The import of equipment for gymnastics, sports, and outdoor games to India saw steady growth from 2013 to 2023, reaching a value of 291.74 million USD in 2023. The market showed notable expansion with strong year-on-year growth, peaking in 2018 with a 24.91% increase. However, growth rates fluctuated, dropping to 4.04% in 2023. Over the last two years, the growth rates observed were 4.3% in 2022 and 4.04% in 2023, indicating a slight deceleration. The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) stood at 7.24%.
Looking ahead, the forecast predicts a CAGR of 2.9% from 2024 to 2028, with a total growth rate of 15.37% over five years. The market is expected to continue its upward trajectory, albeit at a more moderate pace compared to previous years.
Future trends to watch for include the increasing popularity of fitness and wellness, technological advancements in sports equipment, and policies promoting sports infrastructure development. Additionally, the impact of global supply chain dynamics may also influence the market's growth trajectory.
