Mexico trends: Hybrids, Carsharing, Safety Improvements, Telematics
Among the trends currently taking place in Mexico are the increasing usage of hybrid vehicles and carsharing services, as well as the improvement of safety standards and the growth of telematics.
The use of non-plugin hybrids such as the world’s best-selling model, the Toyota Prius, has been growing in popularity over the last couple of years. Its competitors are the Honda Insight, Toyota Corolla hybrid, and the all-new 2020 Hyundai Ioniq which was launched in the country in early September.
2020 Hyndai Ioniq (source: Hyundai)
Pushed by traffic congestion and the rising awareness that environmental sustainability is needed in large cities, the use of carsharing services such as Carrot (since 2012) and O2 Autocomparte (since 2015) are on the rise. Hertz rent-a-car has also started offering hourly rentals.
The growth of carsharing is especially true for Mexico City and its 8.92 million residents which is currently experiencing an average traffic speed of approximately 6km per hour, according to New York based marketing firm MBLM.
Meanwhile, safety standards are evolving in Mexico thanks to pressure coming from companies, the Latin America and Caribbean regional car safety assessment program Latin NCAP, and society in general.
Large companies are moving away from cheap models with little safety equipment and have been more recently preferring international safety standards for their fleets (including ABS, airbags, and seatbelts for all seats).
Finally, like many other countries, the usage of telematics is certainly growing in Mexico. These innovative solutions are now being used beyond driver behavior analysis, including those related to personal security solutions, immobilizing stolen cars, and geolocation, according to Wikifleet’s Mexico page.
With an estimated population of 130 million, Mexico is the 10th most populous country in the world. It has a benchmark interest rate of 8% and inflation of some 3.8%. In 2018, its GDP rose 5.6% year-over-year to US$1.22 trillion (US$9,385 per capita).
Wikifleet is a free collaborative encyclopedia about vehicle fleet and mobility management. It provides essential knowledge about fleet markets in more than 40 countries around the world.