The automotive manufacturing industry in Mexico generated a real gross domestic product (GDP) of 568.6 billion Mexican pesos in the second quarter of 2019, based on constant prices (taking 2013 values as reference). In the same quarter of the previous year, the automobile manufacturing sector had contributed with almost 546.6 billion Mexican pesos to Mexico's real GDP.

Discover the booming Latin American passenger car market! Explore key trends, growth drivers, and regional insights for 2025-2033. Learn about leading players like VW, GM, and Hyundai, and the rising popularity of electric vehicles and SUVs in this dynamic market. Recent developments include: Nov 2022: Great Wall Motors (GWM) announced that it will begin selling the Haval H6 SUV in Brazil in the first quarter of 2023, with a package of semi-autonomous features and safety technologies, including facial recognition, which can identify up to five different people registered in the system., Oct 2022: Toyota stated that it would introduce the "Conquest," a new model of the Toyota Hilux made in Argentina. The number of pickup models produced at Zárate will rise from 15 to 16 with the Conquest's anticipated debut. Although it will be more affordable and have less power than the Hilux GR-Sport III, the Hilux Conquest will have a distinctive look and unique features and be focused on off-road and recreational use., Jan 2022: Link, an electric vehicle manufacturer in the US, planned to set up its assembly plant in the Mexican state of Puebla. This production setup received an investment of USD 265 million.. Key drivers for this market are: Surge in Awareness About the Benefits of Leasing, Shift in Trends Towards Rental. Potential restraints include: Labor Shortage may obstruct the market growth, The economic downturn in the equipment leasing sector will impede market expansion. Notable trends are: Zero Emission Vehicles Gaining Traction in Latin America.

ABSTRACT Mexico’s current export-led economy arose from the adoption of a market-driven model based in conditions of technological disarticulation separating dominant transnational firms from the national industrial base. This determined that, in contrast to Verdoorn’s analysis, the crucial manufacturing sector would function not as a motor-force inducing a process of autonomous national development by accelerating productivity growth and promoting product and process innovations, but rather would deepen a fragmented process of production, centered on processing imported components under conditions of declining total factor productivity. Despite the profound reordering of its economic geography over the past 30 years, this process has failed to produce legitimate markers of “upgrading”.

Mexico Print Label Market size was valued at USD 1.3 Billion in 2024 and is projected to reach USD 1.78 Billion by 2032, growing at a CAGR of 4% from 2026 to 2032.

Key Market Drivers

Growing Manufacturing and Export Sector: The substantial growth of Mexico's industrial and export-oriented industries is driving demand for print labels in a variety of sectors. According to the Mexican Institute of Statistics and Geography (INEGI), Mexico's manufacturing sector contributed approximately 17.4% of the country's GDP in 2022, highlighting the significant economic potential and demand for high-quality labeling solutions in industries such as automotive, electronics, and consumer goods.

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Internal Combustion Engine (ICE) Market Size 2024-2028

The internal combustion engine (ice) market size is forecast to increase by USD 28.3 billion at a CAGR of 8.09% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for enhanced vehicle performance. This trend is driven by consumer preferences for improved acceleration, power, and overall driving experience. Additionally, the development of advanced engine technologies is a key driver in the market, as manufacturers continue to innovate and optimize engine designs to meet the demands of modern transportation. However, the market also faces challenges from stringent emission and fuel economy standards. Regulatory bodies are imposing increasingly rigorous regulations to reduce harmful emissions and improve fuel efficiency.
As a result, engine manufacturers must invest heavily in research and development to create engines that meet these standards while still delivering the desired performance. This can be a significant challenge, as the cost of developing and producing these advanced engines can be high. Companies must navigate this regulatory landscape carefully to remain competitive and capitalize on market opportunities.

What will be the Size of the Internal Combustion Engine (ICE) Market during the forecast period?

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The market continues to evolve, with dynamic market trends shaping its various applications across sectors. Variable valve timing technology enhances engine performance and fuel efficiency in gasoline engines, while diesel engines focus on power output and fuel economy in heavy-duty trucks and construction equipment. Electric Vehicles (EVs) and alternative fuels challenge the dominance of ICEs, with catalytic converters playing a crucial role in reducing emissions. Engine durability remains a critical concern, with engine testing and maintenance costs influencing market trends. Engine design and manufacturing innovations, such as cylinder configuration, compression ratio, and direct injection, aim to improve power output and fuel efficiency.
Fuel cell technology and renewable energy sources offer potential alternatives to traditional ICEs. Emissions regulations and life cycle analysis drive the development of engine calibration, engine management systems, and exhaust gas recirculation systems. ICEs also find applications in power generation, marine engines, and performance tuning. The ongoing unfolding of market activities reveals evolving patterns, as engine rebuild and engine repair services adapt to the changing landscape.

How is this Internal Combustion Engine (ICE) Industry segmented?

The internal combustion engine (ice) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Automotive
  Aircraft
  Marine


Type

  Petroleum
  Natural gas


Fuel Type

  Gasoline
  Diesel
  Natural Gas


Technology Specificity

  Turbocharged
  Naturally Aspirated


Geography

  North America

    US
    Mexico


  Europe

    France
    Germany
    Italy
    Spain
    UK


  Middle East and Africa

    UAE


  APAC

    Australia
    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By End-user Insights

The automotive segment is estimated to witness significant growth during the forecast period.

The market is experiencing significant growth due to the increasing demand for vehicles and advancements in engine technology. Advanced innovations, such as variable valve timing, direct injection, and engine calibration, are driving the market. Heavy-duty trucks and off-road vehicles continue to rely on robust ICEs for power output and durability. In the automotive sector, the shift towards fuel efficiency and emissions regulations is leading to the development of smaller engine displacements and alternative fuels. The construction and agricultural equipment industries also heavily utilize ICEs for power generation and performance tuning. The ICE market is further expanding into renewable energy applications, such as power generation and fuel cell technology.

The need for engine rebuilds and repairs is also maintaining market demand. Despite the rise of electric vehicles (EVs), the ICE market will continue to thrive due to its versatility and widespread application. Engine testing, emissions testing, and engine management systems ensure the continued reliability and efficiency of ICEs. Catalytic converters and exhaust gas recirculation systems are crucial components in reducing emissions. Marine engines and spark ignition engines also contribute to the market's growth. Overall, the ICE market is expected to maintain steady growth during the forecast period

In 2018, manufacturing labor costs in China were estimated to be **** U.S. dollars per hour. This is compared to an estimated **** U.S. dollars per hour in Mexico, and **** U.S. dollars in Vietnam. Manufacturing jobs in the United States Many people in the United States believe manufacturing jobs to be the backbone of the U.S. economy, despite employment in the manufacturing sector decreasing since 1997, and the monthly change in manufacturing employment being highly variable. Although manufacturing added a value of about ** percent to the U.S. gross domestic product (GDP) in 2018, employment in the United States has been moving away from manufacturing to other means of employment. A difference in earnings Part of this steering away from manufacturing could be due to a difference in labor costs. While hourly wages in Vietnam were less than * U.S. dollars in 2018, hourly wages in the U.S. manufacturing sector hovered around ** U.S. dollars in 2018. The labor costs in the U.S. could simply be too high for companies, who look to countries such as China, Mexico, and Vietnam for cheaper labor.

Dive into the evolving state of electric and hybrid vehicle manufacturing and how the industry is rippling across the US economy.