Mexico electric capacitors market was evaluated at US$398.985 million in 2020.
The growth of the electric capacitor market in Mexico looks promising, with opportunities in the consumer electronics, automotive, telecom, and industrial sectors. Factors attributing to the market's growth are rising demand for consumer electronics, increasing demand for premium electronic devices, and growing production of electric vehicles. The market is segmented by type, voltage, polarization, industry vertical, and target audience.
Mexico Electric Capacitors Market, by Voltage
One of the prime reasons supporting the growth of the electric capacitors market is the growing demand for high voltage capacitors across the energy and power sector of the country. High voltage capacitors are used for power supply and uninterrupted transmission of extra high voltage across residential and commercial buildings. The transmission network of Mexico is estimated to grow during the past few years owing to the growing power demand and accessibility issues. The government of the country is making efforts for the development of their key projects like the modernization of the Tecamachalco–Tlacotepec transmission line project in Tlacotepec and neighbouring towns in Puebla. This transmission line has a voltage of 115kV. The expected commissioning year of the project is 2024. Another new transmission project is known as Veracruz II–Tamarindo II double-circuit line is likely to get into service by 2025. Due to such developments, it is expected that there will be a massive demand for high voltage capacitors, which in turn is anticipated to drive the overall market growth.
Mexico Electric Capacitors Market, by Industry Vertical
The rising adoption of electric buses across the country is expected to increase the demand for electric capacitors across the automotive industry, which is projected to drive the overall market growth during the forecast period. Mexico is making progressive plans for transition, and the country is focusing on increasing its share of electricity with the help of various clean sources to 50% by 2025 (Source: Harvard). Mexico is targeting zero carbon emission, reducing noise pollution, and offering a better commuting experience. The Cities Finance Facility, in collaboration with Mexico City, Guadalajara, Monterrey, and Hermosillo, has opened the country’s first national system, which is focused on the electrification of their public transport systems. The country is expected to lead the e-buses market in the coming years, which is projected to have a positive impact on the electric capacitor market.
COVID-19 Insights
The COVID-19 pandemic has negatively impacted the growth of Mexico's electric capacitor market. During the pandemic, the power sector and automotive industry of the country were severely affected due to supply chain disruptions because of the strict lockdown restriction imposed by the government of various countries. With the outbreak of COVID-19, all the industries in Mexico were shut down, which has slowed down the overall market growth.
Segmentation
The Mexico electric capacitor market has been analyzed through the following segments: