India Drives Southern Asia's Internal Combustion Engine Boom
The demand for internal combustion engine equipment in Southern Asia has reached unprecedented heights, with sales peaking at $X in 2024. India, the regions bank for this equipment, has been a significant driver of this growth, both in terms of exports and imports.
India's exports of internal combustion engine equipment have been on a meteoric rise, with a compound annual growth rate (CAGR) of X% from 2012 to 2024. The country's exports accounted for more than two-thirds of the total exports in Southern Asia in 2024. This growth can be attributed to the increasing industrialization and automotive demand in the regions.
The South Asian market for these engines has seen a remarkable increase, with sales value jumping by X% to $X in 2024. The largest importers in the region are India, Bangladesh, and Pakistan, with India leading the pack. Their import volumes have generally increased between 2012 and 2024, fuelled by the growing demand for these engines in the regions.
Overseas shipments of internal combustion engine equipment in the region also witnessed a significant increase in 2024, rising by X% to X units. This is the first time since 2021 that shipments have reached this level. The production of these engines also expanded significantly, reaching $X in 2024. The pace of growth was particularly pronounced in 2014, with a increase of X%.
The internal combustion engine equipment market in Southern Asia has shown remarkable growth, with India playing a pivotal role. The regions imports and exports have both surged, driven by increasing industrialization and automotive demand. As the region continues to develop, it is expected that this demand will continue to grow.
