Analysis of passenger car registrations in Mexico reveals a significant uptrend over the years. In 2023, the market stood at 5221.8 thousand units. Notably, the industry saw substantial growth post-2020, rebounding strongly with a year-on-year increase of 66.14% in 2020. The years 2021 and 2022 showed a consistent momentum with 12.41% and 10.85% growth, respectively. On a longer-term basis, the compound annual growth rate (CAGR) reached 43.21% over the last five years, indicating a robust recovery and expansion phase.
Future trends forecasted from 2024 to 2028 show continued growth, with a 5-year CAGR of 6.1% culminating in a total growth rate of 34.46% over this period. By 2028, passenger car registrations are expected to reach 7701.3 thousand units.
Future trends to watch for:
- Impact of new automotive regulations and incentives on car registrations.
- Technological advancements and consumer shift towards electric vehicles.
- Economic conditions and consumer purchasing power affecting car sales.
- Influence of international trade policies on car imports and exports in Mexico.
