Automotive industry forecasts double-digit growth

Automotive industry forecasts double-digit growth

MEXICO - New market trends, the completion of investment projects and the increase in requirements due to nearshoring are elements that could drive the growth of the automotive industry, according to experts in the sector.

"In the center of the country, Querétaro is positioned as an auto parts producer and in this area, industry expectations are encouraging for this year; at least 53% of the companies that are members of the Querétaro Automotive Cluster project a 10% growth," according to the cluster's president, Raúl Lizarriturri Martínez.

Such growth, he said, will reflect expansions, new plants and the incorporation of new requirements; around 60% of the members plan to expand this year.

The automotive industry specialist pointed out that the factors that will drive these growth levels depend a lot on the type of market; in light vehicles, he said, there is a strong innovation, in addition to the offer of electric and hybrid vehicles, which makes the market continue to grow.

"In light vehicles we continue to see great innovation, we continue to see much more supply in electric vehicles, we continue to see a very important supply in hybrid vehicles, all of which means that the market continues to grow and Querétaro continues to be a very important pole of attraction for new companies and new businesses," he said.

He pointed out that important changes in the new environmental regulations are on the horizon, which will have an impact on changes and fleet updates by 2026, causing the market to rebound. It is worth mentioning that the United States has tightened automobile emissions standards.