Sports Cars - Mexico

Mexico

Highlights

Revenue in the Sports Cars market is projected to reach US$191m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.60%, resulting in a projected market volume of US$159m by 2029.
Sports Cars market unit sales are expected to reach 2.8k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$58k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Mexico has been experiencing steady growth in recent years, driven by strong customer preferences for high-performance vehicles and the country's growing economy.

Customer preferences: Mexican consumers have shown a strong preference for sports cars due to their sleek design, powerful engines, and superior performance. Sports cars are often seen as a status symbol and a reflection of personal style and taste. Additionally, the younger generation in Mexico has a growing interest in motorsports and performance vehicles, further fueling the demand for sports cars.

Trends in the market: One of the key trends in the sports car market in Mexico is the increasing popularity of electric sports cars. As environmental concerns grow worldwide, Mexican consumers are also becoming more conscious of their carbon footprint. Electric sports cars offer a greener alternative without compromising on performance. This trend is expected to continue as automakers introduce more electric sports car models to the market. Another trend in the market is the rise of luxury sports cars. Mexican consumers are increasingly willing to spend more on high-end sports cars that offer not only performance but also luxury features and advanced technologies. Luxury sports car brands are expanding their presence in Mexico, catering to the demand for premium and exclusive vehicles.

Local special circumstances: Mexico has a strong automotive manufacturing industry, with many global automakers having production facilities in the country. This has led to a wide availability of sports cars in the market, both domestically produced and imported. The local manufacturing capabilities also contribute to competitive pricing, making sports cars more accessible to a wider range of consumers.

Underlying macroeconomic factors: Mexico's growing economy has played a significant role in the development of the sports car market. As the country's middle class expands and disposable incomes rise, more consumers are able to afford sports cars. Additionally, favorable financing options and low interest rates have made it easier for consumers to purchase sports cars on credit. Furthermore, Mexico's strong tourism industry has attracted high-net-worth individuals from around the world, who often have a penchant for luxury sports cars. This influx of wealthy tourists has created a niche market for high-end sports cars, contributing to the overall growth of the market. In conclusion, the sports car market in Mexico is experiencing growth due to customer preferences for high-performance vehicles, the rising popularity of electric sports cars, the demand for luxury models, and the country's strong economy. With the continued expansion of the middle class and the availability of financing options, the market is expected to continue its upward trajectory 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).