Mexico Automotive Aftermarket Market

Mexico Automotive Aftermarket present significant opportunities, with over millions of passenger vehicles are currently out of warranty in 2023, and the passenger cars with an out of warranty population is projected to grow at a robust CAGR from 2023-2031.

Mexico Automotive Aftermarket Market Overview

Mexico has established itself as a popular player in the global automotive market, positioning as the 7th largest passenger vehicle manufacturer in the world. In addition, the various initiatives taken by the Mexican Government to foster the automotive industry will benefit the aftermarket companies in Mexico Automotive Aftermarket Market. Also, in 2022, Mexicos’s impressive production reached 3,509,072 vehicles because of a growing number of sales of vehicles, setting its position as the 7th largest car-producing nation that year. For instance, the automotive aftermarket industry in Mexico is witnessing the fastest growth, primarily driven by robust demand, growing concern of customers concerning safety and comfort, advancement in distribution channels, and speedy economic development.

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Key Mexico Automotive Aftermarket Market Drivers

As per the AMIA, 1.23 million vehicles were produced, accompanied by a large workforce. The growing demand for spare parts for vehicle modification, increase in the sale of new automobiles, growing concerns about vehicle safety, high investments by market players in research and development activities, and advancement in distribution channels are the expected key factors to drive the growth of the Automotive Aftermarket Market in Mexico.

5,20,112 units of passenger cars were sold in 2021 which has increased the passenger vehicle market share during the forecast period. Other factors such as growing household spending and easy vehicle financing in the country, are driving the growth of the automotive aftermarket market in Mexico. Several popular car manufacturers, including Ford, GM, Chrysler, Nissan, Volkswagen, Toyota, and Honda, have established assembly plants in Mexico, which will drive the growth of Mexico’s automotive aftermarket market. In addition, this international existence highlights Mexico’s significance as a critical hub for automotive production, fascinating both Japanese and American automakers to leverage the country’s manufacturing capabilities and strategic location. These factors is further paving way for the Mexico Automotive Aftermarket. Moreover, favorable government initiatives such as Center for the Development of the Mexican Automotive Industry is introduced to provide training, consulting, technological R&D services to promote auto industry in Mexico.

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As per the Mexican Automobile Industry Association (AMIA), the significant impact of the North American Free Trade Agreement (NAFTA) on Mexico’s automotive industry. Over a period of more than 2 decades, from 1994 to 2016, Mexico’s light vehicle production saw valuable growth, increasing from 1.1 million units to approx. 3.5 million units. As the production of light vehicles rises, the demand for light automobiles increases which further creates the demand in Mexican Automotive Aftermarket Market. On the contrary, the counterfeit auto components is hindering the market growth.

Key Development

• • In 2022, German auto parts producer Continental AG has announced a huge investment in the Mexican state of Guanajuato. The company planned to invest USD 209.48 million to open new factory and to expand its existing plant capacity in Mexico.

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Segments covered in the Report:

The Mexico Automotive Aftermarket has been segmented on the basis of vehicle type, replacement parts, certification. Based on the vehicle type, the market has been segmented into commercial vehicles and passenger vehicles. By replacement parts, the market is segmented into tire, battery, brake parts, filters, Lighting Components​, Electronic components​, Lubricants​, Clutch Parts​, Engine Components and others. Based on certification, the market has been segmented into Genuine Parts, Certified Parts, Counterfeit Parts, Others.

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Market Segmentation

Mexico Automotive Aftermarket by Vehicle Type

• • Commercial Vehicles
  • Passenger Vehicles

Mexico Automotive Aftermarket by Replacement Parts

• • Tire
  • Battery
  • Brake Parts
  • Filters
    • Air Filter​
    • Oil Filter​
    • Others​
  • Lighting Components​
  • Electronic components​
  • Lubricants​
  • Clutch Parts​
  • Engine Components
    • Timing Belt​
    • Spark Plugs​
    • Others​
  • Others

Mexico Automotive Aftermarket by Certification

• • Genuine Parts
  • Certified Parts
  • Counterfeit Parts
  • Others