India, with its growing economy and vast pool of available resources, presents a plethora of opportunities for businesses looking to manufacture goods in a competitive market. In looking towards the future, certain industries are poised for exponential growth.
From renewable energy to clothing to packaging, opportunities present themselves to businesses willing to take advantage. Below are broken down seven of the top products to manufacture in India in 2023 — and beyond.
Electric Vehicles (EVs)
The global push for clean energy solutions has led to an increased demand for electric vehicles, and India is no exception. With the government’s commitment to promoting EV adoption and improving charging infrastructure, this industry presents a significant opportunity for manufacturers to enter the market with innovative and competitively priced offerings.
With factory settings available for hire, producing EVs in India could be a ticket to cheap production and easy sales. A hot-button item, consumers around the world with purchasing power are looking to replace their gas vehicles which are quickly becoming less than state-of-the-art.
Solar Panels
India is committed to ambitious renewable energy goals and solar power is expected to play a crucial role in achieving them. The demand for solar panels, both domestically and internationally, will significantly grow in the coming years. Setting up manufacturing plants for solar panels ensures tapping into this booming market with significant profit potential.
Solar panels fill a niche similar to that of EVs. They’re in high demand around the world, and India, with a cheap production setup, is the ideal place to manufacture.
Pharmaceuticals and Medical Devices
India is already recognized as a major player in the global pharmaceutical industry thanks to its low production costs and high-quality standards. As healthcare demands continue to rise worldwide, pharmaceutical and medical device manufacturers will reap substantial benefits from increased exports and domestic consumption alike.
During the global crisis of COVID-19, medical equipment experienced demand beyond anything it had seen before. India donated large amounts of medical equipment during the pandemic to help its neighbors, an indicator that its standards are world-class for its large amount of production. Reaching in for a share of the production for your business is likely to have a positive impact.
Biodegradable Plastics
As environmental awareness continues to grow globally, governments and organizations alike are pushing for alternatives to traditional plastics. Biodegradable plastics present an eco-friendly solution that minimizes pollution without sacrificing material quality. Investing in the production of biodegradable plastics capitalizes on this emerging trend and helps secure a foothold in this evolving market.
Governments globally are beginning to consider the banning of plastics that are not biodegradable. If your company leans heavily on these materials, getting ahead of the curve is essential. The worst case is being forced to amend production measures by the government, likely at a loss; the best case is making simple changes early and being recognized as a leader in the field of sustainability. Indian production may well make this possible.
E-Commerce and Logistics Services
The rapid digitization of society has led to an explosive growth in e-commerce transactions across India. To keep up with this demand, efficient logistics services are essential both for domestic businesses as well as international organizations targeting the Indian market.
Investing in manufacturing technologies and infrastructure for e-commerce and logistics services ensures a steady stream of revenue in this burgeoning market. It’s important to remember that shifting processes to India doesn’t necessarily mean just concrete products — tremendous human resources remain untapped across the pond, as well.
Food Processing and Packaging Solutions
India’s robust agricultural sector provides an ideal base for food processing and packaging businesses. The demand for processed foods and ready-to-eat meals continues to rise, fueled by a growing middle class with higher disposable incomes.
With both domestic consumption and export potential, manufacturing food processing and packaging solutions is a promising opportunity for manufacturers to capitalize on.
And It’s not only international foods with solutions that run through India. The Indian food processing industry exports several billion USD of food each year, much of it meat, poultry, vegetables, dairy products, and spices. The horizon is vast but explored, and though it may appear to be a strange step to the layman, it’s one that’s likely to pay off.
Textile and Apparel
India has a rich history of textile production and remains a top global exporter in the industry. As international demand for high-quality textiles increases, there is considerable scope for growth in both traditional garments and technical textiles utilized in industries like automotive, healthcare, and aerospace.
A significant portion of clothing is produced in Southeast Asia, and India is no different. The infrastructure is present and ready for companies seeking production solutions to fit right in. Other industry leaders in the area include Thailand and Bangladesh.
In summation, India presents enormous potential for a variety of manufacturing sectors as we look towards 2023 and beyond. By seizing opportunities within these seven product categories and beyond, manufacturers are well-poised to capture market growth and establish themselves as dominant players within their respective industries.
Put simply, the economy is much larger than the United States, and with a leg up in global production, the next step, global sales, becomes one tick easier.
