Forecast: Passenger Cars in Use in Mexico

The number of passenger cars in use in Mexico saw a steady increase from 2013 to 2019, reaching a value of 29.55 million units in 2019. However, the market witnessed a sharp decline in 2020, with a 15.1% year-on-year decrease, reducing the volume to 25.09 million units. This drop was likely due to the impacts of the global pandemic. Despite this setback, the market quickly rebounded, growing by 16.97% in 2021 and maintaining a positive trajectory in subsequent years. By 2023, the volume of passenger cars stood at 32.17 million units, reflecting a year-on-year growth of 2.02%.

Key highlights include:

• The average annual growth rate (CAGR) from 2019 to 2023 was 2.2%.
• Projected growth from 2024 onwards is expected to be more modest, with a 5-year CAGR of 1.57% leading to a forecasted volume of 35.41 million units by 2028.

Future trends to watch for include advancements in electric vehicles, changes in fuel regulations, the impact of economic conditions on consumer purchasing power, and potential disruptions from technological innovations in automobile manufacturing and sales platforms.