Key Market Indicators
India's electrical equipment export market is projected to hit $14.6 billion by 2028, up from approximately $12.8 billion in 2023. This marks a compound annual growth rate (CAGR) of 2.1% over the five-year period. Historical data shows that since 1993, India's supply in this sector has seen a steady annual increase of 1.5%. On the import side, India's demand for electrical equipment is expected to soar to nearly $74.6 billion by 2028, rising from about $62.4 billion in 2023. This growth rate averages out to a 2.8% CAGR. The trend has been even more robust since 1993, with the country's demand increasing at an annual rate of 3.7%. These figures highlight both the expanding capacity of India's electrical equipment manufacturing industry and the growing domestic need for such products.
