Analyzing the import of lighting or visual signaling equipment to India, the value stood at $100 million in 2023. Based on forecasted data, the import value is expected to increase steadily from $104.99 million in 2024 to $126.44 million in 2028. This reflects a consistent year-on-year growth, marking a pivotal upward trend over these years.
The year-on-year variations are:
- 2024-2025: 5.26%
- 2025-2026: 4.89%
- 2026-2027: 4.58%
- 2027-2028: 4.29%
The compound annual growth rate (CAGR) over the forecasted period from 2024 to 2028 is approximately 4.67%.
Future trends to watch out for include advancements in smart lighting technologies, increased adoption of energy-efficient lighting solutions, and regulatory changes aiming to boost domestic manufacturing. These factors could influence the import volumes and values in the coming years.
