The import of refrigerators and freezers to India has shown a general upward trend from 2013 to 2023, with values increasing from 359.69 million USD in 2013 to 650.73 million USD in 2023. Year-on-year variations reveal fluctuations, such as a notable increase of 27.4% in 2017 and minor declines in 2018 and 2020. Over the last two years, imports increased by 3.49% from 2022 to 2023 and 1.66% from 2021 to 2022. The compound annual growth rate (CAGR) over the last five years stands at 3.86%.
Future trends indicate a steady growth forecast, with an expected CAGR of 2.54% over the next five years, leading to an estimated import value of 766.11 million USD by 2028. This suggests a modest but consistent rise in imports, presenting potential opportunities for market entrants and stakeholders.
Future trends to watch for:
- Technological advancements in refrigeration and freezer units that might influence import volumes.
- Changes in consumer preferences towards energy-efficient and smart appliances.
- Regulatory policies affecting import tariffs and international trade agreements.
- Economic factors such as inflation and exchange rates that could impact import costs.
