Mexico CNC Machine Market

The Mexico CNC Machine Market size is projected to reach US$ 876.50 million by 2031 from US$ 1488.06 million in 2023. The market is expected to register a CAGR of 6.8% during 2023–2031. Rapid industrial growth and increased foreign direct investments in the country is one of the factors that is driving the demand of the CNC machines.

Mexico is the 15th largest economy globally and the largest exporter in Latin America. In 2022, Mexico's gross domestic product (GDP) was valued at US$ 1.41 trillion. According to the World Bank Report in 2022, the industrial and services sector in Mexico accounted for 32.1% of the country's GDP. The industrial sector in Mexico, including mining, manufacturing, oil, & gas, has contributed between 25% and 35% of the overall GDP. The Mexico CNC machine market is driven by increasing industrial activities and rising foreign trade. In 2023, Mexico's Ministry of Economy reported an increase in foreign direct investments (FDIs) by 27%, reaching US$ 36 billion; 50% of this investment is in the manufacturing sector in Mexico. From January 2024 to June 2024, FDIs in Mexico reached US$ 31.1 billion across several industrial sectors. Mexico's overall manufacturing output for 2023 was valued at US$ 360.73 billion, which increased by 14.73% compared to 2022. The increase in FDIs and the growth of the industrial sector in Mexico drive the Mexico CNC machine market.

Based on machine type, the CNC machine market is segmented into lathe machines, milling machines, laser machines, grinding machines, boring machines, and others. Among these, the lathe machines segment held a significant market share in 2023, owing to the increasing demand from the automotive industry for producing and shaping automotive components such as automotive gears, pistons, cylinders, bolts, and automotive tow bars and rods. These components require frequent maintenance and repair, which utilizes CNC machines to shape and machine the automotive components. According to the International Trade Administration, Mexico is the seventh-largest manufacturer of passenger cars, producing more than 3.5 million vehicles annually. The rapidly growing automotive industry in Mexico has created a massive demand for CNC machines, such as lathe machines, to manufacture automotive components in the country.

In Mexico, lathe machines are used for a wide range of applications, including automotive, metal, and sheet fabrication. Lathe machines are of two types: horizontal and vertical. A lathe can be used for shaping metals, alloys, plastics, or even different types of wood. CNC lathe machine operations like forming circular grooves can be achieved, with features like filets, grooves, notches, and slits also achievable when the surface stays spherical or cylindrical. Parts of CNC lathe machines include conical shafts, discs, gaskets, gears, rods, and shafts. CNC lathe machines are among the most critical devices used across industries. Mexico received foreign direct investment of US$ 31.6 billion in 2021, 40% of that in the manufacturing sector. Mexico's metal-mechanics industry involves metal-working machinery and all types of metal transformation processes, such as finishing and metal forming.