From 2013 to 2023, the import of domestic appliances incorporating electric motors to Vietnam exhibited a notable upward trend, escalating from $44.36 million to $147.81 million. This represents a significant compound annual growth rate (CAGR) over this period. The most substantial year-on-year growth occurred in 2017 with an increase of 67.35%, followed by modest yet consistent growth in subsequent years. 2023 saw a year-on-year rise of 4.61%, indicating a steady continuation of this positive trend with a CAGR of 5.36% over the last five years.
Forecasting data from 2024 to 2028 suggests continued growth, albeit at a slightly moderated pace with a forecast five-year CAGR of 2.99%. By 2028, imports are expected to reach $178.76 million, reflecting a cumulative growth rate of 15.85% over this forecast period.
Future trends to watch for include the potential impact of technological advancements, shifts in consumer behavior towards more sustainable and energy-efficient appliances, and potential economic policies affecting trade dynamics in Vietnam. These factors could influence the trajectory of import growth in the upcoming years.
