In 2023, the export of machine tools for finishing metals from India was valued at $12.5 million. Based on the provided forecasts, the anticipated growth in exports values is noted for the years 2024 through 2028. Specifically, the forecasted values are as follows: $12.932 million in 2024, $13.373 million in 2025, $13.806 million in 2026, $14.229 million in 2027, and $14.644 million in 2028.
Year-on-year percentage variations indicate consistent growth:
- From 2023 to 2024: 3.5%
- From 2024 to 2025: 3.4%
- From 2025 to 2026: 3.2%
- From 2026 to 2027: 3.1%
- From 2027 to 2028: 2.9%
Consequently, the compounded annual growth rate (CAGR) from 2023 to 2028 is approximately 3.2% per year.
Future trends to watch for include advancements in technology enhancing the precision and efficiency of machine tools, potentially driving higher demand. Additionally, shifts in global trade dynamics and currency fluctuations may also impact export volumes and values. Enhanced focus on automation and smart manufacturing processes could further propel growth in this sector.
