Battery Electric Vehicles - Mexico

Mexico

Highlights

In 2024, it is projected that the revenue in the Battery Electric Vehicles market in Mexico will reach US$22.3bn.
This market is expected to show a steady annual growth rate (CAGR 2024-2029) of 11.35%, resulting in a projected market volume of US$38.2bn by 2029.
By that time, the unit sales of Battery Electric Vehicles market in Mexico are expected to reach 47.12k vehicles.
Furthermore, in 2024, the volume-weighted average price of Battery Electric Vehicles market in Mexico is expected to amount to US$810.4k.
From an international perspective, it is evident that China will generate the most revenue in the Battery Electric Vehicles market, with US$211bn in 2024.
Mexico has seen a surge in demand for battery electric vehicles, driven by government incentives and a growing awareness of environmental issues.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Mexico has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Mexico have shifted towards more sustainable transportation options, including Battery Electric Vehicles (BEVs). This is driven by increasing awareness of environmental issues and a desire to reduce carbon emissions. Additionally, rising fuel prices have made BEVs a more attractive option for consumers looking to save on transportation costs.

Trends in the market have also played a role in the growth of the BEV market in Mexico. Government initiatives and incentives, such as tax breaks and subsidies, have encouraged the adoption of electric vehicles. These incentives aim to make BEVs more affordable and accessible to consumers.

Additionally, the development of a charging infrastructure has made it more convenient for consumers to own and operate BEVs. Local special circumstances have further contributed to the growth of the BEV market in Mexico. The country has a large automotive manufacturing industry, with many international automakers having production facilities in Mexico.

This has led to the availability of a wide range of BEV models in the market, increasing consumer choice and driving competition. Additionally, Mexico has a strong renewable energy sector, which supports the development of sustainable transportation options. Underlying macroeconomic factors have also played a role in the growth of the BEV market in Mexico.

The country has experienced steady economic growth in recent years, which has increased consumer purchasing power. This has made it easier for consumers to afford BEVs, which are typically more expensive than traditional internal combustion engine vehicles. Additionally, government support for the automotive industry has attracted investment and encouraged the production of BEVs in Mexico.

In conclusion, the Battery Electric Vehicles market in Mexico has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards more sustainable transportation options, government incentives, the development of a charging infrastructure, a strong automotive manufacturing industry, and steady economic growth have all contributed to the development of the BEV market in Mexico.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).