Forecast: Vehicles in Use in Mexico

Between 2013 and 2023, the number of vehicles in use in Mexico experienced consistent growth, with the exception of 2020 which saw a significant decline. The value stood at 43.87 million units in 2023. Year-on-year variation revealed an initial robust growth that stabilized over the years, except for a sharp drop in 2020, attributed to the pandemic's impact, followed by a recovery. The last two years showed variations of 7.26% in 2022 and 1.83% in 2023, respectively. The last five years' CAGR averaged at 1.98%.

Future trends to watch for:

• The forecast predicts a steady increase with a 5-year CAGR of 1.43% and an overall growth rate of 7.35% from 2024 to 2028.
• Factors such as economic conditions, policy changes, and technological advancements in vehicle manufacturing and sustainability will significantly influence this growth trajectory.
• The potential shift towards electric and hybrid vehicles, driven by environmental concerns and governmental incentives, will be critical to monitor.
• Insight into the market penetration strategies of automotive manufacturers will also be essential to understand future vehicle use trends.