Forecast: Motor Vehicles Parts and Accessories Market Size Value in Kenya

Based on the historical data and forecast from 2013 to 2028, the Motor Vehicles Parts and Accessories market in Kenya exhibited a steady growth trend. In 2023, the market size was valued at USD 666.23 million. Notably, the year-on-year growth rates for 2022 and 2023 were 5.49% and 5.16%, respectively, indicating a moderate increase in market size. The five-year CAGR leading up to 2023 was 6.32%, reflecting consistent growth over the period.

Looking forward, the market is projected to grow at a 5-year CAGR of 3.38%, reaching a value of USD 824.73 million by 2028. This suggests a continued, albeit slower, expansion of the market.

Future trends to watch for include:

• Increased demand for electric vehicle parts and accessories as Kenya promotes sustainable energy solutions.
• Advancements in automotive technology leading to the growth of smart and connected vehicle accessories.
• The impact of government regulations and policies on the import and production of vehicle parts.