The import of electro and permanent magnets, and equipment using magnets to India is forecasted to grow steadily over the next five years. From 2023, the imports are anticipated to rise from their actual value to $205.19 million in 2024. This upward trend continues, with expected values reaching $231.18 million by 2028. Year-on-year growth shows an increase ranging from approximately 3.27% to 2.80% annually during this forecast period. The compound annual growth rate (CAGR) over these five years is projected to maintain a consistent upward trend, reflecting the increasing demand for magnetic products in India's technology and manufacturing sectors.
Future trends to watch for include technological advancements in magnet applications, particularly in renewable energy and electric vehicle sectors, which may drive further import growth. Additionally, any shifts in global trade policies or domestic manufacturing capabilities could impact these forecasts. Monitoring these areas for changes will be crucial for market participants.
