India Digital Remittance Market Shipment Analysis
India Digital Remittance Market registered a growth of 30.11% in value shipments in 2022 as compared to 2021 and an increase of 7.75% CAGR in 2022 over a period of 2017. In Digital Remittance Market India is becoming more competitive as the HHI index in 2022 was 1652 while in 2017 it was 2472. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Digital Remittance Market.
India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Digital Remittance Market in 2022 was 0.04 while in 2017 it was 0.02. Italy, China, Switzerland, China, Hong Kong SAR and Netherlands were among the top players of the market in 2022, where Italy acquired the largest market share of 26.84% with a shipment value of 5.23 million USD in 2022 Italy also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Digital Remittance Market. In 2017 Italy had the largest market share of 41.36% with the shipment value of 3.96 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Italy offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Digital Remittance Market in 2017.
