The Indian machine tool industry is globally ranked 10th in production and 8th in consumption, according to Gardner’s world machine tool output survey 2018. The machine tools market in India is expected register a CAGR of almost 13% during from the year 2020-24. The consumption of Machine Tools is approximately US$ 3.2 billion, with domestic production accounting for approx. US$ 1.5 Billion reached in 2019-20.
The Indian Machine Tool sector is riding on bullish wave fuelled by huge investments in various economic sectors such as Infrastructure, Defense, Aerospace, Automobiles, Heavy Engineering, General Engineering, Ship Building, Railways, Construction Equipments, Agricultural Equipments, Textiles Machinery Consumer Appliances & other products etc.
Today, the Indian machine tools market is being driven by the rising industrial automation and latest technologies and latest global standards. In addition, the adoption of 3D printing technology is anticipated to boost the growth of the machine tools market in India. Industrial automation is becoming a norm in various industries because it provides higher reliability and productivity.
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