The import of parts of aircraft and spacecraft to India has seen significant fluctuations over the past decade. From 2013 to 2016, the value of imports grew steadily, peaking at $2.0952 billion in 2016. However, this was followed by a sharp decline, with 2018 witnessing an import value drop to $0.54647 billion, marking a substantial downturn. While there was a brief recovery in 2019, subsequent years saw variances, leading to a value of $0.77646 billion in 2023.
Notably, the year-on-year variations ranged significantly, showing an increase of 18.35% in 2014, a peak growth of 25.26% in 2016, and drastic declines such as -62.89% in 2018. The average compound annual growth rate (CAGR) over the last five years was 7.28%. Forecasts for the period from 2024 to 2028 indicate a downward trend, with a 5-year projected CAGR of -2.72% and an overall growth rate forecast of -12.9%.
Going forward, it will be crucial to monitor factors such as global economic conditions, technological advancements in the aerospace sector, and India's own defense and aerospace policies. Additionally, trade relations and supply chain dynamics could significantly impact future import values.
