The import of bumpers and parts thereof for motor vehicles to India has experienced notable fluctuations over the last decade. Starting with a value of $48.491 million in 2013, the imports saw both significant increases and declines; for instance, a notable 67.66% rise in 2018 followed by a 12.58% drop in 2020. The forecast data suggests a steadily increasing trend from 2023 onward, with the value projected to reach $135.52 million by 2028. As of 2023, the value stood at $111.61 million, showing a modest year-on-year increase of 4.33%. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) is 2.23% while the forecast for the next five years (2024-2028) anticipates a CAGR of 3.1%.
Future trends to watch for include:
- Technological advancements in vehicle manufacturing and related parts
- Changes in trade policies and tariffs affecting import costs
- Rising demand for electric and hybrid vehicles impacting parts requirements
- Economic factors that influence automotive imports and exports
- Global supply chain disruptions or improvements
