In 2023, the import of radiators and parts thereof (of iron or steel except cast) to India stood at a higher volume compared to future forecasts. The data reveals a consistent downward trend in import volumes from 2024 to 2028. Specifically, the forecasted volume declines year-on-year by around 10.3% in 2025, 11.2% in 2026, 12.4% in 2027, and 13.8% in 2028. The compound annual growth rate (CAGR) from 2024 to 2028 suggests an average annual decline.
Future trends to watch for:
- India's potential increase in local production capabilities, reducing the need for imports.
- Changes in regulatory policies that might influence import tariffs or local manufacturing incentives.
- Global steel and iron price fluctuations impacting economic viability of imports.
- Technological advancements in alternative heating systems that could affect radiator demand.
