Key Market Indicators
Mexican vehicle registration is projected to hit nearly 38.3 million units by 2028, up from approximately 24 million units in 2023. This marks an average annual growth rate of 7.3%. Since 2010, the Mexican market has experienced a significant increase, rising by 75% year-on-year. In 2023, Mexico ranked 7th globally in vehicle registration, with Belgium surpassing it by reaching the same number of 24 million units. The top spots were held by Canada, China, and Austria, which took the 2nd, 3rd, and 4th positions, respectively. Meanwhile, Mexican vehicle production is expected to reach about 4.85 million units by 2028, up from roughly 4.29 million units in 2023. This indicates an average annual growth rate of 2%. Since 2002, the Mexican supply has seen a modest increase of 0.9% year-on-year. In the global rankings for 2023, Mexico was in 6th place in terms of vehicle production, with South Korea taking the lead at around 4.29 million units. The United States, Japan, and Germany occupied the 2nd, 3rd, and 4th positions, respectively.
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