Mexico: Passenger Car Market 2024

Passenger Car Market Size in Mexico

The Mexican passenger car market dropped dramatically to $X in 2021, which is down by -41.7% against the previous year. In general, consumption recorded a deep setback. Passenger car consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Production in Mexico

In value terms, passenger car production contracted modestly to $X in 2021 estimated in export price. Overall, production, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2013 with an increase of 77%. Over the period under review, production hit record highs at $X in 2020, and then declined slightly in the following year.

Passenger Car Exports

Exports from Mexico

In 2021, approx. X units of passenger cars were exported from Mexico; increasing by 67% compared with the previous year. Over the period under review, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 37,982% against the previous year. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports fell slightly to $X in 2021. In general, total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -21.2% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 33%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from Mexico, with a 202% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Germany (X units), eightfold. Canada (X units) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+1.7% per year) and Canada (+7.0% per year).

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from Mexico, comprising 71% of total exports. The second position in the ranking was held by Germany ($X), with a 13% share of total exports. It was followed by Canada, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+6.4% per year) and Canada (+9.4% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, dropping by -40.6% against the previous year. In general, the export price, however, recorded prominent growth. The pace of growth appeared the most rapid in 2017 an increase of 42,466%. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Germany ($X per unit) and Canada ($X per unit), while the average price for exports to Brazil ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Mexico

In 2021, imports of passenger cars into Mexico contracted markedly to X units, which is down by -99.8% against the previous year. Overall, imports saw a precipitous curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 20% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, passenger car imports soared to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main supplier of passenger car to Mexico, with a 142,128% share of total imports. Moreover, passenger car imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. Brazil (X units) ranked third in terms of total imports with a 3,678% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +58.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.1% per year) and Brazil (-2.1% per year).

In value terms, the United States ($X) constituted the largest supplier of passenger cars to Mexico, comprising 35% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by India, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+58.9% per year) and India (+15.3% per year).

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, growing by 62,083% against the previous year. Overall, the import price showed significant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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