In this paper, the mechanical properties of carbon nanotube reinforced composites are evaluated based on the continuum mechanics approach using a hexagonal representative volume element (RVE) under lateral loading conditions. It is paramount in such analyses that the correct boundary conditions be imposed, such that they simulate the actual deformation within the composite. Numerical equations are used to evaluate the mechanical properties from numerical solutions for the hexagonal RVEs under the lateral load case. An extended rule of mixtures is applied to evaluate the effective axial Young’s modulus, for validation of the proposed model. For the RVEs having long carbon nanotube, better values of stiffness in axial direction are found as compared to stiffness in the lateral direction. Also, the comparative evaluation of both square and hexagonal RVEs with short carbon nanotubes is presented here. The short carbon nanotube is not found to be as effective as long carbon nanotube in reinforcing the composite.