The Electrical Equipment Manufacturing Gross Value Added (GVA) in Mexico has shown a varied trend over the last decade. Starting at MXN 109.86 billion in 2013, it experienced fluctuations with years like 2015 witnessing a significant increase of 21.1% year-on-year, whereas 2019 saw a modest decline of 2.69%. The sector rebounded in 2020 with a 4.8% increase, and 2021 marked a substantial improvement with a 20.34% increase. By 2023, the GVA stood at MXN 264.26 billion, showing a 5.64% increase from the previous year. The average annual growth rate (CAGR) over the last five years was 7.82%, showcasing robust expansion.
Forecasts predict continued growth, with the sector expected to reach MXN 333.07 billion by 2028, driven by a five-year CAGR of 3.66%, translating to a forecasted five-year growth rate of 19.68%.
Future trends to watch for include advancements in automation, increased investments in renewable energy equipment, and potential impacts of global supply chain adjustments. Monitoring these factors will be crucial for anticipating shifts in market dynamics and potential growth opportunities in the Electrical Equipment Manufacturing sector in Mexico.
