Executive Cars - Mexico

Mexico

Highlights

Revenue in the Executive Cars market is projected to reach US$115m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.51%, resulting in a projected market volume of US$102m by 2029.
Executive Cars market unit sales are expected to reach 2.2k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$46k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Mexico has experienced significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: Mexican consumers have shown a growing preference for executive cars due to their combination of luxury, comfort, and performance. These vehicles are often seen as a status symbol and are associated with success and prestige. As the middle class in Mexico continues to expand, more consumers are able to afford executive cars, leading to increased demand in the market. Additionally, many Mexican consumers value safety and are willing to pay a premium for vehicles that offer advanced safety features.

Trends in the market: One of the key trends in the Executive Cars market in Mexico is the increasing popularity of SUVs and crossovers. These vehicles offer the luxury and comfort of executive cars while also providing the practicality and versatility of SUVs. Mexican consumers are drawn to the spacious interiors and higher driving positions that SUVs and crossovers offer. As a result, many automakers have expanded their SUV and crossover offerings in the Mexican market to cater to this growing demand. Another trend in the market is the growing interest in electric and hybrid executive cars. With increasing concerns about climate change and environmental sustainability, Mexican consumers are becoming more conscious of their carbon footprint. Electric and hybrid vehicles offer a more environmentally friendly alternative to traditional gasoline-powered cars. As a result, automakers are introducing more electric and hybrid executive cars to the Mexican market to meet this demand.

Local special circumstances: Mexico has a strong automotive manufacturing industry, with many global automakers operating production facilities in the country. This has led to a wide range of executive cars being locally produced, which helps to keep prices competitive. Additionally, the Mexican government has implemented policies to promote the automotive industry and attract foreign investment, further supporting the growth of the Executive Cars market.

Underlying macroeconomic factors: Mexico has experienced steady economic growth in recent years, which has contributed to the expansion of the middle class and increased disposable income levels. This has allowed more consumers to afford executive cars, driving demand in the market. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase executive cars. In conclusion, the Executive Cars market in Mexico is growing due to changing customer preferences, including a preference for SUVs and crossovers and an increasing interest in electric and hybrid vehicles. The local manufacturing industry and supportive government policies have also contributed to the market's growth. With favorable macroeconomic factors and a growing middle class, the Executive Cars market in Mexico is expected to continue its upward trajectory.

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).