The import of transmission shafts, cranks, cam, and crankshafts to India demonstrated a steady upward trajectory. As of 2023, the actual import value stood just below the 2024 forecast of 263.71 million USD. Forecasts indicate a consistent annual increase with a compound annual growth rate (CAGR) from 2024 to 2028. Year-on-year projections show roughly a 3% increase, suggesting robust demand driven by industrial and automotive sectors.
Future trends to watch for:
- Technological advancements driving changes in automotive manufacturing.
- India's policy shifts in import tariffs impacting cost dynamics.
- Global supply chain influences and economic health affecting import volumes.
- Potential localization efforts by Indian manufacturers to replace imports.
- The role of electric vehicles and their differing component needs.
