The value added of transport equipment in Mexico has demonstrated significant growth from 2013 to 2023, increasing from 431.25 billion Mexican Pesos to 1111.9 billion Mexican Pesos. Notably, the industry faced a substantial decline in 2020 with a year-on-year drop of 41.13%, largely attributed to the global pandemic. However, recovery has been robust with an impressive 87.09% increase in 2021, followed by moderate positive growth rates in 2022 (4.46%) and 2023 (4.19%). The compound annual growth rate (CAGR) over the past five years stands at 4.45%, indicating a recovery trend post-2020 downturn.
Looking ahead to future trends, the forecasted data through 2028 suggests a continued uptrend with a 5-year CAGR of 2.99% and a cumulative growth rate of 15.88%. Stakeholders should closely monitor the impacts of technological advancements, government policies promoting sustainable transport solutions, and global economic conditions which could influence the sector's growth trajectory.
