Forecast: Motor Vehicles Parts and Accessories Market Size Value in Australia

The Australian Motor Vehicles Parts and Accessories market demonstrated a descending trend from 2013 to 2023, with values decreasing from $13.584 billion in 2013 to $10.214 billion in 2023. Over the past two years, the market experienced year-on-year declines of -2.26% in 2022 and -2.28% in 2023. The 5-year compound annual growth rate (CAGR) was negative at -1.96%, reflecting a continuous reduction over this period.

Forecasts for the next five years suggest continued contraction, with the market expected to reach $9.0556 billion by 2028, reflecting an average annual decline of -1.92% and an overall decrease of -9.24% from 2024-2028.

Future trends to watch include the impact of electric vehicle adoption on traditional motor parts demand, shifting consumer preferences, and supply chain disruptions affecting market dynamics. Policies promoting eco-friendly vehicle components and advancements in automotive technology could alter market trajectories significantly.

• 2023 Market Value: $10.214 billion
• Past 2-year declines: -2.26% (2022), -2.28% (2023)
• 5-year CAGR: -1.96%
• 2028 Forecast Value: $9.0556 billion