The Brake System Parts (Except Motor Vehicle Linings) Market in India has shown a substantial increase in value over the past decade. From 2012 to 2022, the market grew from $692.22 Million to $1978 Million with a notable peak in growth rates around 2015 and 2016. Despite some volatility, particularly in 2020 with a -12.55% decline likely due to the COVID-19 pandemic, the market resumed growth in subsequent years, achieving a year-on-year increase of 19.23% in 2021 and 9.4% in 2022. The compound annual growth rate (CAGR) for the last five years (2017-2022) is 3.61%, indicating steady, if not spectacular, growth.
For future trends, watch for:
- Technological advancements in brake parts manufacturing, which may drive efficiency and cost reductions.
- Increasing adoption of electric vehicles, potentially altering demand dynamics for specific brake system parts.
- Government regulations and initiatives aimed at enhancing vehicle safety, which could boost market growth further.
How does India rank in Brake System Parts (Except Motor Vehicle Linings) Market Size Value?
| # | 45 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 22,976,000,000 | 2023 | +4.79% | +4% | View data |
| 2 | 2 Japan | 7,095,400,000 | 2023 | -1.42% | -1.92% | View data |
| 3 | 3 United Kingdom | 5,853,800,000 | 2023 | +0.35% | -1.02% | View data |
| 4 | 4 Italy | 5,843,800,000 | 2023 | +0.34% | -0.96% | View data |
| 5 | 5 France | 5,783,300,000 | 2023 | -1.43% | -3.01% | View data |
| 6 | 6 Spain | 3,061,700,000 | 2023 | -0.26% | -0.67% | View data |
| 7 | 7 Poland | 2,924,400,000 | 2023 | +1.99% | +1.61% | View data |
| 8 | 8 India | 2,051,200,000 | 2023 | +3.7% | +3.89% | |
| 9 | 9 South Korea | 1,197,100,000 | 2023 | +4.73% | +0.55% | View data |
| 10 | 10 Australia | 1,125,900,000 | 2023 | +0.32% | +0.33% | View data |
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