Mexico: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Mexico

The Mexican motor vehicle engine market expanded significantly to $X in 2021, growing by 5.4% against the previous year. Over the period under review, consumption showed prominent growth. Motor vehicle engine consumption peaked in 2021 and is likely to continue growth in the immediate term.

Motor Vehicle Engine Production in Mexico

In value terms, motor vehicle engine production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, posted strong growth. The pace of growth appeared the most rapid in 2014 when the production volume increased by 34% against the previous year. Motor vehicle engine production peaked at $X in 2020, and then fell in the following year.

Motor Vehicle Engine Exports

Exports from Mexico

In 2021, overseas shipments of motor vehicle engines (spark-ignition) decreased by -26.8% to X tons, falling for the second year in a row after two years of growth. In general, exports continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2019 when exports increased by 42% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, motor vehicle engine exports declined rapidly to $X in 2021. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 28%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for motor vehicle engine exports from Mexico, with a 83% share of total exports. Moreover, motor vehicle engine exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to -3.1%.

In value terms, the United States ($X) remains the key foreign market for motor vehicle engines (spark-ignition) exports from Mexico, comprising 83% of total exports. The second position in the ranking was taken by Canada ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States was relatively modest.

Export Prices by Country

The average motor vehicle engine export price stood at $X per ton in 2021, surging by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2017 when the average export price increased by 16%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+2.7%).

Motor Vehicle Engine Imports

Imports into Mexico

In 2021, supplies from abroad of motor vehicle engines (spark-ignition) was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 23% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, motor vehicle engine imports totaled $X in 2021. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 28% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest motor vehicle engine supplier to Mexico, accounting for a 68% share of total imports. Moreover, motor vehicle engine imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. Germany (X tons) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.5% per year) and Germany (-13.2% per year).

In value terms, the United States ($X) constituted the largest supplier of motor vehicle engines (spark-ignition) to Mexico, comprising 71% of total imports. The second position in the ranking was held by Japan ($X), with a 10% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+10.4% per year) and Germany (-9.6% per year).

Import Prices by Country

In 2021, the average motor vehicle engine import price amounted to $X per ton, surging by 5.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. The pace of growth was the most pronounced in 2014 an increase of 6.8%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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