The import of machinery for making or repairing footwear to India is forecasted to grow steadily from 2024 to 2028. Starting at 14.37 thousand units in 2024, the import value is anticipated to rise to 16.47 thousand units by 2028. This trend indicates an overall growth, with each year experiencing a year-on-year increase, reflecting a gradual uptick in demand for such machinery. The five-year compound annual growth rate (CAGR) showcases a consistent annual increase, demonstrating positive market movement. As of 2023, the market stood at lower levels compared to forecast values, showing a clear upward trajectory.
Future trends to watch for:
- Potential shifts in Indian policies influencing import tariffs on machinery.
- Technological advancements in footwear machinery boosting productivity.
- Emerging market competitors and their impact on import dynamics.
- Increased adoption of sustainable and efficient practices in footwear manufacturing.
