From 2013 to 2023, India's motor vehicles parts and accessories market showed a positive growth trend, increasing from USD 14.53 to USD 24.03 per capita. This decade-long growth reflects a compounded annual growth rate (CAGR) of approximately 5.27%. In recent years, 2022 and 2023 had year-on-year increases of about 5.55% and 2.30%, respectively, indicating market recovery and stabilization after fluctuations in 2019 and 2020.
Looking ahead, key future trends to watch include:
- Increasing demand for electric vehicle components as India pushes towards sustainability.
- Growth of e-commerce channels enhancing parts availability.
- Technological advancements in automotive manufacturing.
- Government policies impacting tariffs and local sourcing.
How does India rank in Motor Vehicles Parts and Accessories Market Size Value Per Capita?
| # | 45 Countries | US Dollars Per Capita | Last Year | |||
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 1,880 | 2023 | View data | ||
| 2 | 2 Austria | 1,590 | 2023 | View data | ||
| 3 | 3 Spain | 1,360 | 2023 | View data | ||
| 4 | 4 Belgium | 1,280 | 2023 | View data | ||
| 5 | 5 France | 1,100 | 2023 | View data | ||
| 38 | 38 Jamaica | 34.3 | 2023 | View data | ||
| 39 | 39 Jordan | 33.35 | 2023 | View data | ||
| 40 | 40 India | 24.03 | 2023 | |||
| 41 | 41 Honduras | 23.37 | 2023 | View data | ||
| 42 | 42 Kyrgyzstan | 22.6 | 2023 | View data | ||
