Aerospace in Mexico Market Size
| 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
*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.
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 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
The Boeing Company
Honeywell International Inc.
Bombardier Inc.
Airbus SE
General Dynamics Corporation
*Disclaimer: Major Players sorted in no particular order
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. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Industry
5.1.1 Manufacturing
5.1.2 Engineering and Design
5.1.3 Maintenance, Repair, and Overhaul
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Airbus SE
6.2.2 The Boeing Company
6.2.3 General Dynamics Corporation
6.2.4 Bombardier Inc.
6.2.5 Safran SA
6.2.6 Daher
6.2.7 Honeywell International Inc.
6.2.8 GKN plc
6.2.9 RTX Corporation
6.2.10 The General Electric Company
6.2.11 Eaton Corporation plc
6.2.12 Mexicana MRO, S.A. de C.V.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 |
Aerospace in Mexico Market Research FAQs
How big is the Aerospace Industry In Mexico Market?
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.
What is the current Aerospace Industry In Mexico Market size?
In 2024, the Aerospace Industry In Mexico Market size is expected to reach USD 11.86 billion.
Who are the key players in Aerospace Industry In Mexico Market?
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.
What years does this Aerospace Industry In Mexico Market cover, and what was the market size in 2023?
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.
Mexico Aerospace Industry Report
Statistics for the 2024 Mexico Aerospace market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Aerospace analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
