Forecast: Import of Cargo Vessels Other Than Tanker or Refrigerated to India

The imports of cargo vessels other than tankers or refrigerated types into India showed significant fluctuations over the past decade. The highest value was recorded in 2015 at 766.52 million USD, driven by substantial growth from the previous years but followed by a steep decline in 2016. The value stood at 217.21 million USD in 2023, showing a year-on-year decrease of 6.51%. Over the last five years, the compounded annual growth rate (CAGR) was -7.39%, suggesting a downward trend.

Looking ahead, forecasted data indicates a continued decline, with a projected value of 137.42 million USD by 2028. This results in a negative forecasted 5-year CAGR of -7.2%, suggesting a sustained decrease in imports.

Future trends to watch for:

● Technological advancements in cargo shipping which might reduce the need for new vessel imports.

● Economic factors and policy changes in India impacting maritime trade.

● Global supply chain dynamics which could influence the demand for foreign vessels.

● Environmental regulations leading to the adoption of greener vessels and impacting import patterns.