From 2013 to 2023, the import of parts and accessories for metal shaping machine tools to India saw a significant decline from 2.3809 million kilograms to 0.71364 million kilograms. Year-on-year variations highlight sharp declines, occasionally offset by minor recoveries; 2013, for instance, marked a high 38.7% increase, while other years showed substantial reductions. The compound annual growth rate (CAGR) over different periods reflects an overall downward trajectory. The 5-year CAGR as of 2023 was -5.18%, while the forecast for 2028 shows further decline with a 5.78% negative CAGR.
Future trends to watch for include technological advancements in domestic manufacturing, increased automation, and changes in demand for specific metal shaping tools that might affect import volumes. Environmental regulations and shifts in global trade policies could also influence future import trends.
