The motor vehicles parts and accessories market value per capita in India stood at USD 23.98 in 2023. Forecast data shows a steady increase, with values projected to grow annually from USD 24.54 in 2024 to USD 26.77 in 2028.
Year-on-year percent variations are as follows:
- 2024: 2.34%
- 2025: 2.32%
- 2026: 2.27%
- 2027: 2.14%
- 2028: 2.06%
The compound annual growth rate (CAGR) for 2024-2028 is expected to average around 2.23%, indicating a steady market expansion.
Future trends to watch include the impact of technological advancements, policy changes, and the proliferation of electric vehicles, which are likely to shape consumer preferences and demand.
