The Motor Vehicles Parts and Accessories market in South Africa reached a value of $6.9856 billion in 2023. Over the past decade, the market showed significant fluctuations, including a notable decline in 2015 and a sharp drop in 2020, which was likely due to the global pandemic. Despite these setbacks, the market demonstrated resilience, rebounding in 2021 and continuing its upward trajectory through to 2023.
Year-on-year variations over the last two years (2022 to 2023) showed a relatively modest increase of 1.33%. The Compound Annual Growth Rate (CAGR) over the past five years sits at 1.84%, reflecting a stable yet moderate growth trend.
Looking ahead, the forecasted data from 2024 onwards indicates a steady growth pattern, with an estimated market size of $7.443 billion by 2028. The projected 5-year CAGR from 2023 to 2028 is anticipated to be 1.06%, suggesting a modest but consistent expansion.
Future trends to watch for in this market include:
- Technological advancements in automotive parts and accessories
- Impact of electric and hybrid vehicle adoption
- Regulatory changes and their effects on market dynamics
- Potential for increased local manufacturing and supply chain adjustments
