The import of lifts and skip hoists to India is forecasted to increase steadily from 24.872 million kilograms in 2024 to 28.056 million kilograms in 2028. This represents a year-on-year growth rate of approximately 3% annually. In 2023, actual import figures stood slightly lower, indicating an upward trend as the sector recovers and grows. Over the five-year forecast period, the compound annual growth rate (CAGR) is projected to remain stable, reflecting consistent demand in the construction and infrastructure sectors.
Future trends to watch for:
- An increase in urbanization and infrastructure projects could drive imports higher.
- Advancements in construction technology may affect the types of lifts imported.
- Regulations on import tariffs and local manufacturing capabilities might influence future import volumes.
