LONDON–(BUSINESS WIRE)–Technavio announces the release of its latest report on the machine tool market in India. The market is segmented by type (metal cutting machines and metal forming machines) and technology (CNC machine tools and conventional machine tools). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Machine Tool Market in India: Key Findings
- Machine tool market value in India to grow by USD 1.9 billion at almost 13% CAGR during 2020-2024
- 89% of market growth to originate from the CNC machine tools segment during the forecast period
- Based on the type, the metal cutting machines segment will offer maximum opportunities for vendors during the forecast period
- The machine tool market in India is expected to have a neutral impact due to the spread of COVID-19
Machine Tool Market in India: Growth Drivers
The growth of the automotive industry is one of the prime factors driving the growth of the market. Over the years, India has emerged as the major manufacturing and export hub for automobiles in South Asia. Major auto OEMs like Ford, Isuzu, Suzuki, Honda, BMW, Mercedes-Benz, and Fiat are expanding their operations in the country to tap the growth potential. In addition, the increasing sales of passenger cars in the country has been fueling the growth of the automotive industry, which, in turn, has increased the demand for machine tools.
“Adoption of 3D printing technology and the rising industrial automation in India will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Machine Tool Market in India: Major Vendors
Bharat Fritz Werner Ltd.
Bharat Fritz Werner Ltd. operates its business through the Products and Services segment. The company offers different types of machine tools such as Five Axis Machining Solutions, special purpose machines, vertical lathes, vertical machine centers, and others.
DMG MORI Co. Ltd.
DMG MORI Co. Ltd. operates its business through segments such as Machine Tools and Industrial Services. The company offers machine tools under the CLX brand in India.
HMT Ltd.
HMT Ltd. operates its business through segments such as Food processing unit, Machine tools, Projects, and Other. The company offers CNC flat bed lathes, CNC slant bed lathes, CNC bar turning center, CNC trainer lathe, and other products.
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