Mexico Electric Car Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

The Mexico Electric Car Market is segmented by Body Type ( Passenger Cars ) and by Fuel Type ( BEV, FCEV, HEV, PHEV )

Mexico Electric Car Market Size

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Mexico Electric Car Market Summary
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Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 0.51 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 4.11 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Sub Body Type Sports Utility Vehicle
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 51.79 %
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by Sub Body Type Multi-purpose Vehicle

Major Players

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*Disclaimer: Major Players sorted in no particular order

Key Players

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Mexico Electric Car Market Analysis

The Mexico Electric Car Market size is estimated at USD 0.51 billion in 2024, and is expected to reach USD 4.11 billion by 2029, growing at a CAGR of 51.79% during the forecast period (2024-2029).

  • Largest Segment by Vehicle Type - Sports Utility Vehicle : The growth of sedans increased with the launch of Tesla models and major electric cars are produced in sedans as of now, making sedans the best-selling segment in passenger car sales in the Mexico.
  • Largest Segment by Fuel Type - HEV : The rebates provided by the government are highest on BEV and stringent norms are encouraging people to invest in clean fuel vehicles, which makes BEV the largest fuel type in Mexico e-car sales.
  • Fastest-growing Segment by Fuel Type - PHEV : Better fuel efficiency, and no range anxiety issues with a combination of traditional fuel and battery-powered engines are making PHEV the fastest-growing segment in passenger car sales in Mexico.

Mexico Electric Car Market Trends

This section covers the major market trends shaping the Mexico Electric Car Market according to our research experts:

Sports Utility Vehicle is the largest segment by Sub Body Type.

  • The demand for electric vehicles increased gradually in 2016 with the introduction of many models into the US market. Sales have been majorly affected due to the introduction of major brands such as Tesla's sedan models in the US electric market. Companies started with hatchbacks and sedans during the historical period.
  • In 2021, post the COVID-19 impact, many OEMs were interested in increasing their production capacity to meet the new demand for electric vehicles in the market. The government policy of banning ICE engines helped to boost the sales of electric vehicles in 2021. The increase in the price of gasoline and diesel due to various global factors also made it easy for EV companies to boost their sales by attracting customers.
  • Due to worries about traffic and pollution, the Mexican government has been forced to investigate alternative technologies to improve metropolitan mobility. Mexican customers are buying more electric and hybrid vehicles, which typically emit no pollutants. The Mexican government has revealed its intention to outlaw internal combustion engines and sell only electric cars from 2035, which prompted automakers to start EV passenger car production for continued sales. EV sales are anticipated to increase as a result of the aforementioned legislation during the forecast period.
Mexico Electric Car Market: Mexico Electric Car Market, CAGR, %, By Sub Body Type, 2022 - 2028

Mexico Electric Car Industry Overview

The Mexico Electric Car Market is fragmented, with the top five companies occupying 12.91%. The major players in this market are AB Volvo, JAC MEXICO, Porsche, Renault Group and Tesla Inc. (sorted alphabetically).

Mexico Electric Car Market Leaders

  1. AB Volvo

  2. JAC MEXICO

  3. Porsche

  4. Renault Group

  5. Tesla Inc.

*Disclaimer: Major Players sorted in no particular order

Mexico Electric Car Market Concentration
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Mexico Electric Car Market News

  • May 2023: Starbucks' U.S. locations will host the nation's first public electric vehicle charging network thanks to a partnership between Volvo Car USA and Starbucks.
  • January 2023: Starbucks and Volvo Car USA have collaborated to create the country's first public electric vehicle charging network, which will be located at Starbucks locations across the country.
  • September 2022: The City of Long Beach has partnered with Mercedes-Benz Research & Development North America, with assistance from Mercedes-Benz USA Urban Mobility Solutions and Xtelligent, to create transportation technology systems that will enhance liveability and environmental sustainability.

Mexico Electric Car Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study

    3. 1.3. Research Methodology

  2. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP

    3. 2.3. CVP

    4. 2.4. Inflation Rate

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Battery Price (per Kwh)

    7. 2.7. Electrification Impact

    8. 2.8. Shared Mobility

    9. 2.9. New XEV Models Announced

    10. 2.10. Charging Stations Deployment

    11. 2.11. Regulatory Framework

    12. 2.12. Value Chain & Distribution Channel Analysis

  3. 3. MARKET SEGMENTATION

    1. 3.1. Body Type

      1. 3.1.1. Passenger Cars

        1. 3.1.1.1. Hatchback

        2. 3.1.1.2. Multi-purpose Vehicle

        3. 3.1.1.3. Sedan

        4. 3.1.1.4. Sports Utility Vehicle

    2. 3.2. Fuel Type

      1. 3.2.1. BEV

      2. 3.2.2. FCEV

      3. 3.2.3. HEV

      4. 3.2.4. PHEV

  4. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. AB Volvo

      2. 4.4.2. Audi AG

      3. 4.4.3. BMW AG

      4. 4.4.4. Chevrolet

      5. 4.4.5. JAC MEXICO

      6. 4.4.6. JAGUAR LAND ROVER LIMITED

      7. 4.4.7. Mercedes-Benz Group

      8. 4.4.8. Nissan Motor Co., Ltd.

      9. 4.4.9. Nissan Motor Co., Ltd.

      10. 4.4.10. Porsche

      11. 4.4.11. Renault Group

      12. 4.4.12. Tesla Inc.

  5. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  6. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter's Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. MEXICO ELECTRIC CAR MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. MEXICO ELECTRIC CAR MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. MEXICO ELECTRIC CAR MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. MEXICO ELECTRIC CAR MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. MEXICO ELECTRIC CAR MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. MEXICO ELECTRIC CAR MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. MEXICO ELECTRIC CAR MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 8:  
  2. MEXICO ELECTRIC CAR MARKET, DISTRIBUTION OF GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY, SHARE %, 2021
  1. Figure 9:  
  2. MEXICO ELECTRIC CAR MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. MEXICO ELECTRIC CAR MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 11:  
  2. MEXICO ELECTRIC CAR MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 12:  
  2. MEXICO ELECTRIC CAR MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 13:  
  2. MEXICO ELECTRIC CAR MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 14:  
  2. MEXICO ELECTRIC CAR MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 15:  
  2. MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 16:  
  2. MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 17:  
  2. MEXICO ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2016-2028
  1. Figure 18:  
  2. MEXICO ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2016-2028
  1. Figure 19:  
  2. MEXICO ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 20:  
  2. MEXICO ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2016-2028
  1. Figure 21:  
  2. MEXICO ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2016-2028
  1. Figure 22:  
  2. MEXICO ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2016-2028
  1. Figure 23:  
  2. MEXICO ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 24:  
  2. MEXICO ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2016-2028
  1. Figure 25:  
  2. MEXICO ELECTRIC CAR MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 26:  
  2. MEXICO ELECTRIC CAR MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 27:  
  2. MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 28:  
  2. MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 29:  
  2. MEXICO ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 30:  
  2. MEXICO ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 31:  
  2. MEXICO ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 32:  
  2. MEXICO ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 33:  
  2. MEXICO ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 34:  
  2. MEXICO ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 35:  
  2. MEXICO ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 36:  
  2. MEXICO ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 37:  
  2. MEXICO ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 38:  
  2. MEXICO ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 39:  
  2. MEXICO ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021

Mexico Electric Car Industry Segmentation

Passenger Cars are covered as segments by Body Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.
Body Type
Passenger Cars
Hatchback
Multi-purpose Vehicle
Sedan
Sports Utility Vehicle
Fuel Type
BEV
FCEV
HEV
PHEV
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Market Definition

  • Body Type - Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
  • Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion.
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
  • Sub Body Type - The sub-body type includes Hatchback, Sedan, SUV, and MPV.
  • Vehicle Type - Passenger vehicles which includes electric powered cars and vehicles, sports utility vehicles, multipurpose vehicles
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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Mexico Electric Car Market Research FAQs

The Mexico Electric Car Market size is expected to reach USD 0.51 billion in 2024 and grow at a CAGR of 51.79% to reach USD 4.11 billion by 2029.

In 2024, the Mexico Electric Car Market size is expected to reach USD 0.51 billion.

AB Volvo, JAC MEXICO, Porsche, Renault Group and Tesla Inc. are the major companies operating in the Mexico Electric Car Market.

In the Mexico Electric Car Market, the Sports Utility Vehicle segment accounts for the largest share by sub body type.

In 2024, the Multi-purpose Vehicle segment accounts for the fastest growing by sub body type in the Mexico Electric Car Market.

In 2023, the Mexico Electric Car Market size was estimated at USD 397.00 million. The report covers the Mexico Electric Car Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Electric Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Mexico Electric Car Industry Report

Statistics for the 2024 Mexico Electric Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Electric Car analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Mexico Electric Car Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029