Mexico Electric Vehicle Market Introduction and Overview
According to SPER Market Research, the Mexico Electric Vehicle Market is estimated to reach USD XX billion by 2033 with a CAGR XX%.
The report includes an in-depth analysis of the Mexico Electric Vehicle Market, including market size and trends, product mix, distribution channels, and supplier analysis. An electric vehicle (EV) is a car that runs on electricity alone or in conjunction with electricity and uses one or more electric motors for propulsion. In contrast to conventional automobiles, which run on gasoline or diesel-fueled internal combustion engines, electric vehicles (EVs) store electrical energy in rechargeable batteries. Because they can be charged with renewable energy sources and have no tailpipe emissions, they are now more environmentally beneficial.
- November 2023: In order to support its suppliers in meeting their CO2 reduction goals and advancing Ford Motor Company's global goal of becoming carbon neutral by 2050, Ford Motor Company and Manufacturers 2030 have formed a strategic partnership.
Market Opportunities and Challenges
Opportunities: Numerous reasons are driving the electric vehicle (EV) market in Mexico, which offers enormous prospects. The Mexican government has set aggressive targets to boost the adoption of EVs, backed by incentives like tax exemptions and subsidies, as the country places a greater emphasis on sustainability. Furthermore, Mexico is a prime site for EV production and exports due to its strong automotive manufacturing infrastructure and strategic location. The market is growing as a result of growing consumer demand for greener mobility options and growing awareness of the problems with urban air quality. The infrastructure for EV charging is being expanded, increasing consumer accessibility to EVs.
Challenges: There exist numerous challenges that could impede the expansion of the electric vehicle (EV) market in Mexico. One of the main challenges is the inadequate infrastructure for charging EVs, which may discourage prospective consumers from making the switch, particularly in rural or less developed locations. In addition, even with government subsidies, many consumers are still deterred by the initial cost of electric vehicles relative to conventional cars. An other issue that may arise is finding and obtaining essential parts, such batteries, because the global supply chain for EV materials is still developing. Moreover, manufacturers and investors may become less confident due to unclear regulations and inconsistent practices.
Market Competitive Landscape
The Electric Vehicle Market in Mexico is moderately fragmented. Some of the market key players are Anhui Jianghuai Automobile (JAC), Audi AG, Bayerische Motoren Werke AG, Daimler AG (Mercedes-Benz AG), Ford Motor Company, Groupe Renault, Honda Motor Co. Ltd., Jaguar Land Rover Limited, Kia Corporation, and Tesla Inc.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Propulsion Type, By Component
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| Regions covered | Eastern Region, Western Region, Northern Region, Southern Region
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| Companies Covered | Anhui Jianghuai Automobile (JAC), Audi AG, Bayerische Motoren Werke AG, Daimler AG (Mercedes-Benz AG), Ford Motor Company, Groupe Renault, Honda Motor Co. Ltd., Jaguar Land Rover Limited, Kia Corporation, and Tesla Inc.
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COVID-19 Impact on Mexico Electric Vehicle Market
The COVID-19 epidemic had a major effect on Mexico's electric vehicle (EV) business, disrupting manufacturing, supply chains, and consumer buying patterns. Production was delayed and the availability of EV models was impacted by temporary factory closures brought on by lockdowns and health restrictions. Additionally, a lot of consumers decided to put off big purchases, like cars, due to the economic uncertainties. Yet, as governments and citizens saw the value of clean transportation options more and more, the epidemic also hastened the transition toward sustainable mobility.
Key Target Audience:
- Consumers
- Businesses
- Government and Public Sector
- Automotive Industry Stakeholders
- Investors
- Infrastructure Providers
- Research and Academia
Our in-depth analysis of the Mexico Electric Vehicle Market includes the following segments:
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By Vehicle Type:
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Passenger Car
Commercial Vehicle
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By Propulsion Type:
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Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
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By Component:
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Battery Pack & High Voltage Component
Motor
Brake
Wheel & Suspension
Body & Chassis
Low Voltage Electric Component
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Key Topics Covered in the Report:
- Mexico Electric Vehicle Market Size (FY’2024-FY’2033)
- Overview of Mexico Electric Vehicle Market
- Segmentation of Mexico Electric Vehicle Market By Vehicle Type (Passenger Car, Commercial Vehicle)
- Segmentation of Mexico Electric Vehicle Market By Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV))
- Segmentation of Mexico Electric Vehicle Market By Component (Motor, Brake, Wheel & Suspension, Body & Chassis, Low Voltage Electric Component)
- Expansion Analysis of Mexico Electric Vehicle Market
- Problems and Obstacles in Mexico Electric Vehicle Market
- Competitive Landscape in the Mexico Electric Vehicle Market
- Impact of COVID-19 and Demonetization on Mexico Electric Vehicle Market
- Details on Current Investment in Mexico Electric Vehicle Market
- Competitive Analysis of Mexico Electric Vehicle Market
- Prominent Players in the Mexico Electric Vehicle Market
- SWOT Analysis of Mexico Electric Vehicle Market
- Mexico Electric Vehicle Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Mexico Electric Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Mexico Electric Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Mexico Electric Vehicle Market
7. Mexico Electric Vehicle Market, By Vehicle Type (USD Million) 2020-2033
7.1. Mexico Electric Vehicle Market Size, Share and Forecast, By Vehicle Type, 2020-2026
7.2. Mexico Electric Vehicle Market Size, Share and Forecast, By Vehicle Type, 2027-2033
7.3. Passenger Car
7.4. Commercial Vehicle
8. Mexico Electric Vehicle Market, By Propulsion Type (USD Million) 2020-2033
8.1. Mexico Electric Vehicle Market Size, Share and Forecast, By Propulsion Type, 2020-2026
8.2. Mexico Electric Vehicle Market Size, Share and Forecast, By Propulsion Type, 2027-2033
8.3. Battery Electric Vehicle (BEV)
8.4. Hybrid Electric Vehicle (HEV)
9. Mexico Electric Vehicle Market, By Component (USD Million) 2020-2033
9.1. Mexico Electric Vehicle Market Size, Share and Forecast, By Component, 2020-2026
9.2. Mexico Electric Vehicle Market Size, Share and Forecast, By Component, 2027-2033
9.3. Battery Pack & High Voltage Component
9.4. Motor
9.5. Brake
9.6. Wheel & Suspension
9.7. Body & Chassis
9.8. Low Voltage Electric Component
10. Mexico Electric Vehicle Market Forecast, 2020-2033 (USD Million)
10.1. Mexico Electric Vehicle Market Size and Market Share
11. Mexico Electric Vehicle Market, By Region, 2020-2033 (USD Million)
11.1. Mexico Electric Vehicle Market Size and Market Share By Region (2020-2026)
11.2. Mexico Electric Vehicle Market Size and Market Share By Region (2027-2033)
11.3. Eastern Region
11.4. Western Region
11.5. Northern Region
11.6. Southern Region
12. Company Profile
12.1. Anhui Jianghuai Automobile (JAC)
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Audi AG
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Bayerische Motoren Werke AG
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Bayerische Motoren Werke AG
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. Daimler AG (Mercedes-Benz AG)
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Ford Motor Company
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Groupe Renault
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Honda Motor Co. Ltd.
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Jaguar Land Rover Limited
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Kia Corporation
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Tesla Inc.
12.11.1. Company details
12.11.2. Financial outlook
12.11.3. Product summary
12.11.4. Recent developments
12.12. Others
13. Conclusion
14. Reference Links
15. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
