The import of domestic appliances incorporating electric motors to India saw significant fluctuations from 2013 to 2023. Over this decade, the import value increased significantly, reaching $64.622 million in 2023. The product imports grew consistently, with notable peaks in growth rates; for example, 2018 experienced a 36.79% increase. However, some years showed negative trends, such as 2019 and 2020, which saw decreases in import value. The last two years observed modest growths of 2.06% and 3.86% year-on-year. The average growth rate (CAGR) over the last five years has been 2.9%, indicating a stable, moderate upward trend.
Looking forward, the forecast data for the period between 2024 and 2028 suggests a continuation of this growth trend, with a projected CAGR of 2.78%. By 2028, the import value is expected to reach approximately $77.23 million, marking a total 5-year growth rate of 14.68% from 2023.
Future trends to watch for include technological advancements in domestic appliances, changes in consumer demand prompted by economic conditions, and potential shifts in trade policies which could impact import levels. Additionally, sustainability and energy efficiency trends may lead to increased imports of advanced electric motor appliances.
