Mexico Cars Market in August 2024 grew for the 28th consecutive month, registering 126,988 new sales (+11.5%). YTD figures reached 961,519 (+12%). Chevrolet grew 17.2%, threatening Nissan leadership.
Market Trend and Outlook
BBVA estimates GDP will grow 2.5% in 2024, a lower rate compared to 2023 (+2.9%) due to lower dynamism in domestic demand. Formal job creation will continue to slowdown in 2024 despite unemployment expected to grow 2.8%. Investment will also fall due to a deceleration in public construction, including some machinery and equipment segments. Among the factors that would avoid a contraction in private spending this year, are the gains in real wage bill and the trend towards lower savings.
Although economic growth is expected to be limited in 2024, the Mexican vehicle market has shown signs of strength. In August 2024 it grew for the 28th consecutive month, registering 126,988 new sales (+11.5%). YTD figures at 961,519 were up 12% from the prior year.
Looking at cumulative data up to August 2024 brand-wise, the leader remained Nissan with 164,261 sales (+5.9%) and Chevrolet in 2nd at 126,721 (+17.2%) and Volkswagen with 86,483 registrations (+23.5%).
Toyota ranked in 4th position with 80,063 sales (+23%), followed by Kia with 68,575 sales (+10.3%), Mazda at 61,220 (+29.4%), Ford -up 2 spots- with 35,163 registrations (+21%) and MG -down 1 spot- with 33,855 units sold (-4.2%).
Hyundai lost 1 spots and ranked in 9th with 33,810 sales (+10.6%) and Suzuki -up 2 spots- closed the Top 10 with 28,716 units sold (+17.2%).
Looking at specific models, reported in the dedicated article, the Nissan Versa was still the market’s best-seller, with a 25.9% year-on-year increase in sales, followed by the Nissan NP300 down 10.1%.
Medium-Term Market Trend
The Mexican automotive industry grew uninterruptedly from 2010 to 2016 with sales booming from 803,263 in 2010 to the all-time high at 1,61 million in 2016. The trend reversed in 2017 falling for 3 years down to 1.32 million in 2019.
Covid-19 forced manufacturers and distributors to close down, causing the car market to drop 28% to 952,982 sales by the end of 2020.
After the pandemic the market recovered, growing 6% in 2021 back above the 1 million mark. 2022 grew another 7% to 1.09 million cumulative sales. Despite the market reporting increases in sales, lately the global industry has been confronting some big problems: firstly a disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and the Governments push towards Evs, an expensive alternative for many consumers if compared to ICE vehicles.
In 2023 the market maintained momentum with sales reaching 1.36 million units (+25.4%), third growth in a row and third highest level ever.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.
