The internal tourism expenditure on passenger transport supporting services in Mexico has shown a steady increase for most years between 2013 and 2023. Specifically, the expenditure stood at 34.53 billion Mexican Pesos in 2023. Despite a significant dip in 2020, likely attributable to the COVID-19 pandemic, the market rebounded strongly with significant year-on-year growth of 32.34% in 2021 and 18.15% in 2022. The compound annual growth rate (CAGR) from 2018 to 2023 was 5.17%, indicating robust overall growth in this period.
Looking forward, the forecast for 2024 shows continuous growth, with an expected total expenditure of 36.13 billion Mexican Pesos. Over the next five years, the forecasted CAGR is expected to be 2.72%, resulting in a total growth rate of 14.35% by 2028.
Future trends to watch for:
- Technological advancements in transport services.
- Increased domestic tourism and infrastructure improvements.
- Potential impacts from economic fluctuations and global events.
