Mexico Pressure Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Mexico Pressure Sensors Market Analysis

The Mexico Pressure sensor market is expected to grow at a CAGR of 6.15% during the period 2021-2026. The market is expected to witness steady growth during this period with the ongoing industrial restorations and activities.

• Mexico is developing as a manufacturing hub in the region; hence the adoption of automation in the Mexican manufacturing industry is very high. This has forced many manufacturers to adopt and invest in smart devices and smart plants, which is fueling the market for pressure sensors in the region.
• Mexico is the sixth largest global passenger vehicle manufacturer, producing approximately three million vehicles annually (International Trade Administration, USA). As these numbers from the automotive industry continue to grow, the pressure sensor market is being largely profited.
• The Mexican government has adopted several plans and policies to diversify the economy, and as such, the aviation and aerospace, medical device, apparel and textile, and consumer products industries have marked their presence in the economy’s GDP. Despite the changes and uncertainty of NAFTA being renegotiated as the new United States-Mexico-Canada Agreement (USMCA), the major manufacturing industries in Mexico are expected to see continual growth in the following years. Other than that, the cost of labor is lesser in the country, which is advantageous for the industries.
• The Mexican economy contracted by 8.2 percent due to the pandemic with a sharp drop in the first half of the year as demand and supply shocks had deep impacts on firms, employment, and households (source: World Bank). The growth of the pressure sensor market is highly reliant on the growth of end-user industries, which mainly include automotive, industrial, utility, aviation and aerospace, consumer products, textile, medical devices. Apart from the health industries, the other industries witnessed a substantial decline during this period.

Mexico Pressure Sensors Industry Segments

The pressure sensor detects, measures, and transmits the information, which helps analyze the performance of a device. Pressure sensors are used in numerous applications, which include medical, automotive, industrial, aerospace and defense, consumer electronics, food and beverage, HVAC, etc.

The market also covers the qualitative and quantitive performance of pressure sensors in the region. It also covers the study of the impact of Covid-19 in the market.

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Mexico Pressure Sensors Market Trends

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

Automotive Industry to Show Significant Growth

• Mexico is the sixth-largest global passenger vehicle manufacturer, producing approximately three million vehicles annually. 89% of vehicles produced in Mexico are exported, with 80% destined for the United States. Established automakers in Mexico include Audi, Baic Group, BMW, Stellantis (made up of FCA and PSA Group), Ford, General Motors, Honda, Kia, Mazda, Nissan, Toyota, and Volkswagen.
• Moreover, Mexico is the sixth-largest manufacturer of heavy-duty vehicles for cargo, with 14 manufacturers and assemblers of buses, trucks, tractor trucks, and engines through 11 manufacturing plants, supporting 18,500 jobs nationwide. Mexico is the leading global exporter of tractor trucks, exporting 94.5% of its production to the United States. Such a manufacturing hub with major export to the United States increases the application of pressure sensors in the country.
• Further, in October 2021, a new rail-linked vehicle distribution center (VDC) was installed in the central Bajío region, which would further benefit the carmakers in Mexico. The terminal’s initial storage capacity will be between 1,000 and 2,000 vehicles but will grow to 10,000 units as the market requires, according to TDG. This would further increase the demand for pressure sensors in the automotive industry.

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