Vehicle Market
Mexico ranks as the 10th biggest automobile producer within the world, which accounts for 17.6% from the manufacturing industry and 3% of national GDP. Mexico’s auto parts business is closely associated to the U.S. business.
You will find presently seven manufacturers in Mexico producing 40 brands in 20 manufacturing plants.
Mexico produces around 2 million cars on a yearly basis. Out of this number 79% of production is devoted to exports and also the remaining 21% for the nearby market. The spare parts market is expected to improve following Mexico imposed new duties on the importation of used automobiles in 2009. As a result, repairing and upkeep of utilized automobiles will require varied components.
In addition, other opportunities exist for U.S. exporters of spare parts and new technologies to decrease costs. Components, equipment and very first and second-tier components from the U.S. may encounter an improve in exports because of forecasted Mexican manufacturing of new models that have shifted from U.S. assembly plants. According to NAFTA, used automobiles older than 10 years had been to be imported into Mexico in the United States duty-free beginning in 2009. However, new decrees have been issued by Mexico, reducing the importation of used vehicles into Mexico via regulations and needs.
These measures were adopted in response to concerns about older used vehicles raised by local governments and private vehicle associations in Mexico, this kind of as higher pollution generation, fuel efficiency limitations, greater maintenance expenses, low mechanic conditions, reduction of new car sales, too because the inherent difficulty in tracking and identifying older used automobiles involved in criminal actions or violations. The mixture of these elements and other people, forced the Mexican government to put in place some needs to control the importation of older used vehicles.
Automotive add-ons are considered all of those parts that are sold to enhance the appearance of the automobile, to increase performance, to replace original parts with up-graded luxury items this kind of as seat covers, door and window handles, chrome plated exhaust pipes, larger sized wheels and tires, etc. for automobiles, pick-ups, and trucks. Although there is a big amount of nearby manufacturing of these items, the majority of them are imported. The importance of this sub-sector is evidenced by the tremendous size of the annual accessories trade show, SEMA, which is held in Las Vegas, Nevada every year.
SEMA exhibitors traditionally display thousands of new products in each and every show, and for that last several many years, the greater part of exhibitors has been from Asian countries, particularly China, Taiwan, and Japan. With a population of about 105 million inhabitants, Mexico is the 2nd biggest marketplace in Latin America, following Brazil, and one from the biggest markets worldwide. With a GDP per capita of $8.343 USD and average monthly wages of $581 USD, Mexico has a good position among emerging economies. The automotive industry is considered a strategic economic pillar in Mexico. The possible from the Mexican automotive business is such that it represents the second most essential sector of the country, for this reason there is great potential to supply the automotive manufacturing industry. The production sector represents 19% of the GDP.
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