Market Trends of Mexico Home Appliances Industry
This section covers the major market trends shaping the Mexico Home Appliances Market according to our research experts:
Housing Development Drives the Home Appliances Market in Mexico
A growing and fluctuating oil and gas industry stimulated New Mexico’s housing market in recent years, causing shifts in home sales and valuation, particularly in areas known for the extraction of oil and gas. In 2018, sales throughout the state took a dip, but the value of homes grew. The total sales in 2018 were reported at 32,006, topping the previous year’s sales of 22,221 by almost 10,000 units.
Nearly every New Mexico county showed an increase in total sales in 2018, as compared to 2017. The biggest increases occurred in counties with larger metropolitan areas and those prospering due to the oil and gas industry. The housing development investments increased from 2.8 in 2017 to 3.2 in 2018.
Major Appliances are Dominating the Market
Major appliances are dominating the market by taking more share in the home appliances market in Mexico. The recovery in the housing market will be an opportunity for appliance manufacturers. As new homeowners comprise a significant portion of appliance sales, the anticipated rise in housing starts may bring increased demand to the industry. Appliance manufacturers are likely to continue facing rising input costs, particularly plastic. With financial assistance from federal tax credits expiring, many operators may cope by moving their production to lower labor-cost countries, such as Mexico.
