The import of passenger and goods transport ships and boats to India has seen significant fluctuations over the past decade. From a high value in 2015, the imports experienced a considerable drop until 2020, with some minor rises and falls along the way. As of 2023, the value stood at $641.86 million, seeing a slight decline from the previous year.
Year-on-year variations underscore a substantial volatility, ranging from a notable increase of 74.25% in 2015 to a significant decrease of 29.74% in 2016. Over the last two years, the value saw minor fluctuations with a 2.54% increase in 2022, and a 2.6% decline in 2023.
The compound annual growth rate (CAGR) over the past five years reflects an average annual decrease of 1.2%. Looking ahead, the forecasted data suggests a continued decline in imports, with a projected decrease to $550.4 million by 2028. The forecasted 5-year CAGR stands at -2.37%, indicating a potential contraction in the market by around 11.32% by 2028.
Future trends to watch for include potential shifts in global trade policies, advancements in shipping technologies, and India's economic growth, all of which could influence the import patterns of passenger and goods transport ships and boats.
