Between 2013 and 2023, India saw a growth in the motor vehicles steering wheels, columns, and boxes market value per capita, starting from $0.55 and reaching $1.18. The market experienced fluctuations, peaking notably in 2017, 2021, and 2023, with notable growth years being 2014 and 2017 where year-on-year increases exceeded 10%. Recent years showed stabilization with 2022's 8.57% and 2023's 3.51% growth rates, posting a CAGR of approximately 3.97% over the past five years.
Looking ahead, factors such as the shift towards electric vehicles, technological innovations in steering systems, and regulatory changes promoting safety will shape future growth. Additionally, increasing consumer spending power and urbanization trends may fuel demand. Monitoring these trends is crucial for anticipating market dynamics.
| # | 28 Countries | US Dollars Per Capita | Last Year | |||
|---|---|---|---|---|---|---|
| 1 | 1 Sweden | 70.35 | 2023 | View data | ||
| 2 | 2 Spain | 68.51 | 2023 | View data | ||
| 3 | 3 United Kingdom | 54.15 | 2023 | View data | ||
| 4 | 4 Italy | 42.56 | 2023 | View data | ||
| 5 | 5 Japan | 42.03 | 2023 | View data | ||
| 24 | 24 Mauritius | 1.32 | 2023 | View data | ||
| 25 | 25 Ecuador | 1.18 | 2023 | View data | ||
| 26 | 26 India | 1.18 | 2023 | |||
| 27 | 27 Nicaragua | 0.86 | 2023 | View data | ||
| 28 | 28 Lebanon | 0.38 | 2023 | View data | ||
