Medium Cars - Mexico

Mexico

Highlights

Revenue in the Medium Cars market is projected to reach US$10bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.16%, resulting in a projected market volume of US$8bn by 2029.
Medium Cars market unit sales are expected to reach 365.1k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$22k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Mexico is experiencing significant growth and development. Customer preferences are shifting towards medium-sized cars due to their affordability and fuel efficiency.

In addition, the market is being driven by several trends, including the increasing urbanization and the rise of ride-sharing services. Customer preferences in the Medium Cars market in Mexico are largely driven by affordability and fuel efficiency. Medium-sized cars offer a balance between price and performance, making them an attractive option for budget-conscious consumers.

Additionally, with rising fuel prices, fuel efficiency has become a key factor for many car buyers. Medium-sized cars typically offer good fuel economy, making them a popular choice among cost-conscious consumers. Trends in the market are also contributing to the growth of the Medium Cars segment in Mexico.

The increasing urbanization in the country has led to a higher demand for compact and efficient vehicles. Medium-sized cars are well-suited for navigating crowded city streets and offer better maneuverability compared to larger vehicles. As more people move to urban areas, the demand for medium-sized cars is expected to continue to rise.

Another trend driving the market is the rise of ride-sharing services. With the popularity of platforms like Uber and Lyft, more people are opting to use these services instead of owning a car. However, many ride-sharing drivers prefer to use their own vehicles, and medium-sized cars are often the preferred choice due to their affordability and fuel efficiency.

This trend is contributing to the growth of the Medium Cars market as more people are purchasing medium-sized cars specifically for ride-sharing purposes. Local special circumstances in Mexico also play a role in the development of the Medium Cars market. The country has a large population and a growing middle class, which is driving the demand for affordable transportation options.

Additionally, Mexico has a well-established automotive industry, with several major manufacturers producing medium-sized cars locally. This has led to a wide range of options for consumers and has contributed to the growth of the market. Underlying macroeconomic factors are also influencing the Medium Cars market in Mexico.

The country's economy has been growing steadily in recent years, leading to increased consumer spending power. As a result, more people are able to afford cars and are choosing medium-sized options due to their affordability and fuel efficiency. Additionally, government incentives and regulations aimed at promoting fuel efficiency and reducing emissions are also driving the demand for medium-sized cars.

Overall, the Medium Cars market in Mexico is experiencing growth and development due to customer preferences for affordability and fuel efficiency, as well as trends such as urbanization and the rise of ride-sharing services. Local special circumstances, such as a growing middle class and a well-established automotive industry, are also contributing to the market's growth. With favorable macroeconomic factors and a strong demand for medium-sized cars, the market is expected to continue to expand in the coming years.

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).