Mexico Vehicles Market in October 2024 experienced growth after momentum was disrupted in previous months. Monthly sales grew 6.6% compared to the prior year and reached 121,175 units. YTD figures stood at 1,12 million (+9.9%). Chevrolet grew 13.1%, 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.
Despite a limited economic outlook, the Mexican vehicle market demonstrated resilience in 2024. Although a 28-month streak of positive growth was briefly interrupted in September, sales rebounded in October and reached 121,175 units (+6.6%), while YTD figures stood at 1,12 million (9.9%).
Looking at cumulative data up to October 2024 brand-wise, the leader was still Nissan with 203,990 sales (+5%), followed by Chevrolet in 2nd at 157,120 (+13.1%) and Volkswagen with 109,862 registrations (+21.1%).
Toyota ranked in 4th with 99,427 sales (+19.8%), followed by Kia with 84,882 sales (+9.4%), Mazda at 77,436 (+26.8%), MG with 42,814 registrations (-3.7%) and Hyundai with 42,768 units sold (+7.8%).
Ford ranked in 9th with 42,511 sales (+13.1%) and Suzuki -up 2 spots- closed the Top 10 with 35,442 units sold (+17.3%).
Looking at specific models, reported in the dedicated article, the Nissan Versa was still the market’s best-seller, with a 21.9% year-on-year increase in sales, followed by the Nissan NP300 down -8.7%.
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.
