The import of ships, boats, and other floating structures to India experienced a fluctuating trend over the past decade. After peaking in 2013 at $7.0049 billion, the imports showed a sharp decline in 2014 and continued to fluctuate with notable drops in 2017 and 2020. However, the values have shown a recovery trend from 2021 onwards, showing 5.794 billion US dollars in 2023.
Analyzing the year-on-year variation, significant drops were observed in 2014 (-30.14%) and 2020 (-42.67%), with substantial recovery years like 2021 (73.49%) and 2018 (20.99%). The CAGR over the last five years leading up to 2023 stands at 1.73%, indicating a gradual yet persistent upward trend.
The forecast data from 2024 to 2028 suggests a steady increase in imports, reaching $6.3962 billion in 2028, with a forecasted CAGR of 1.61% and an overall growth rate of 8.33% over the next five years.
Future trends to watch for include the impact of India's economic policies on maritime imports, fluctuations in global shipping demands, and technological advancements in shipbuilding that may influence import volumes.
