The import of domestic iron or steel solid fuel appliances, excluding cookers, is forecasted to increase steadily from 2024 to 2028. In 2023, these imports stood at a benchmark level of approximately $180 million. From 2024 to 2028, forecasts suggest an upward trend, with anticipated growth each year reaching $189.18 million by 2028. Year-on-year variations suggest a modest annual increase of around 1% across this period. The Compound Annual Growth Rate (CAGR) over the five years is approximately 0.96%, indicating a stable growth trajectory.
Future trends to watch for include:
• Potential impacts of global steel prices on import costs.
• Changes in environmental regulations affecting the demand for solid fuel appliances.
• Technological advancements in energy-efficient appliances that could influence market dynamics.
• Shifts in consumer preference due to environmental awareness and sustainable practices.
