The motor vehicle shock absorbers market in South Africa experienced fluctuations between 2013 and 2023. Between 2013 and 2017, the market grew significantly, peaking in 2017. However, it saw a notable decline in 2018 and 2020, likely due to economic challenges. The value in 2023 stood at 451.22 million USD, showing resilience with a modest increase from previous years. The variation from 2022 to 2023 was 1.61%, indicating a period of stabilization. The 5-year CAGR from 2018 to 2023 is 1.74%, reflecting a gradual recovery.
Looking ahead, from 2024 onwards, the market is forecasted to grow at a 5-year CAGR of 1.27%, reaching 487.28 million USD by 2028. This suggests continued but moderate growth.
Future trends to watch for:
- Technological advancements in shock absorbers, enhancing vehicle performance.
- Economic factors influencing automotive sales and aftermarket services.
- Impact of electric vehicles on traditional shock absorber demand.
- Regulatory changes affecting automotive parts manufacturing and imports.
