The import of parts of domestic appliances with electric motors to India has seen a significant decline from 2013 to 2023, dropping from $6.1478 million to $1.564 million. This represents an overall downward trend with various fluctuations year-on-year. Between 2013 and 2017, there was a substantial decrease, especially in 2016 and 2017, where year-on-year variations were -29.5% and -60.98% respectively. However, 2018 saw a temporary rebound of 67.16%, followed by a steady decline continuing through 2023, with a year-on-year drop of 8.54%. The five-year CAGR leading up to 2023 stands at -8.28%.
The forecasted data from 2024 to 2028 predict a continuing decline in imports, with the value expected to fall from $1.4062 million in 2024 to $0.80302 million in 2028. This corresponds to a forecasted CAGR of -10.6% and an overall forecasted growth rate of -42.9% over the next five years.
Future trends to watch for include potential shifts in India's domestic manufacturing capabilities, changes in trade policies, technological advancements in domestic appliances, and economic factors that may impact import demand for these components. Monitoring these factors will be crucial for a comprehensive understanding of the market trajectory.
