Mexico’s automotive industry accelerates towards the global top 10 in light vehicle sales. Analysts predict a surge in the country’s ranking, fueled by strong sales and increasing competition from Chinese manufacturers.
The Mexican automotive market continues to grow, potentially overtaking South Korea for the eleventh spot in 2024. South Korea has experienced declining sales, particularly in luxury brands, since 2023.
Industry experts have revised their sales forecasts upward for the Mexican market. The Mexican Association of Automotive Distributors (AMDA) projects sales of 1,525,880 units, while JD Power estimates 1.5 million units.
AMDA President Guillermo Rosales notes that the anticipated slowdown in auto sales for the second half of 2024 has not materialized. The association expects an 11.9% growth in new vehicle sales compared to 2023.
Chinese automaker Jetour has joined INEGI’s automotive sector administrative registry, reporting monthly sales from August onward. This addition has boosted overall sales figures for Mexico in 2023 and 2024.
The recovery of supply chains, improved logistics, and intense market competition have led to promotional offers and discounts. These factors contribute to a highly favorable outlook for the Mexican automotive market.
JD Power’s Director General, Gerardo Gómez, predicts that Mexico will reach 1.5 million units sold in 2024. This would mark the third-best year for auto sales in Mexico, trailing only 2016 and 2017.
China remains the world’s largest auto market with 26 million units sold, followed by the United States with nearly 16 million. Mexico’s production is set to increase with new electric and hybrid vehicle assembly.
In 2023, South Korea sold 1,588,099 units, securing the eleventh spot globally. Mexico followed closely in twelfth place with 1,469,283 units sold, poised to overtake its Asian competitor.