As of 2023, India's import of arms and ammunition, along with their parts and accessories, stood at 68 million USD. The forecasted data from 2024 to 2028 shows a consistent upward trajectory. The import value is expected to rise from 70.54 million USD in 2024 to 81.361 million USD in 2028, indicating a stable increase year-on-year.
Year-on-year variations for the last two years show continuous growth:
- 2024: 70.54 million USD (+3.74% from 2023)- 2025: 73.327 million USD (+3.95% from 2024)- 2026: 76.059 million USD (+3.73% from 2025)- 2027: 78.737 million USD (+3.52% from 2026)- 2028: 81.361 million USD (+3.33% from 2027)
The average compound annual growth rate (CAGR) over the forecasted period (2024-2028) is approximately 3.65%. This steady growth reflects the increasing demand for military imports in India, potentially driven by modernization efforts and regional security concerns.
Future trends to watch for:
- Geopolitical shifts in the region may accelerate or decelerate the import rates.- Government policies promoting domestic arms manufacturing could influence future import volumes.- Technological advancements and strategic partnerships might also play a significant role in shaping the import landscape.
