Key Market Indicators
Mexican commercial vehicle registrations are projected to decline slightly, reaching approximately 5.2 million units by 2028, down from around 5.3 million units in 2023. This represents an average annual decrease of 0.1%. Despite this downturn, the Mexican market has seen a significant growth of nearly 58% year-on-year since 2010. In 2023, Mexico ranked third globally in commercial vehicle registrations, with Canada taking the lead at around 5.3 million units. Following Canada and Mexico, Argentina secured the fourth position in the ranking. On the production front, Mexican commercial vehicle output is expected to rise, reaching about 3.2 million units by 2028, up from roughly 2.7 million units in 2023. This marks an average annual growth rate of 2.5%. Since 2002, the country's vehicle supply has increased by an average of 3.3% annually. In 2023, Mexico was the second-largest producer of commercial vehicles, with the United States leading at approximately 2.7 million units. In terms of production rankings, Mexico was followed by China and Canada in the third and fourth positions, respectively.
