Machine tool market in India to grow by $1.9 billion - Market Report
According to the market report by Technavio,“The machine tool market in India is expected to grow by USD 1.9 billion, progressing at a CAGR of almost 13% during 2020-2024.” The market is being driven by the rising popularity of Industry 4.0 and the increased adoption of advanced computer-aided manufacturing technologies across industries.
One of the major growth drivers for this market is the rising industrial automation in India. 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 drive the growth of the market during the forecast period. India is going to emerge as the next manufacturing powerhouse owing to the increase in investment and government initiatives like ‘Make in India’ and Self-Reliant India further fostering growth in the manufacturing sector.
In addition, 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.
Read more