Machine Tools are the backbone of the manufacturing industry in India and is used for various applications such as Aerospace, Shipbuilding, Healthcare and Consumer Durables. The Automobile Industry is one of the largest consumer of machine tools and the demand for machine tools has increased as there is a growth in middle class population which leads to rise in Automobile sector. India’s share in global production of Machine Tools is about 0.9 percent and occupies 10th position in global machine tools production. The machine tools market in India is poised to grow by $1.9 billion by during 2020-24, progressing at a CAGR of nearly 13 percent during the forecast period.
