Mexico Pressure Sensor Market Size

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.