Mexican Automotive Marketplace: Passenger Autos

With a populaton of about 105 mio. inhabitants, Mexico is the second largest market in Latin America, following Brazil, and one of the largest markets worldwide. Mexico has managed a development of its economic climate which these days is known as the Mexican miracle. With a GDP per capita of 8343 USD and average monthly wages of 581 USD, Mexico has a great placement among emerging economies.

Mexico has a longstanding tradtion of vehicle production. As early as 1930, automobiles (GM) had been assembled in Mexico. Mexico has no personal OEM, even though some automobiles are almost seen as local. These days, with about 2 mio. passenger car manufactured every year, Mexico is 1 of the best car production places globally.

Mexico passenger car market is characterized through a big, illegal inflow of utilized cars from the U.S. into Mexico. With closer ties from the Mexican with the U.S. economy, many automobiles are purchased within the U.S. and brought to Mexico by people who in no way register these cars. With the opening of used vehicle imports from the U.S. and Canada which was reversed starting of 2008, the influx elevated additional. The imports mainly happen in the Northern regions of Mexico. The new vehicle marketplace suffered in the inflow of utilized cars and declined over the last many years. Starting from 2007, we anticipate a turnaround of the new vehicle marketplace, but not a quick improve. Even though the wealth from the population is growing, the typical Mexican still can not afford a brand new car and also the economic success can hardly make up for that bad effect from the used car imports.

With offical utilized car imports being equal in numbers to new vehicle sales, the Mexican car parc is increasing quick, but more than 1 mio. from 2006 to 2007 and additional on for that next many years. Because a major share from the increase comes from Used Cars, there is an immediate impact on the aftermarket. Although for really inexpensive automobiles imported in the U.S. Mexican consumers won't be willing to invest considerable amounts of money for vehicle service, but for higher-value imports they will. The growing wealth of Mexican consumers particularly influences the behaviour concerning car service. We expect the aftermarket (sale of components) to grow at almost 6% annually at constant costs more than the following years.

The distribution program for spare components is about to organize, with still very couple of players acting on a really national degree. Also, chain building in the parts store and the support stations segment, even though it began currently, nevertheless includes a tremendous potential.

Financing of cars is broadly used but there's still growth potential. Using the average Mexican wages growing further, financing may be the only option for many Mexican to purchase a new vehicle.

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