The share of passenger cars in total road motor vehicles in Mexico stood at 68.23% in 2023. Over the preceding two years, the year-on-year growth showed a consistent increase: 0.12% in 2022 and 0.13% in 2023. The data from 2013 to 2023 reveals a gentle upward trend, with minor fluctuations around the 67% mark, reaching a substantial rise by the year end. Over the next five years, a forecasted average annual growth rate (CAGR) of 0.14% is expected, resulting in an overall growth of 0.72% by 2028.
Future trends to watch for include the potential impact of electric vehicle adoption, policy changes to curb emissions, and evolving consumer preferences on the market share of passenger cars. Further technological advancements and economic factors could also modify these projections.
