From 2013 to 2023, the motor vehicle wheels and parts market in South Africa demonstrated a decline overall, consistently decreasing from 2013's initial higher value. The greatest drop occurred in 2020, influenced by the global pandemic, with a partial recovery in 2021 and slight growth in 2022. However, 2023 recorded a minor decline. The five-year compound annual growth rate has been negative, reflecting long-term market contraction.
Presently valued at 173.24 Million US Dollars in 2023, the market is influenced by global supply chain dynamics and currency fluctuations. Future trends to watch include technological advances in wheel manufacturing, regulatory changes, and shifts toward electric vehicles which may alter demand patterns significantly in South Africa. Additionally, potential market expansions through exports and government infrastructure projects could provide growth opportunities.
How does South Africa 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 |
| 23 | 23 Malaysia | 234,190,000 | 2023 | +1.33% | +1.3% | View data |
| 24 | 24 Denmark | 184,490,000 | 2023 | -1.47% | -1.02% | View data |
| 25 | 25 South Africa | 173,240,000 | 2023 | -2.76% | -1.81% | |
| 26 | 26 New Zealand | 130,120,000 | 2023 | +1.69% | +0.45% | View data |
| 27 | 27 Ecuador | 123,300,000 | 2023 | +0.36% | +0.19% | View data |
