Market Trend and Outlook

The Mexican economy is in the midst of a broad-based expansion. Growth is expected to be 3.2 percent by the end of 2023, led by robust private consumption and investment, with notable strength in service sectors, construction, and auto production. This has led to record-low unemployment rates and record-high manufacturing capacity utilization rates. The authorities have commendably kept public debt in check. Monetary policy is rightly focused on bringing down inflation.

This strong momentum is evident in the Mexican Vehicle Market, with sales in October 2023 rising for the 18th month in a row and reaching  113,672 new monthly registrations (+24.8%). YTD figures at 1.10 million are up 25.3% from the previous year.

Looking at cumulative data up to October 2023 brand-wise, the first two spots remain unchanged, with Nissan in 1st at 194,357 sales (+47.5%) and Chevrolet in 2nd at 138,935 (+11.6%), while Volkswagen rises 1 spots into 3rd with 90,745 registrations (+23.8%).

Toyota falls 1 spot into 4th position with 83,009 sales (+9.2%), followed by Kia with 77,563 sales (+4.8%), Mazda -up 1 spot- at 60,106 (+62.6%), MG with 45,507 registrations (+19.8%) and Hyundai with 39,688 units sold (+16.5%).

Ford maintains 9th with 37,573 sales (+13.8%) and Renault  closes the Top 10 with 35,021 units sold (+26.6%).

Looking at specific models the Nissan Versa is the market’s best seller, with an 57.7% year-on-year increase in sales, followed by the Nissan NP300 up 62.4% and 1 spot.

Medium-Term Market Trend

The Mexican automotive industry grew uninterruptedly from 2010 to 2016 with sales booming from 803,263 in 2010 to the all-time high at 1,61 million in 2016. The trend reversed in 2017 falling for 3 years down to 1.32 million in 2019.

Covid-19 forced manufacturers and distributers to close down, causing the car market to drop 28% to 952,982 sales by the end of 2020.

After the pandemic the market recovered, growing 6% in 2021 back above the 1 million mark. 2022 grew another 7% to 1.09 million cumulative sales. Despite the market reporting increases in sales, lately the global industry has been confronting some big problems: firstly a disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and the Governments push towards Evs, an expensive alternative for many consumers if compared to ICE vehicles.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

In this article we are reporting the Top 50 models ranking up to September 2023.

On top of the list there is a new leader, the Nissan Versa with 54,724 sales (+55.8%). 2023 so far has been a great success for the Japanese manufacturer that also landed the Nissan NP300 in second spot with 46,727 units sold (+65.8%).

In third place ranks the Chevrolet Aveo with 3.8% market share and 37,064 sales (+31.4%), in front of the Kia Rio with 36,498 sales (-4.5%). 

The Nissan March ranks in 5th with 22,545 new units sold (-9.0%), followed by the MG 5 -up 2 spots- with 22,190 new registrations (+42.8%), the Nissan Sentra -up 3 spots- at 20,265 sales (+44.3%) and the Mazda3 with 18,895 units sold (+114.5%).

The Mazda2 jumps 33 spots into 9th with the best performance in the top 10 and 15,740 new sales (+176.1%) and the Renault Kwid closes the top 10 rising 10 spots with 14,571 units sold (+47.4%).

The following models have shown outstanding performances lower down the ranking: the Chevrolet S10 in 14th place and the Ram 700 in 24th.

Tables with sales figures

In the tables below we report sales for Top 50 models.

Excel Dataset

We purchase new vehicles registrations for 159 countries worldwide – included this one – from the local official authorities and receive a monthly file with raw data by country.

You can have access to this service:

• Data by Year/Month/Brand/Model/Segment
• Historical data (from 2010 to last month) and/or to monthly sales update.
• Next Year’s Forecast
• Data is released in excel via mail or cloud.

Last 2 years dataset cost €3.000. 

The service cost is correlated with the data perimeter and you will have a customized quotation just contacting us at info@focus2move.com

Market Report

The report provides a comprehensive and complete overview of the market competitive environment including information on the sales volumes of cars and light commercial vehicles, market size, market share, and industry trends.

Through our comprehensive global sales database and the expertise of seasoned consultants in this field, we can help you gain further insight into the automotive market trends and base your business decisions on actionable data.

Table of contents

• Country Overview
  • Geography
  • History
  • People & Politics
• Economic Outlook
  • Economy
  • Infrastructure
• Market Outlook
  • Market Heritage
  • Car Passenger’s segmentation
  • LCVs segmentation
  • Car Passengers Body Type mix
  • LCVs Body Type mix
  • Premium segment share
  • Chinese OEMs share
• Key Players
  • Top selling Groups 2022
  • Top selling Brands 2022
  • Premium Brands
  • Chinese Brands
• Market Data By Model
  • Top selling Models 2022
  • Top models by segment and body type
• Key Factors for market Evolution
  • Country development
  • Economic Outlook
  • Customer base evolution
  • Low-Carbon Transition Policy
  • Infrastructure & Investments
• 2023-2028 Volume Forecast
  • TIV evolution by segment
  • Cars and LCVs forecast
  • Segments forecast
  • Premium segment share forecast
  • Chinese OEMs share forecast
  • Forecast by Manufacturer

Price for market research: €2,500

Price for market research + Last 2 Years dataset in excel: €4,000

For further inquiries contact us at info@focus2move.com

The Mexican vehicle market in 2022 with over 1 million sales posted the second growing year after the covid-driven collapse in 2020. Despite the good new, sales are still very far from the record of 1.6 million. 

In this article we are reporting the Top 50 models ranking of 2022.

On top of the list there is a new leader, the Kia Rio with 50,958 sales (+44.6%), a great success for the Korean manufacturer which landed in Mexico just a few years ago.

In second place the previous leader, the Nissan Versa with 4.4% market share and 48,055 sales (-31.1%), in front of the Nissan NP300 with 40,427 sales (-16.6%). 

In fourth place the Chevrolet Aveo with 30,850 (-16.7%). This model has been very popular in the past decade, reaching pole position more times than any other model in the rankings. While still very affordable, the Chevrolet Aveo has become quite obsolete in the last few years. 

In 5th ranks the Nissan March with 28,986 (-17.1%) followed by the last generation Chevrolet Onix with 26,280 (+112.6%), the MG 5 with 23,148 (+217.5%) and  the Nissan Sentra with 21,032 (-6.4%).

In 9th place the Toyota Hillux with 20,842 (+25.3%) and in 10th the Chevrolet Captive with 19,178 (+78.2%).

The following models have shown outstanding performances lower down the ranking: the new Chevrolet Groove in 14th place, the Chevrolet Tornado Van in 21st and the last generation Dodge Journey in 37th.

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend and Outlook

The Mexican light vehicle market in 2022 totals 1.09 million sales, a 7.0% increase from the prior year. In December demand grew for the 8th month in a row, posting 120,862 new registrations (+24.1%).

Looking at cumulative data from 2022 brand-wise, the first two spots remain unchanged, reporting Nissan in 1st with 168,940 sales (-17.2%) and Chevrolet in 2nd with 155,208 (+30.5%).

Toyota moves into 3rd position with 96,387 (+5.8%), followed by Kia -up 1 spot- with 89,140 sales (+8.7%), Volkswagen -down 2 spots- with 85,941 (-12.7%), Mazda  with 48,275 (+2.9%) and MG -up 8 spots- with 48,112 new car registrations (+194.1%).

Hyundai (+11.1%) and Ford (+1.5%) rank in 8th both reporting 41,357 sales, followed by Suzuki at 40,366 new sales (+22.2%) and Honda in 10th with 39,095 sales (-8.7%).

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Despite the disappointing performance of the previous year, Nissan still owned the Mexican best-selling, with the Nissan Versa. Moreover, the Japanese-based brand is also holding 3 other models in the Top 10 ranking.

Indeed, the Nissan Versa easily holds onto the top spot with 6.9% market share, selling 69,775 units.

The Nissan NP300 remains in second position with 4.8% share and 48,495 units, while the third-place is held by the Chevrolet Aveo -up 2 spots- with 37,039 units (3.7% share), followed by the Kia Rio -up 2 spots- with 35,249 units and 3.5% share.

In fifth place we have the Nissan March with 3.4% falling 1 spot with 34,974 sales, followed by the Volkswagen Vento -down 1 spot- with 2.9% market share and 29,380 sales and the Nissan Sentra –up 3 spots– (2.2% market share) with 22,469 sales.

In eight position, the Chevrolet Beat fell 5 spots and reaches 1.9% share with 19,265 sales, ahead of the Toyota Hilux -up 3 spots- with 1.6% of share and 16,635 units sold.

Behind, the Mazda 3  reaches the tenth position by rising 1 spot and holds 1.6% share with 16,560 units sold.

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend

The Mexican car market this year recovered slowly, and reported positive performances in Q2 and Q3, but started falling again in Q4.

The Mexican automotive industry grew up uninterruptedly for the entire period 2010-2016 with light vehicles sales booming from 803,222 (2010) to the all-time record of 1,604,000 (2016) and the growth of the domestic market was simultaneous to the huge development of the local production, which boomed for new localization done by new manufacturers like Honda, Mazda, Hyundai, Kia and by the expansion of already existing companies, like Ford and General Motors.

In 2016 Mr. Trump became President of the United States. The Mexican domestic market was at a high peak and it was expected a steady decline before starting a new positive path and indeed in 2017 sales declined just 5% at 1.53 million.

However, the start of the revision of the commercial agreement with the US and the increase of tariffs blocked the growth of the Mexican economy and the major industrial sector, the automotive was even more penalized by new limits to the export to the US zone. The negative trend became more “structural” than expected and sales declined in 2018 and 2019.

Due to the COVID-19 pandemic sales fell in  2020. In fact, 949,121 units have been sold, reporting a decline of 28% compared to 2019.

In 2021 the year started negatively for the Mexican market, in fact, in Q1 259,034 units have been sold, reporting a 12.7% decrease in sales compared to Q1 2020, while in Q2 sales started growing quickly, reporting a 83.4% increase in sales with 256,361 units due to the low volumes in Q2 2020.

In Q3 sales kept growing but slowed down, gaining just 4.2% with 237,322 units, followed by a 9.9% loss in Q4 with 256,834.

Indeed, Full-Year sales for 2021 have been 1 million, reporting a 6.4% increase compared to 2020.

Brand-wise, this year the leader Nissan (+4.9%) lost 0.4% market share, followed by Chevrolet (-16.4%), which lost 3.3% share and reported the worst performance on the leaderboard. Volkswagen on the other hand lost 0.8% share, falling 1.3%.  Toyota remained in 4th place and reported a 19% gain, followed by Kia which gained 11.4%.

Mazda -up 1 spot- gained 1.7%, overtaking Honda (-10.8%) while Ford gained 9.7%. Closing the leaderboard we have Hyundai gaining 15.4% this year and Suzuki  reporting the best performance by gaining 27.2%.

The most sold vehicle this year remains the Nissan Versa (+2.6%) with 69,775 units sold, followed by the Nissan NP300, which gained 8.8% registering 48,495 new sales this year. The Chevrolet Aveo (+19%) closes the podium and reports 37,039 new units sold.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Despite the disappointing performance of the previous year, Nissan still owned the Mexican best-selling, with the Nissan Versa. Moreover, the Japanese-based brand is also holding other 4 models in the Top 10 ranking.

Indeed, the Nissan Versa easily holds onto the top spot with 7.1% of share, selling 68.013 units.

The Nissan NP300 reaches second position -up 2 spots- with 4.7% share and 44.577 units, while the third-place remains to the Chevrolet Beat with 32.215 units (4.4% share), followed by the Nissan March with 38.393 units and 4% share.

In fifth place the Chevrolet Aveo with 3.3% drops down three spots with 31.129 sales, followed by the Kia Rio with 3% and 29.014 sales and the Volkswagen Vento (2.8%) with 26.767 sales.

In eight position, the Chevrolet Onix grows impressively and reaches 2.7% share with 25.283 sales, ahead of the Volkswagen Jetta with 2.2% of share and 20.711 units sold.

Behind, the Nissan Sentra has the tenth position keeping 1.8% share with 16.825 sales.

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend

The Mexican car market was hit extremely harshly in 2020 as the global pandemic has impacted sales tremendously. In fact, the fall was so harsh that we recorded the lowest annual volume for the country since 2011.

The Mexican automotive industry grew up uninterruptedly for the entire period 2010-2016 with light vehicles sales booming from 803.222 (2010) to the all-time record of 1.604.000 (2016) and the growth of the domestic market was simultaneous to the huge development of the local production, which boomed for new localization done by new manufacturers like Honda, Mazda, Hyundai, Kia and by the expansion of already existing companies, like Ford and General Motors.

In 2016 Mr. Trump became President of the United States. The Mexican domestic market was at a high peak and it was expected a steady decline before starting a new positive path and indeed in 2017 sales declined just 5% at 1.53 million.

However, the start of the revision of the commercial agreement with the US and the increase of tariffs blocked the growth of the Mexican economy and the major industrial sector, the automotive was even more penalized by new limits to the export to the US zone. The negative trend became more “structural” than expected and sales declined in 2018 and 2019.

After starting the year with a slight negative trend (-6.1%) the market registered the only positive month of the year in February (+0.4%). The market collapsed in March as the virus struck, in fact, the sharpest drop in sales this year was in April when sales declined by 64.8%. In the following months, the market remained down in double-digits for the entire rest of the year, recovering very slowly.

Indeed, Full-Year sales for 2020 have been 949.121, reporting a decline of 28% compared to 2019.

Brand-wise, this year the leader Nissan (-27.5%) gained 0.2% market share, followed by Chevrolet (-29.9%), which lost 0.4% share. Volkswagen on the other hand lost 0.4% share, falling 30.6%.  Toyota remained in 4th place and reported a loss of 27.5%, followed by Kia which lost 22.9%.

Honda lost 34.3%, followed by Mazda (-23.2%) and Ford which reported the worst performance on the leaderboard by losing 35.4%. Closing the leaderboard we have Hyundai losing 29.3% this year and Suzuki entering the leaderboard by jumping 1 spot and reporting the top 20 hold, losing 16.8%.

The most sold vehicle this year remains the Nissan Versa (-21.9%) with 68.013 units sold, followed by the Nissan NP300, which lost 29.2% registering 44.577 new sales this year. The Chevrolet Beat (-40.4%) closes the podium and reports 38.393 new units sold.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Economic Environment

Market Trend

The Mexican automotive industry grew up uninterruptedly for the entire period 2010-2016 with light vehicles sales booming from 803.222 (2010) to the all time record of 1.604.000 (2016) and the growth of the domestic market was simultaneously to the huge development of the local production, which boomed for new localization done by new manufacturers like Honda, Mazda, Hyundai, Kia and by the expansion of already existing companies, like Ford and General Motors.

In the 2016 Mr Trump become President of the United States….

The Mexican domestic market was on a high peak and it was expected a steady decline before to start a new positive path and indeed in the 2017 sales declined just 5% at 1.53 million.

However, the start of the revision of commercial agreement with US and the increase of tariff, blocked the growth of the Mexican economy and the major industrial sector, the automotive was further more penalized by new limits to the export to the US zone.

The negative trend become more “structural” than expected and sales declined in 2018 and 2019.

Indeed, according to data released by the Association of Mexican Automotive Industry, Full-year sales in 2019 were 1.317.937, down 7.6%.

The king of domestic market was again Nissan. However, the pressure of new entrants have reduced the power of the leader and Nissan market share declined from over 25% (25.7% in the 2015) to 20.1% in 2019.

In second place Chevrolet has lost a few points of share as well, from 18% in the period 2012-2016 to near 15% in 2018 and 2019.

The only other brand over 10% was the third, Volkswagen, at 10.9%. In recent years, fast-growing brands are Toyota, Kia, Mazda, Hyundai and Renault, while Ford has lost over the half of the share, from 10.8% in the 2010 down at 4.4 in 2019.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.