Forecast: Brake System Parts (Except Motor Vehicle Linings) Market Size Value in India

From 2013 to 2023, the brake system parts market in India has seen steady growth, with a significant rise in value from $799.79 million to $2051.2 million. The market experienced high annual growth rates early in the period, hitting a peak CAGR of 21.09% in 2016. Growth rates stabilized between 2% to 3% from 2017 to 2019. The market faced a temporary decline of -12.55% in 2020, possibly due to the COVID-19 pandemic, but rebounded with a 19.23% increase in 2021. Growth rates continued positively, though at a moderate pace, leading up to 2023 with a 3.7% increase.

For future trends:

• Market is forecasted to grow at a CAGR of 2.7% from 2024 to 2028, reaching $2428.2 million.
• Growing demand for electric vehicles (EVs) may impact traditional brake system parts demand.
• Enhanced safety regulations and technological advancements in brake systems are likely to drive market growth.
• Potential supply chain disruptions and fluctuations in raw material prices should be closely monitored.