The production of ships and boats in Mexico went through a fluctuating growth pattern from 2013 to 2023. In 2023, the production value stood at 5.85 billion MXN. The CAGR for the past five years leading up to 2023 mirrors a marginal positive trend of 0.019%, indicating a near-stagnant market. From 2022 to 2023, the year-on-year variation was 2.08%, showing limited growth.
Looking forward, the forecast data from 2024 to 2028 suggests a steady upward trend, with production expected to reach 6.46 billion MXN by 2028. The forecast 5-year CAGR is projected at 1.61%, reflecting a modest but consistent growth trajectory.
Future trends to watch for include advancements in manufacturing technologies, sustainability practices, and evolving trade policies which could affect both the demand and supply dynamics in the ship and boat building sector in Mexico.