Features
26 Mar 24

Mexico: Fleet leasing to rise by 13.5% in 2024

Mexico’s fleet leasing anticipates a robust 13.5% increase this year with projections reaching 362,954 units, Liliana Anaya, CEO of Mexico's vehicle leasing association (AMAVE), told Global Fleet in an interview.

This surge is primarily propelled by higher demand from fleet managers operating in sectors including pharmaceuticals, retail, cargo, transportation, last-mile delivery, and the government.

“We estimate double-digit growth because in some ways the issue of vehicle shortages is already recovering,” Anaya, who was recently appointed by Fleet LatAm as its newest Advisory Board member, said referring to the shortage the country saw after the COVID-19 pandemic.

In 2023, AMAVE recorded 319,784 vehicles under leasing, 8.1% up compared to 2022. 

This “figure confirms that leasing is emerging as a preferred scheme for companies and government,” Anaya added.

Source: AMAVE

 

Types of Leasing in Mexico

“Leasing in Mexico and with AMAVE partners is going like a train, we have always grown,” Anaya said adding that 21% of the fleet is leased to the Government.

Source: AMAVE

The top five light car brands most leased by fleet managers 

 

Source: AMAVE

While the five truck brands most leased by fleet managers include Isuzu (22.7%), International(18.9%), Volkswagen (14%), Hino (10.8%), and Kenworth (9.9%), according to AMAVE.

Of the total units leased in 2023, 10,465 units were EVs (9,200 units) and HEVs (1,265 units), which represents 3.7% of AMAVE’s fleet, she said.

Mexico’s car output has already reached pre-pandemic levels. The country’s automotive industry anticipates a 10.8% increase in production, reaching 4.1 million cars by the end of the year, while car sales are projected to increase by 7% to 1.45 million units in 2024, according to data from the Mexican Automotive Industry Association (AMIA).

Shutterstock credit ID: 1147275608

 

Authored by: Rodrigo Alonso