Aerospace Market in Mexico to grow by USD 15611 million between 2024-2028
According to a research report “ Aerospace Market in Mexico” by End-user (Government, Private sector) Revenue Stream (Manufacturing, Engineering and design, Maintenace, Repair and Overhaul) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 15611 million at a CAGR of 25.2% during the forecast period. The aerospace industry in Mexico has experienced significant regulatory alignment, with the 2012 Bilateral Aviation Safety Agreement (BASA) enabling mutual recognition of aerospace standards, including NADCAP, AS9100, and certifications from the FAA and AFAC. This harmonization facilitated the expansion of manufacturing operations in the region. Furthermore, Mexico's accession to the Wassenaar Arrangement in 2012 introduced regulations for effective control of sensitive dual-use aerospace product and material exports..
Browse market data tables, figures, and in-depth TOC on “Aerospace Market in Mexico” by End-user (Government, Private sector) Revenue Stream (Manufacturing, Engineering and design, Maintenace, Repair and Overhaul) Geography (North America) Global Forecast to 2028.
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By End-user, the Government segment is projected to dominate the market size in 2024.
In the Mexican aerospace market landscape of 2023, the manufacturing sector held a significant market share, with this trend anticipated to continue throughout the forecast period. Key drivers fueling this segment's growth include government initiatives such as business incentives and workforce training programs, which have led to an expansion of the aerospace sector from 100 firms in 2004 to 368 by mid-2022. Additionally, the Maquiladora Export Program, enabling duty-free imports for aerospace product assembly for export, has encouraged firms to establish operations in new industrial parks, maximizing cost savings and operational efficiencies.
By Revenue Stream, Manufacturing segment is expected to hold the largest market size for the year 2024.
In the Mexican aerospace market, the government sector holds a significant market share, particularly in the end-user segment. This dominance is attributed to the government's control over a substantial number of airports. For instance, Aeropuertos y Servicios Auxiliares (ASA), a prominent Mexican aerospace agency, manages 19 airports and five cooperated additional airports, including Toluca, Queretaro, Cuernavaca, Palenque, and Tuxtla Gutierrez. Moreover, Benito Juarez International Airport, a major global airport, is operated by Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V., and served over 30 million passengers in 2021.
North America is forecasted to hold the largest market size by region in 2024.
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The Aerospace Market in Mexico growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Aerospace Market in Mexico encompasses various sectors, including commercial aviation and passenger travel, as well as space exploration initiatives. Key players in this market consist of space agencies, defense contractors, and aerospace manufacturers. Satellite communication plays a significant role in Mexico's aerospace sector, with applications ranging from civilian uses to military capabilities. Propulsion systems and materials are essential components in the development of advanced aerospace technologies. Mexican companies contribute to the design and production of these systems, supporting the growth of the aerospace industry. The Mexican aerospace market caters to both civilian and military needs. Air travel demand continues to increase, leading to the expansion of airplane fleets and the modernization of existing aircraft. Simultaneously, the defense industry relies on advanced military systems, such as missiles and spacecraft, to ensure national security. Technological advancements in the aerospace sector drive innovation and growth in Mexico. The country's strategic location and robust workforce make it an attractive destination for international collaboration and investment in aerospace activities. Overall, the Mexican aerospace market is poised for continued growth and development in the areas of commercial aviation, defense needs, and space exploration.
Market Research Overview
The Aerospace Market in Mexico is a significant contributor to the country's economy, encompassing various sectors such as UAM (Unmanned Aerial Systems), geopolitical instability defense, civil aviation, and space exploration. Key players in this market include defense agencies, space tourism companies, commercial airlines, and aerospace manufacturers. Advanced technologies like 3D printing, IoT technology, and electric propulsion are driving innovation in the industry. The Mexican aerospace sector is also focusing on sustainable aviation and military modernization, with initiatives in satellite communication, propulsion systems, and materials. Defense funding is a crucial factor in the Mexican aviation domain, with military spending on defense contractors and weapon systems, including Fire Control Systems and Manual/Autonomous weapons like the NiDAR X-Scout. The market is witnessing growing demand for autonomous air taxis, eVTOL aircraft, and wide-body/narrow-body commercial aircraft. Mexico's aerospace industry is expanding its capabilities in the military sector, with a focus on military systems, missiles, and spacecraft, ensuring national security and maintaining a strong presence in the global aerospace market.
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