In 2023, the import volume of steering wheels, columns, and boxes for motor vehicles to India was 20.75 million kilograms. The forecast from 2024 to 2028 shows a consistent upward trend in imports, with year-on-year increases of approximately 4% to 5%. This growth culminates in an import volume of 25.023 million kilograms in 2028. The compound annual growth rate (CAGR) over this five-year period is projected to be around 4.8%, indicating steady growth in demand for these components.
Future trends to watch for:
- Fluctuations in global trade policies that could impact supply chain dynamics.
- Technological advancements in automotive parts manufacturing, potentially influencing import needs.
- Growth in domestic manufacturing capabilities, which may alter import volumes.
