In 2023, the import volume of parts of machinery for the leather industry into India stood at approximately 386.60 thousand kilograms. Forecasted data from 2024 to 2028 shows a gradual decline in import volume with minor decreases each year. Specifically, there is a year-on-year decrease of 0.87% from 2024 to 2025, 0.86% from 2025 to 2026, 0.85% from 2026 to 2027, and 0.84% from 2027 to 2028. The compound annual growth rate (CAGR) over this period is forecasted to be -0.89%, indicating a steady reduction in import volume.
Future trends to watch for include:
- The impact of technological advancements and innovation in machinery that may reduce dependency on imports.
- Government policies and incentives aimed at promoting the domestic production of machinery parts.
- Fluctuations in the leather industry's production capacity, which may influence import demand.
- Potential shifts in trade relations or global economic conditions that could affect supply chains.
