LONDON--(BUSINESS WIRE)--The machine tool market in India is expected to grow by USD 1.9 billion, progressing at a CAGR of almost 13% during the forecast period. According to the report by Technavio, the outbreak of COVID-19 will have a neutral and inferior impact on the growth of the market. The market witnessed a partial or complete shutdown of operations by companies due to the imposition of lockdowns, which reduced the demand for machine tools in India. However, the market is expected to gain momentum over the forecast period with the rising popularity of Industry 4.0 and the increased adoption of advanced computer-aided manufacturing technologies across industries.
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"One of the primary growth drivers for this market is the rising industrial automation in India”, says a senior analyst for the Industrials industry at Technavio. The growth of various end-user industries in India has increased the demand for CNC-based machine tools to achieve precision and accuracy in the production process. Moreover, India is emerging as a major automotive export hub in the South Asian market for some of the major automotive OEMs such as Ford, Isuzu, Suzuki, Honda, BMW, Mercedes-Benz, and Fiat. These factors are expected to foster the growth of the market during the forecast period.
Machine Tool Market in India: Segmentation by Technology
- The machine tool market in India is expected to post a year-over-year growth rate of 12.54%.
- Based on technology, the market saw maximum growth in the CNC machine tools segment in 2019. This is due to the rising adoption of CNC machine tools by manufacturing facilities to maintain product quality and consistency.
- 89% of the growth will originate from the CNC Machine Tools segment during the forecast period.
Machine Tool Market in India: Segment by Type
- Based on the type, the market saw maximum growth in the metal cutting machines segment.
- The growth of the segment is driven by the increasing use of a wide range of metal cutting machines in automotive, railways, construction, shipbuilding, aerospace, windmill tower industries.
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- The machine tool market size in India is expected to accelerate at a CAGR of almost 13% during the forecast period.
- The machine tool market in India is segmented Type (metal cutting machines and metal forming machines) and Technology (CNC machine tools and conventional machine tools).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Bharat Fritz Werner Ltd., DMG MORI Co. Ltd., HMT Ltd., ITL Industries Ltd., Jyoti CNC Automation Ltd., Lakshmi Machine Works Ltd., Machine Tools India Ltd., Micromatic Machine Tools Pvt. Ltd., Okuma India Pvt. Ltd., and Tussor Machine Tools India Pvt. Ltd.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.