Aerospace Industry in Mexico Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Aerospace Industry in Mexico is Segmented by Industry (Manufacturing, Engineering and Design, and Maintenance, Repair, and Overhaul). The Report Offers Market Size and Forecast for all the Above Segments in Value (USD).

Aerospace in Mexico Market Size

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Aerospace in Mexico Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 11.86 Billion
Market Size (2029) USD 23.70 Billion
CAGR (2024 - 2029) 14.85 %
Market Concentration Low

Major Players

Aerospace Industry In Mexico Major Players

*Disclaimer: Major Players sorted in no particular order

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Aerospace in Mexico Market Analysis

The Aerospace Industry In Mexico Market size is estimated at USD 11.86 billion in 2024, and is expected to reach USD 23.70 billion by 2029, growing at a CAGR of 14.85% during the forecast period (2024-2029).

  • Growth in aviation operations coupled with significant growth in terms of aircraft manufacturing drives the market growth during the forecast period. Furthermore, the growth in aerospace maintenance, repair, and overhaul facilities within the region will lead to the market witnessing substantial growth during the forecast period.
  • The imposition of a stringent regulatory framework may hamper market growth. However, new initiatives to integrate smaller local suppliers into the Mexican aerospace industry, as well as growing opportunities that are being generated from trade agreements between the US, Canada, and Mexico, would drive the growth prospects for the market.

Aerospace in Mexico Market Trends

The Manufacturing Segment Will Showcase Remarkable Growth During the Forecast Period

  • Growth in the demand for air travel within the country will lead to significant growth in terms of manufacturing new and technologically advanced aircraft to meet the growing aviation requirements within the country, and this is expected to drive market growth during the forecast period. According to the data presented by the Federal Agency of Civil Aviation (AFAC), in the first two months of 2023, the number of passengers at Mexican airports witnessed a growth of 28.2% year on year and amounted to 28.93 million passengers.
  • Moreover, the combined efforts of the Mexican Federation of Aerospace Industry and American Industries have driven Mexico to emerge as a key hub for aircraft manufacturing. According to the Mexican Federation of Aerospace Industry, the aerospace manufacturing industry within the country accounted for 368 firms in mid-2022. As per official sources, around USD 75 million was invested during the first quarter of 2022 in aerospace equipment manufacturing in Mexico. 
  • In July 2022, the State of Querétaro announced that they had signed a cooperation agreement with Airbus to increase the industrial activities of the aerospace company in Mexico. Such factors render a positive outlook for the manufacturing segment during the forecast period.
Aerospace Industry in Mexico: Industry Revenue of Aerospace Equipment Manufacturing, in USD Billion, Mexico, 2018-2022

Maintenance, Repair, and Overhaul Segment Dominates the Market During the Forecast Period

  • The maintenance, repair, and overhaul are considered to be a key industry segment in Mexico. Significant growth in terms of aircraft replacement parts manufacturing, as well as growth in local MRO capabilities, will lead to the market witnessing growth in the future. Furthermore, there has been a significant increase in the number of new aircraft acquisitions by various major airline companies in Mexico, and this will bolster the demand for advanced aircraft MRO within the country. For instance, in July 2023, Grupo Viva Aerobus SAB of Mexico announced that they had signed a preliminary order to acquire 90 Airbus A321 aircraft to cater to the growing expansion plans of the carrier in both the international and the domestic market.
  • Furthermore, in recent years, the country of Mexico has witnessed significant growth in terms of the development of in-house maintenance facilities by various airline companies in an attempt to reduce maintenance costs. The growth of in-house maintenance facilities has also helped airline companies in Mexico to increase their aircraft reliability as opposed to external maintenance. Thus, growth in in-house maintenance facilities coupled with growth in aircraft acquisitions will lead the segment to witness significant growth in the near future.
Aerospace Industry in Mexico: Number of Aircraft in Mexico, 2018-2022

Aerospace in Mexico Industry Overview

The aerospace industry in Mexico is fragmented, with various players dominating the market. Some of the major players in the aerospace industry in Mexico are Airbus SE, The Boeing Company, General Dynamics Corporation, Honeywell International Inc., and Bombardier Inc., amongst others.

Various players in the market are now engaged in the manufacturing of newer aircraft equipment within the country. Furthermore, the growing availability of a skilled workforce has led to various major players increasing their investments in the aviation industry of the country and are working towards enhancing their design and engineering capabilities which will lead to growth in terms of market competition in the future.

Aerospace in Mexico Market Leaders

  1. The Boeing Company

  2. Honeywell International Inc.

  3. Bombardier Inc.

  4. Airbus SE

  5. General Dynamics Corporation

*Disclaimer: Major Players sorted in no particular order

Aerospace in Mexico Industry Concentration
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Aerospace in Mexico Market News

  • January 2024: the Mexican government announced that they plan to acquire Mexicana MRO Services and further improve the services of the company in the Mexican commercial aviation sector. As of the current scenario, the eight-line MRO facility offers heavy maintenance, line maintenance, component repair, and painting services, as well as provides freighter conversions for Boeing 767 under an agreement with the Israel Aerospace Industry.
  • December 2023: The Mexican aviation authorities announced the relaunch of the former state airline Mexicana de Aviacion with plans to increase the operations of the airline with the acquisition of 10 additional aircraft by 2024.

Aerospace in Mexico Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Industry

      1. 5.1.1 Manufacturing

      2. 5.1.2 Engineering and Design

      3. 5.1.3 Maintenance, Repair, and Overhaul

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Airbus SE

      2. 6.2.2 The Boeing Company

      3. 6.2.3 General Dynamics Corporation

      4. 6.2.4 Bombardier Inc.

      5. 6.2.5 Safran SA

      6. 6.2.6 Daher

      7. 6.2.7 Honeywell International Inc.

      8. 6.2.8 GKN plc

      9. 6.2.9 RTX Corporation

      10. 6.2.10 The General Electric Company

      11. 6.2.11 Eaton Corporation plc

      12. 6.2.12 Mexicana MRO, S.A. de C.V.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Aerospace in Mexico Industry Segmentation

The study covers all aspects of the aerospace industry in Mexico and provides insights into the Mexican aerospace industry. The study also offers the company profiles of major aerospace companies operating or offering their products and services in Mexico.

The aerospace industry in Mexico is segmented by industry. By industry, the market is segmented by manufacturing, engineering and design, and maintenance repair and overhaul (MRO). 

For each segment, the market size is provided in terms of value (USD).

Industry
Manufacturing
Engineering and Design
Maintenance, Repair, and Overhaul
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Aerospace in Mexico Market Research FAQs

The Aerospace Industry In Mexico Market size is expected to reach USD 11.86 billion in 2024 and grow at a CAGR of 14.85% to reach USD 23.70 billion by 2029.

In 2024, the Aerospace Industry In Mexico Market size is expected to reach USD 11.86 billion.

The Boeing Company, Honeywell International Inc., Bombardier Inc., Airbus SE and General Dynamics Corporation are the major companies operating in the Aerospace Industry In Mexico Market.

In 2023, the Aerospace Industry In Mexico Market size was estimated at USD 10.10 billion. The report covers the Aerospace Industry In Mexico Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aerospace Industry In Mexico Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The potential challenges for foreign companies entering the Mexico Aerospace Market are a) Competition from established players b) Potential language and cultural barriers c) Navigating bureaucratic processes

Mexico Aerospace Industry Report

The Mexican aerospace industry is experiencing robust growth, driven by a favorable regulatory environment, increasing foreign direct investment, and a thriving manufacturing sector. Key market segments include manufacturing, engineering and design, and maintenance, repair, and overhaul (MRO) services. The aerospace industry in Mexico benefits from its strategic location, low manufacturing costs, and a skilled workforce, making it a critical hub for aerospace manufacturing and exports. Regional hubs such as Baja California, Monterrey, and Nuevo León are pivotal in fostering innovation and expansion within the sector. The demand for MRO services is particularly strong, fueled by the need to modernize airline fleets and maintain military aircraft. Aerospace companies in Mexico are focusing on scaling up their manufacturing capacities to meet growing export demands and support the nation's economic growth. The industry's expansion is further bolstered by trade agreements and collaborations with global aerospace giants, enhancing Mexico's competitive edge in the global aerospace market. For detailed statistics on the Mexico aerospace market share, size, and revenue growth rate, refer to the Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.

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Aerospace Industry in Mexico Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)