The motor vehicle bumpers and parts market in Vietnam displayed robust growth from 2013 to 2018, with an annual increase, peaking at $86.896 million in 2018. From 2019 onward, there was a notable decline, culminating in a market value of $69.124 million in 2023. The market experienced consecutive year-on-year decreases since 2019, with notable declines of 4.64% in 2022 and 2023. The compounded annual growth rate (CAGR) over the last five years stands at -4.47%, reflecting a contracting pattern. This trend suggests potential saturation or shifts in market dynamics.
Future trends to watch for:
- Disruption and innovation in vehicle manufacturing could affect demand.
- Policies on local automotive production might drive market recovery.
- Growth in electric vehicles may influence bumper and parts design and requirements.
How does Vietnam rank in Motor Vehicle Bumpers and Motor Vehicle Bumper Parts Market Size Value?
| # | 42 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 13,241,000,000 | 2023 | +2.56% | +2.64% | View data |
| 2 | 2 Germany | 2,695,300,000 | 2023 | +3.08% | +1.31% | View data |
| 3 | 3 Canada | 1,901,000,000 | 2023 | +2.5% | +2.3% | View data |
| 4 | 4 United Kingdom | 1,734,800,000 | 2023 | +1.26% | +1.3% | View data |
| 5 | 5 Japan | 1,606,100,000 | 2023 | -0.56% | -1.16% | View data |
| 26 | 26 New Zealand | 86,249,000 | 2023 | +2.87% | +2.22% | View data |
| 27 | 27 Denmark | 78,589,000 | 2023 | +1.08% | -0.21% | View data |
| 28 | 28 Vietnam | 69,124,000 | 2023 | -4.64% | -4.47% | |
| 29 | 29 Lithuania | 55,703,000 | 2023 | +8.62% | +3.42% | View data |
| 30 | 30 Ecuador | 52,020,000 | 2023 | +1.9% | +1.86% | View data |
