Between 2013 and 2028, the production value of electrical equipment in Mexico displayed a notable upward trend. From 2013 to the actual figure in 2023, the production increased from 348.15 billion Mexican Pesos to 625.47 billion Mexican Pesos. Despite a significant dip in 2020 due to external factors, the industry showed resilience, recovering quickly with a year-on-year increase of 24.6% in 2021. The compound annual growth rate (CAGR) for the last five years was 3.23%, indicating moderate but consistent growth.
From 2024 onwards, the forecasted data indicates a steady rise, with the production expected to reach 723.03 billion Mexican Pesos by 2028. The forecasted five-year CAGR stands at 2.28%, suggesting continued but slower growth, contributing to an overall forecasted five-year growth rate of 11.93%.
Future trends to watch for:
- Stability in production growth driven by technological advancements and increased domestic and global demand.
- Potential impacts of economic policies and trade agreements on the production capabilities and expansion strategies.
- Adoption of sustainable and green manufacturing processes in line with global environmental standards.
