In 2023, the import value for electric motors with an output not exceeding 37.5 watts was 297.1 million USD. The forecasted import values from 2024 to 2028 show a consistent growth trend, starting at 307.3 million USD in 2024 and reaching 347.08 million USD by 2028. This indicates a steady year-on-year growth.
Year-on-year percentage increases are as follows:
- 2024: 3.43%
- 2025: 3.33%
- 2026: 3.16%
- 2027: 3.00%
- 2028: 2.87%
The compound annual growth rate (CAGR) over the forecast period is approximately 3.16% per year.
Future trends to monitor include technological advancements in energy-efficient motors, shifts in manufacturing preferences, and changes in trade policies which might influence the pace and nature of imports. Observing economic conditions and local production capabilities will also be essential for accurate forecasting and planning.
