The import of watch straps and parts made of precious metal or metal clad with precious metal to India is predicted to grow steadily from 2024 to 2028. The forecasted value in 2024 is $9.19 million, increasing annually to reach $11.10 million by 2028. From 2023 to 2024, a growth is anticipated at 5.11%, with subsequent annual increases averaging around 5.34% from 2024 to 2028. The Compound Annual Growth Rate (CAGR) over these five years is expected to be approximately 4.85%.
Future trends to watch for include:
- Increasing demand for luxury and premium watch components in India.
- The influence of global precious metal price fluctuations on import costs.
- Technological advancements in watch materials and designs boosting demand.
- Policy changes affecting import tariffs in India.
