Mexico Automotive Industry to surpass USD 40 Billion by 2024

The research report on Mexico Automotive Aftermarket offers a thorough understanding on this industry with significant details subject to its overall foothold in the global landscape and its application across major end-user industries and sectors.

According to this report, Mexico automotive aftermarket industry recorded a remuneration of USD 34 billion in 2017 and is likely to surpass USD 40 billion by 2024, increasing at a considerable CAGR of 5%. Moreover, the document also lays focus on the vital information beneficial for various stakeholders in terms of the current market scenario, advancing technologies, expansive competitive landscape, industry strategies, growth prospects, and market segmentations.

automotive manufacturing mexico
(PHOTO: Panamericanworld.com)

The report further offers an insight to various factors that are touted to drive the growth curve of this industry in the upcoming years, along with including crucial details of the ongoing trends that the industry is characterized by. The Mexico automotive aftermarket, is divided on basis vehicle part, sales outlet, regional, and competitive landscape.

Manufacturing and sales of motor vehicles across the country have witnessed significant rise owing to improving purchasing power of the people across the country. According to International Organization of Motor Vehicle Manufacturers, the motor vehicle production in the economy witnessed surge of 13.0% in 2017 in comparison to 2016. Augmenting rate of vehicles on road, sales, and production will influence demand for maintenance and repair in turn fueling the Mexico automotive aftermarket growth.

The Mexican automotive aftermarket has been precisely diversified into regions and its analysis has been briefly addressed in the given document. The report incorporates an analysis on various factors promoting the growth of regional markets, along with the future growth opportunities existing in every region, their growth rates over the projected timeframe, technologies used, regulatory reforms, and individual market share.

Mexico automotive aftermarket is expected to witness considerable demand surge for customization, and regular maintenance for improved the vehicles life. Environmental and safety regulations of the country will proliferate the industry growth. Furthermore, average age of vehicles on road across the country is more than a decade which is expected to escalate the demand for replacement segment of the industry over the forecast timeframe.

The automotive aftermarket in Mexico is highly consolidated and is divided into myriad companies such as Delphi, Robert Bosch, Federal-Mogul, Denso, Continental AG, 3M Company, Cooper Tire & Rubber Company, and Magneti Marelli. The research study incorporates comprehensive analysis on the sales spectrum of each of these firms, their tactics to sustain the position in the market, individual company profiles and market share, and stance in the global ecosystem.

An interesting business opportunity, automotive industry mexico

Source: Market Watch

https://www.marketwatch.com/
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