India Electric Plugs and Sockets Market Shipment Analysis
India Electric Plugs and Sockets Market registered a growth of 35.04% in value shipments in 2022 as compared to 2021 and an increase of 5.98% CAGR in 2022 over a period of 2017. In Electric Plugs and Sockets Market India is becoming less competitive as HHI index in 2022 was 1419 while in 2017 it was 1168. 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 imports to meet its growing demand in Electric Plugs and Sockets 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 Electric Plugs and Sockets Market in 2022 was 9.72 while in 2017 it was 5.66. China, USA, China, Hong Kong SAR, Singapore and Germany were among the top players of the market in 2022, where China acquired the largest market share of 29.88% with a shipment value of 130.94 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 23.52% with the shipment value of 53.84 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
