Mexico’s musical heritage is diverse, from traditional folk to modern pop and rock genres. As a result, it is no wonder that the country boasts a flourishing musical instrument industry. This sector includes everything from manufacturing guitars, drums, and pianos to creating high-end audio equipment and sound systems.
In this sense, foreign investment is one significant factor contributing to Mexico’s musical instrument industry growth. In recent years, several international companies have established their maquiladoras in Mexico to take advantage of the country’s competitive production costs, skilled workforce, and favorable trade agreements.
But how big is the musical instrument industry in Mexico today?
Let’s talk about numbers.
Production of musical instruments in Mexico
The market for musical instrument manufacture in Mexico comprises 430 businesses that generate an estimated annual revenue of almost MXN 480 million. According to a report by MarketDataMexico, five establishments account for approximately 89% of the total yearly income, including Fender and Taylor Instruments.
Where is the production located?
- The state of Michoacan leads the industry, generating an estimated average of MXN 240 million in annual revenue.
- Baja California follows with an estimated annual gain of MXN 170 million.
- In third place is Mexico City, with approximately MXN 21 million in estimated annual earnings.
What musical products are manufactured in Mexico?
These establishments manufacture various products and accessories, such as accordions, harmonics, harps, and auto phones.
And what about annual expenses?
These businesses report an average of MXN 260 million in total costs.
- Rent and rental expenses for movable and immovable property account for MXN 23 million.
- Fuel and lubricants account for MXN 4 million.
- Electricity expenses are estimated at MXN 15 million.
Why is foreign investment growing in Mexico?
Foreign investment and international companies have established their 00000, taking advantage of the skilled workforce, competitive-cost manufacturing, and strategic location for exporting products to the United States and other countries.
In addition, the Mexican government has implemented actions to promote foreign investment in the country’s manufacturing sector, including the musical instrument industry.
The result has been increased enterprises investing in the sector, creating jobs, and boosting the economy.
In conclusion, the musical instrument industry in Mexico is a significant contributor to the country’s economy, generating millions in annual revenue and providing employment opportunities for its citizens.
With the government’s continued efforts to promote foreign investment in the sector, the industry is expected to grow and expand in the coming years.
Are you ready to be part of this flourishing business?
Now that you know how big is the musical instrument industry in Mexico, contact us and find out how to bring your business to Mexico.
At Tijuana EDC, we offer tailored consulting services and logistics solutions to companies interested in expanding their operations through contract manufacturing in Mexico.
With over 30 years of experience, we specialize in industrial consulting worldwide, offering complimentary advisory services to investment projects in Tijuana, Mexico.
Give us a call, and let’s take the first step together.