NEW
YORK, July 5, 2024 /PRNewswire/ -- The aerospace
market size in Mexico is estimated
to grow by USD 15.61 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 25.2% during the forecast period.
Favorable regulatory environment is driving market growth, with a
trend towards growing aerospace export. However, downgrading of
mexican aviation regulatory poses a challenge. Key market
players include Airbus SE, BASF SE, Bombardier Inc., DAHER,
Dassault Aviation SA, Ducommun Inc., General Dynamics Corp.,
General Electric Co., GKN Aerospace Services Ltd., Honeywell
International Inc., Mitsubishi Heavy Industries Ltd., Parker
Hannifin Corp., RTX Corp., Safran SA, Textron Inc., Thales Group,
and The Boeing Co..
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Aerospace Market
Scope In Mexico
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
25.2%
|
Market growth
2024-2028
|
USD 15611
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
19.78
|
Regional
analysis
|
Mexico
|
Performing market
contribution
|
North America at
100%
|
Key
countries
|
Mexico and North
America
|
Key companies
profiled
|
Airbus SE, BASF SE,
Bombardier Inc., DAHER, Dassault Aviation SA, Ducommun Inc.,
General Dynamics Corp., General Electric Co., GKN Aerospace
Services Ltd., Honeywell International Inc., Mitsubishi Heavy
Industries Ltd., Parker Hannifin Corp., RTX Corp., Safran SA,
Textron Inc., Thales Group, and The Boeing Co.
|
Market Driver
The Mexican aerospace industry has seen consistent growth in
exports, averaging 14% annual increase from 2004 to 2019. This
success can be attributed to favorable export programs like the
Maquiladora Export Program, enabling duty-free imports for
assembling aerospace products for export. However, the industry
faced a significant setback with over 20% export decline in 2020
due to the COVID-19 pandemic. Despite this, the Mexican
government's support is expected to boost the export sector's
recovery. Additionally, the emergence of small vendors and major
OEMs, coupled with a cost-effective manufacturing ecosystem, will
contribute to the industry's growth and market expansion during the
forecast period.
The Aerospace market in Mexico
is experiencing significant growth, particularly in the aircraft
sector. There's a rising demand for more efficient and sustainable
aviation, leading to increased focus on electric propulsion and
eVTOL aircraft. Autonomous technology is also trending, with
autonomous systems being integrated into both manual and autonomous
aircraft. Defense spending remains a key driver, making
Mexico a significant defense
exporter and a hub for defense contractors and space agencies.
Military spending on weapon systems, fire control systems, and
satellite communication continues to fuel innovation. The space
exploration field is gaining momentum, with initiatives in
materials, propulsion systems, and satellite communication.
Passenger travel, commercial airlines, and space tourism are also
growing sectors. IoT technology, 3D printing, and UAM are other
emerging trends. Geopolitical instability underscores the
importance of aerospace support.
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Market Challenges
- The Mexican aerospace market faced challenges in 2021 when the
Mexican aviation regulatory was downgraded from Category 1 to
Category 2 by the US Federal Aviation Administration (FAA).
Consequently, new routes and aircraft changes were denied for
Mexican carriers. Additionally, US airlines ceased sharing codes to
sell tickets on Mexican carriers. However, Mexican carriers were
still permitted to sell tickets for service on US carriers within
the US. These issues are anticipated to impede the expansion of the
Mexican aerospace market during the forecast period.
- The Mexican aerospace market presents significant opportunities
for growth, with key players including aerospace manufacturers,
defense contractors, and space agencies. Challenges include
sourcing advanced materials and propulsion systems for satellite
communication, space exploration initiatives, and passenger travel.
Defense needs in the military aerospace sector require continuous
modernization, driving demand for new aircraft like narrow-body and
wide-body commercial planes, eVTOL aircraft, and autonomous air
taxis. Sustainable aviation and space tourism are emerging areas,
with electric propulsion and IoT technology playing crucial roles.
Geopolitical instability and UAM regulations pose challenges, but
opportunities exist in areas like 3D printing, commercial airlines,
and space tourism companies. National security and defense industry
priorities require advanced technology and military capabilities in
the aerospace sector. Overall, the Mexican aerospace market offers
vast potential for civilian uses and air travel demand, as well as
military applications.
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Segment Overview
This aerospace market in Mexico
report extensively covers market segmentation by
- End-user
- 1.1 Government
- 1.2 Private sector
- Revenue Stream
- 2.1 Manufacturing
- 2.2 Engineering and design
- 2.3 Maintenace
- 2.4 Repair and Overhaul
- Geography
1.1 Government- The Mexican aerospace market in
2023 was led by the government segment, which is projected to
continue dominating the market during the forecast period. This is
primarily due to the government's control over a significant number
of airports. For instance, Aeropuertos y Servicios Auxiliares
(ASA), a Mexican aerospace agency, manages 19 airports, along with
five cooperated additional airports, including Toluca, Queretaro, Cuernavaca, Palenque, and Tuxtla
Gutierrez. Benito Juarez
International Airport, a major airport in Mexico, is operated by Grupo Aeroportuario de
la Ciudad de Mexico, S.A. De C.V.,
and saw over 30 million passengers in 2021. Moreover, the
government's plans to establish a state-owned, army-run airline and
allocate a defense budget of approximately USD1.9 billion to the Mexican Air Force for ten
leased airplanes and experimental training airplanes in 2022 are
expected to further boost the growth of the government segment,
thereby driving the expansion of the aerospace market in
Mexico.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Aerospace market in Mexico
is a significant and growing sector, encompassing airplanes,
spacecraft, missiles, military systems, and various technologies.
This industry plays a crucial role in both civilian uses and
defense needs, with a focus on national security and military
capabilities. The aerospace sector in Mexico includes aircraft manufacturers,
defense contractors, space agencies, and material and propulsion
system suppliers. Air travel demand continues to rise, driving
growth in the civilian aviation sector. Meanwhile, Mexico's space activities are expanding, with
initiatives in satellite communication, space exploration, and
remote sensing. The defense industry is a key contributor to the
aerospace market, with a focus on developing advanced military
systems and technologies. Overall, the Mexican aerospace market
offers opportunities for innovation and growth in various areas,
from passenger travel to defense needs and space exploration.
Market Research Overview
The Aerospace market in Mexico
is a significant and growing sector, encompassing airplanes,
spacecraft, missiles, and military systems. Technology plays a
crucial role, with advancements in autonomous systems, materials,
propulsion systems, and satellite communication driving innovation.
National security and defense industry requirements fuel military
modernization and spending, while civilian uses, including air
travel demand and space activities, expand the market's reach. New
aircraft, such as eVTOL aircraft and autonomous air taxis, are
poised to revolutionize passenger travel. Sustainable aviation and
space tourism are also emerging areas of interest. Defense agencies
and aerospace manufacturers collaborate on defense needs and space
exploration initiatives, with Mexico's defense spending and status as a
defense exporter bolstering the sector. Geopolitical instability
and UAM are additional factors shaping the market's future.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Government
- Private Sector
- Revenue Stream
-
- Manufacturing
- Engineering And Design
- Maintenace
- Repair And Overhaul
- Geography
-
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio