The import of parts for diesel and semi-diesel engines to India has seen a fluctuating trend from 2013 to 2023. Between 2013 and 2023, values ranged from a low of 491.0 million USD in 2015 to a high of 933.95 million USD in 2023. The last two years (2022 and 2023) showed modest year-on-year increases of 3.81% and 3.6% respectively, indicating a relatively stable growth pattern recently. The compounded annual growth rate (CAGR) for the past five years worked out to be 2.95%, suggesting a gradual upward trend over this period.
Future trends to watch for:
The forecasted data for the next five years (2024-2028) indicates continuous growth, with values expected to reach 1103.5 million USD by 2028. The forecasted CAGR of 2.62% and an overall growth rate of 13.81% for this period suggest steady progress. Key factors to monitor include technological advancements, shifts in supply chain dynamics, and policy changes impacting the automotive and machinery sectors in India.
