The motor vehicle and motor vehicle parts retailing value added in Australia exhibited various fluctuations from 2013-2023, starting from 10.67 billion AUD in 2013 to 11.69 billion AUD in 2023. The most significant increases were seen in 2021 and 2022 with year-on-year variations of 20.62% and 30.54% respectively. The CAGR from 2018-2023 was 3.53%, with the most prominent decline of -17.88% recorded in 2023.
Future trends to watch for:
- An anticipated moderate growth rate with a forecasted 5-year CAGR of 1.55% between 2024 and 2028.
- Continued fluctuation influenced by economic conditions, market demands, and technological advancements in the automotive industry.
- The shift towards electric vehicles expected to impact the market dynamics significantly.
