India Set for Hardware Export Surge, Aims for $2 Trillion by 2030

India is poised to experience a significant boost in hardware exports, following a remarkable 15% year-on-year growth last year, according to Ashwani Kumar, President of the Federation of Indian Export Organizations (FIEO).

Speaking at the inauguration of the 2nd edition of the International Hardware Fair India at Pragati Maidan on Saturday, Kumar highlighted India's growing stature as the world's fifth-largest major economy. With an ambitious target of reaching a USD 5 trillion economy by 2027, India’s export sector is set for an impressive trajectory.

Kumar attributed India’s economic momentum to a strategic combination of government initiatives, robust growth trends, and the youthful, aspirational population that drives demand. "India is recognized as an economic powerhouse, and our export sector is a crucial component of this growth," he remarked.

Echoing similar sentiments, Milind Dixit, Managing Director of Koelnmesse Pvt Ltd, stressed the growing demand for hardware and building materials in India, fueled by the nation’s steady economic growth and rising infrastructure investments.

Ajay Sahai, Director General and CEO of FIEO, emphasized India’s ambition to enhance its export growth. "India’s exports have surged from $478 billion to $778 billion, with a compound annual growth rate of over 8%. Our goal is to achieve $2 trillion in exports by 2030, driven by a supportive ecosystem and technological advancements," Sahai said. He further noted that sustaining this growth would require a targeted 14% compound annual growth rate (CAGR), which is achievable through strategic efforts and innovation.

The event, organized by Koelnmesse, featured over 250 exhibitors and international pavilions from countries such as China, Korea, Italy, and Taiwan. It attracted more than 10,000 trade visitors from over 35 countries. Notably, India’s furniture hardware market is projected to grow at a CAGR of 15.49% from 2024 to 2029, expected to rise from $3.04 billion in 2024 to $6.26 billion by 2029.

This growth reflects the transformative potential of India’s hardware industry, positioning it as a key player in global exports. The International Hardware Fair India underscored the sector’s dynamic expansion and its pivotal role in India’s broader economic vision.