In 2023, the trucks market in Mexico stood at $14.387 billion. Over the past decade, the market has witnessed fluctuating trends with notable declines in the mid to late 2010s. The market experienced significant drops in value in years such as 2015, 2016, and particularly 2020, which saw a decrease by 19.43%. While there were some recoveries in 2019 and post-2020, the overall trend has been a gradual decline. The year-on-year decrease from 2022 to 2023 was -1.63%, and the Compound Annual Growth Rate (CAGR) over the last five years is -0.51%.
Looking forward, the forecasted CAGR from 2023 to 2028 is -1.42%, implying a continued declining trend. Factors contributing to this decline could include changes in market demand, economic conditions, and potential shifts towards more sustainable transportation solutions. The trucks market in Mexico is predicted to shrink further, reaching $13.101 billion by 2028.
Future trends to watch for:
- Technological advancements in electric and autonomous trucks, impacting market dynamics.
- Shifts in regional economic policies and trade agreements affecting import-export activities.
- Environmental regulations and sustainability trends driving changes in vehicle demand.
