Large Cars - Mexico

Mexico

Highlights

Revenue in the Large Cars market is projected to reach US$835m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.34%, resulting in a projected market volume of US$742m by 2029.
Large Cars market unit sales are expected to reach 22.1k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$34k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Mexico has been experiencing steady growth over the past few years, driven by customer preferences for spacious and powerful vehicles, as well as favorable local special circumstances and underlying macroeconomic factors. Customer preferences in Mexico have been shifting towards larger cars, with consumers seeking spacious interiors and powerful engines.

Large cars provide ample seating and cargo space, making them ideal for families and individuals who require extra room. Additionally, many Mexican consumers value the prestige and status associated with owning a large car, further driving demand in the market. Trends in the market indicate that Mexican consumers are increasingly opting for SUVs and pickup trucks within the large car segment.

These vehicles offer a combination of spaciousness, versatility, and off-road capabilities, making them popular choices among Mexican buyers. The demand for SUVs and pickup trucks is also fueled by the country's diverse terrain and the need for vehicles that can navigate through rough roads and challenging conditions. Local special circumstances in Mexico contribute to the growth of the Large Cars market.

The country's infrastructure has improved significantly in recent years, with the expansion of highways and the development of new roads. This has made large cars more accessible and practical for Mexican consumers, as they can now easily travel long distances and navigate through various terrains. Additionally, the availability of affordable financing options and attractive lease offers further incentivize consumers to purchase large cars.

Underlying macroeconomic factors in Mexico also support the growth of the Large Cars market. The country has experienced a stable economy with a growing middle class, leading to an increase in disposable income. As a result, more consumers have the financial means to purchase large cars and are willing to invest in vehicles that offer comfort, performance, and prestige.

In conclusion, the Large Cars market in Mexico is developing due to customer preferences for spacious and powerful vehicles, as well as favorable local special circumstances and underlying macroeconomic factors. The shift towards larger cars, particularly SUVs and pickup trucks, reflects the demand for spaciousness, versatility, and off-road capabilities. The country's improved infrastructure, affordable financing options, and growing middle class further contribute to the growth of the market.

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).