The Motor Vehicles Parts and Accessories Market in India experienced varied growth rates from 2012 to 2022. The market saw robust growth between 2012 and 2015, with the highest year-on-year increase of 19.17% in 2015. However, the market encountered a decline in 2019 and 2020 with year-on-year decreases of -9.44% and -11.12% respectively, largely due to economic factors and the impact of the COVID-19 pandemic. The market rebounded in 2021 with a significant year-on-year increase of 17.74%, followed by steady growth of 8.14% in 2022. The Compound Annual Growth Rate (CAGR) over the last 5 years (2017-2022) stands at 1.48%, indicating moderate overall growth.
Looking ahead, several trends to watch for include:
- Increase in electric vehicle (EV) adoption and its impact on demand for specific types of parts and accessories.
- Technological advancements in automotive parts leading to newer, more efficient components.
- Regulatory changes and government incentives promoting green technology in the automotive sector.
- Global supply chain dynamics and their potential disruptions affecting the market.
| # | 45 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 235,410,000,000 | 2023 | +4.39% | +0.72% | View data |
| 2 | 2 Germany | 156,470,000,000 | 2023 | +1.79% | +1.62% | View data |
| 3 | 3 Japan | 115,890,000,000 | 2023 | -1.84% | -2.75% | View data |
| 4 | 4 France | 74,756,000,000 | 2023 | +0.83% | -0.36% | View data |
| 5 | 5 United Kingdom | 66,161,000,000 | 2023 | +0.35% | -0.9% | View data |
| 6 | 6 Spain | 64,424,000,000 | 2023 | -0.79% | -1.57% | View data |
| 7 | 7 Italy | 44,907,000,000 | 2023 | +0.12% | -1.11% | View data |
| 8 | 8 India | 33,174,000,000 | 2023 | +2.61% | +1.01% | |
| 9 | 9 Poland | 22,168,000,000 | 2023 | +1.09% | +0.68% | View data |
| 10 | 10 Belgium | 15,933,000,000 | 2023 | +1.5% | +3.63% | View data |
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