The Motor Vehicle Wheels (And Including Parts) market in India has exhibited notable changes over the past decade. After a period of steady growth from 2012 through 2015, the market experienced moderate to declining growth from 2016 through 2020. The value witnessed a sharp decline in 2020, with a year-on-year variation of -13.04%, reflecting the impact of global challenges. However, recovery commenced in 2021 with a significant 17.71% increase and continued into 2022 with an 8.11% rise. As of 2023, the market is expected to be valued at approximately $1,023 million.
Observations over the past five years indicate a CAGR of 1.78%, suggesting a resilient yet modest growth trend. Moving forward, trends to watch include the increasing adoption of eco-friendly materials, advancements in wheel technology, and a shift towards localization of manufacturing to mitigate supply chain risks. These factors are likely to shape the future trajectory of the motor vehicle wheels market in India.
How does India rank in Motor Vehicle Wheels (And Including Parts) Market Size Value?
| # | 36 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 39,551,000,000 | 2023 | +2.38% | +2.35% | View data |
| 2 | 2 China | 19,307,000,000 | 2023 | +3.7% | +3.76% | View data |
| 3 | 3 Germany | 8,397,200,000 | 2023 | +1.11% | +1.25% | View data |
| 4 | 4 Japan | 7,915,500,000 | 2023 | -0.11% | -1.47% | View data |
| 5 | 5 United Kingdom | 3,316,600,000 | 2023 | +0.57% | +0.48% | View data |
| 8 | 8 Spain | 2,103,400,000 | 2023 | +2.25% | +2.56% | View data |
| 9 | 9 Brazil | 1,187,000,000 | 2023 | -3.2% | -3.42% | View data |
| 10 | 10 India | 1,049,700,000 | 2023 | +2.58% | +2.43% | |
| 11 | 11 Belgium | 998,500,000 | 2023 | +0.41% | -0.32% | View data |
| 12 | 12 Indonesia | 981,400,000 | 2023 | +2.01% | +0.47% | View data |
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