from about 24 million units in 2023. This growth represents an average annual increase of 7.3%. Notably, since 2010, the Mexican market has jumped by 75% year on year. In 2023, Mexico ranked seventh in vehicle registration, with Belgium surpassing it with an equal number of approximately 24 million units. Canada, China, and Austria held the second, third, and fourth positions, respectively. Meanwhile, Mexican vehicle production is expected to climb to around 4.9 million units by 2028, from roughly 4.3 million units in 2023, marking an average annual growth rate of 2%. Since 2002, Mexico's vehicle supply has seen a modest annual increase of 0.9%. In 2023, Mexico was the sixth-largest vehicle producer, with South Korea overtaking it at around 4.3 million units. The United States, Japan, and Germany were positioned second, third, and fourth in the global ranking, respectively.
