Between 2013 and 2023, Namibia's market for motor vehicle steering wheels, columns, and boxes exhibited mixed growth trends. The market size value in 2023 stands at 2.9661 million USD. The sector faced significant declines in 2014 and 2020 with respective year-on-year decreases of 17.46% and 16.67%. However, recovery periods emerged in subsequent years such as 2021, which boasted a 14.9% increase. Notably, the 5-year CAGR up to 2023 was marginally positive at 0.39%.
Future trends to watch include:
- Technological advancements in smart steering systems.
- Impact of governmental regulations on automotive manufacturing and importation.
- Shifts in consumer preferences towards electric vehicles and their influence on steering system designs.
