The Motor Vehicles Parts and Accessories Market in Denmark has shown fluctuations over the years. Actual data from 2013 to 2023 indicates minor year-on-year changes, with values starting at USD 2.556 billion in 2013, reaching USD 2.2999 billion in 2023, demonstrating a decrease. The market peaked in 2014 at 2.6394 billion USD with a gradual decline afterwards. The Compound Annual Growth Rate (CAGR) over the last five years is -0.35%, indicating a slight downward trend. The market showed particular volatility around 2015 and 2020, with notable negative year-on-year variations of -10.58% and -3.79%, respectively.
Looking ahead from 2024 onwards, the forecasted data predicts a continued, albeit slow, decline in market value, reaching as low as USD 2.2243 billion by 2028. The forecasted CAGR for the next five years is -0.53%, with an aggregate decline of 2.63%. This indicates a consistent decrease in market size, suggesting maturation or contraction in the industry.
A few future trends to watch for include:
- Technological advancements driving demand for new types of vehicle parts.
- Shift towards electric vehicles influencing market dynamics for traditional components.
- Government policies and regulations impacting manufacturing and sales.
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