Market Size of mexico electric car Industry
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Forecast Data Period | 2024 - 2030 |
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Market Size (2024) | USD 0.51 Billion |
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Market Size (2030) | USD 5.06 Billion |
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CAGR (2024 - 2030) | 46.74 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Mexico Electric Car Market Analysis
The Mexico Electric Car Market size is estimated at 0.51 billion USD in 2024, and is expected to reach 5.06 billion USD by 2030, growing at a CAGR of 46.74% during the forecast period (2024-2030).
0.51 Billion
Market Size in 2024 (USD)
5.06 Billion
Market Size in 2030 (USD)
19.98 %
CAGR (2017-2023)
46.74 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
57.63 %
value share, Sports Utility Vehicle, 2023
In Mexico, electric SUVs lead the market due to their practicality, consumer preference for larger vehicles, and suitability for diverse driving conditions, from urban to rural areas.
Largest Segment by Fuel Category
65.79 %
value share, HEV, 2023
HEVs dominate due to their fuel efficiency, ability to switch between electric and combustion power, and the growing infrastructure supporting hybrid vehicles in Mexico.
Fastest-growing Segment by Fuel Category
83.30 %
Projected CAGR, FCEV, 2024-2030
FCEVs are growing quickly in Mexico due to investments in hydrogen fuel technology, increasing availability of hydrogen refueling stations, and a rising focus on sustainable mobility solutions.
Leading Market Player
57.46 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation leads the market with its wide range of electric vehicle offerings, strong brand reputation, and extensive dealership network throughout Mexico.
Second leading Market Player
27.63 %
market share, Anhui Jianghuai Automobile (JAC), 2023
Anhui Jianghuai Automobile (JAC) is prominent in the market due to its affordable electric car models, strong manufacturing base, and growing presence in the Mexican automotive market.
Steady resurgence expected in the Mexican passenger car market, which is projected to register a CAGR of 9.7% from 2024 to 2030
- The Mexican passenger car market was expected to stabilize in 2022 and 2023, with volumes reaching 486,993 and 504,754 units, respectively. This phase marked a cautious rebound as the industry adjusted to changing consumer preferences and market dynamics, recovering from a previous downturn.
- From 2017 to 2022, the Mexican passenger car market witnessed a significant contraction, with volumes dropping from 984,081 units in 2017 to 486,993 units in 2022. This decline was driven by a mix of economic challenges, evolving consumer behaviors, and the global pandemic, all of which dampened vehicle sales and pushed the industry to adapt and innovate.
- Looking ahead to 2024-2030, the Mexican passenger car market is poised for recovery and growth. Volumes are forecasted to rise from 544,780 units in 2024 to an estimated 950,622 units in 2030, registering a robust CAGR of 9.7%. This phase will be shaped by technological advancements, policy incentives, and market adaptations, propelling the industry to not only regain lost ground but also explore new avenues of growth and opportunity.
Mexico Electric Car Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- The Mexican passenger car market was expected to stabilize in 2022 and 2023, with volumes reaching 486,993 and 504,754 units, respectively. This phase marked a cautious rebound as the industry adjusted to changing consumer preferences and market dynamics, recovering from a previous downturn.
- From 2017 to 2022, the Mexican passenger car market witnessed a significant contraction, with volumes dropping from 984,081 units in 2017 to 486,993 units in 2022. This decline was driven by a mix of economic challenges, evolving consumer behaviors, and the global pandemic, all of which dampened vehicle sales and pushed the industry to adapt and innovate.
- Looking ahead to 2024-2030, the Mexican passenger car market is poised for recovery and growth. Volumes are forecasted to rise from 544,780 units in 2024 to an estimated 950,622 units in 2030, registering a robust CAGR of 9.7%. This phase will be shaped by technological advancements, policy incentives, and market adaptations, propelling the industry to not only regain lost ground but also explore new avenues of growth and opportunity.
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| Fuel Category | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
Mexico Electric Car Market Size Summary
The Mexico Electric Car Market is experiencing a transformative phase, driven by a combination of environmental concerns, government policies, and technological advancements. The market is poised for significant growth, with projections indicating a substantial increase in market size over the coming years. This growth trajectory is supported by the Mexican government's proactive measures, such as the announcement to ban diesel vehicles by 2025 and the introduction of tax exemptions for electric vehicles. These initiatives have spurred a remarkable rise in electric vehicle adoption, reflecting a broader shift towards sustainable transportation solutions. The market's expansion is further bolstered by the increasing demand for electric commercial vehicles, fueled by the burgeoning e-commerce sector and the need for efficient logistics.
The Mexican passenger car market, having faced a contraction in previous years due to economic challenges and the global pandemic, is on a path to recovery and growth. This recovery is characterized by a stabilization phase, followed by a robust increase in vehicle volumes, driven by market adaptations and policy incentives. The market landscape is fairly consolidated, with major players like Anhui Jianghuai Automobile, Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, and Toyota Motor Corporation dominating the scene. These companies are actively engaging in strategic partnerships and innovations to align with global sustainability goals, such as carbon neutrality. As Mexico continues to implement measures to reduce carbon emissions, the electric car market is expected to thrive, offering new opportunities for growth and development in the automotive sector.
Mexico Electric Car Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Vehicle Configuration
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1.1.1 Passenger Cars
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1.1.1.1 Hatchback
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1.1.1.2 Multi-purpose Vehicle
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1.1.1.3 Sedan
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1.1.1.4 Sports Utility Vehicle
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1.2 Fuel Category
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1.2.1 BEV
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1.2.2 FCEV
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1.2.3 HEV
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1.2.4 PHEV
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Mexico Electric Car Market Size FAQs
How big is the Mexico Electric Car Market?
The Mexico Electric Car Market size is expected to reach USD 506.96 million in 2024 and grow at a CAGR of 46.74% to reach USD 5.06 billion by 2030.
What is the current Mexico Electric Car Market size?
In 2024, the Mexico Electric Car Market size is expected to reach USD 506.96 million.
