From 2013 to 2023, Colombia's motor vehicle parts and accessories market demonstrated a growth trend, with value per capita rising from $56.55 in 2013 to $77.28 in 2023. Particularly notable was the recovery post-2020, with a year-on-year increase of 8.02% in 2021 and 6.75% in 2022. The compound annual growth rate (CAGR) for the past five years is 2.11%, indicating steady growth. In 2023, the per capita value stood at $77.28, reflecting an improved market outlook.
Future trends to watch:
- Increase in demand for electric vehicle parts as environmental regulations tighten.
- Potential market impact from shifts in international trade policies.
- Growing local production capabilities may influence import dependency.
- Investment in technology could further drive market expansion.
How does Colombia 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 | ||
| 29 | 29 Malta | 114.06 | 2023 | View data | ||
| 30 | 30 Botswana | 86.29 | 2023 | View data | ||
| 31 | 31 Colombia | 77.28 | 2023 | |||
| 32 | 32 Ecuador | 74.03 | 2023 | View data | ||
| 33 | 33 Mauritius | 70.2 | 2023 | View data | ||
