Indian machine tool industry faces downward pressure on demand

by:Gewinn     2022-05-26
After five consecutive years of market growth of 30%, the Indian machine tool industry is facing a drop in demand caused by a sharp drop in customer demand. Despite this challenge, India's machine tool production has maintained a growth that is basically the same as in previous years, of which 86% of the contribution is from metal cutting machines and the rest is metal forming machines. In the face of the global economic downturn, the Indian government has also taken a series of active measures to restore industrial growth and maintain this momentum. CNC machine tools account for about 65% of all machine tool sales in India. In the entire industry, lathes, machining centers, special machine tools, presses and grinding machines accounted for 80% of all machine tool production in India in 2008, and the growing manufacturing industry has pushed India to the ninth largest machine tool consumer market. The growth of new industries has boosted the demand for large machine tools, leading to an increase in imports. As far as metalworking machines are concerned, imports account for 75% of the entire Indian domestic market. From a macroeconomic point of view, during a year of global economic downturn from April 2008 to March 2009, India's economy continued to run smoothly, with its GDP growing by more than 5 percent. For the past three years, India's GDP has maintained a streak of more than 9% growth, making it the second fastest growing economy in the world. From the perspective of the competitiveness of the industry itself, Indian machine tools have the following characteristics: the ability to provide high-performance machine tools for Indian and overseas users; efforts to transform into a high-productivity, high-efficiency, and more cost-competitive industry; great emphasis on quality ; Establish a close integrated relationship with suppliers and secondary suppliers; actively communicate with customers in the automotive industry, defense industry and other fields.
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