Forecast: Motor Vehicles Parts and Accessories Market Size Value in India

The Motor Vehicles Parts and Accessories market size in India has shown a dynamic trajectory over the past decade. The market experienced significant growth from 2013 to 2018, peaking in 2018. However, from 2019 to 2020, the industry faced a downturn, with substantial negative year-on-year variations. Recovery began in 2021 with strong growth and continued through 2022 and 2023. In 2023, the market stood at USD 33.174 billion. The Compound Annual Growth Rate (CAGR) over the last five years averaged at 1.01%. The forecasted CAGR for the next five years stands at 1.98%, predicting a moderate growth trajectory.

Future trends to watch for include the impact of emerging technologies such as electric vehicles (EVs) and autonomous driving systems on parts and accessories demand. Additionally, the focus on sustainable and eco-friendly products is expected to shape market dynamics, alongside policy changes and government initiatives to boost the automotive sector.