The latest report by IMARC Group, titled “India Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India machine tools market is expected to exhibit a CAGR of 11.45% during 2022-2027. Machine tools are power-driven devices that form, cut, drill, grind, abrade and nibble industrial components in identical shapes. They are operated using numerical control that helps eliminate unwanted variations in the end product and minimize the manual efforts required to perform different operations. They also reduce scrap, lower setting times, and decrease the number of skilled operators required per machine. As a result, machine tools are widely utilized across the automotive, aerospace and electronics industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Machine Tools Market Trends:
The market is primarily driven by the rising trend of automation across various industries. Machine tools are widely utilized to increase overall productivity and improve the ergonomics of various products. In addition, the integration of advanced technologies, such as artificial intelligence (AI), in machine tools to improve monitoring, productivity, tracking, and overall equipment effectiveness represents another major growth-inducing factor. Besides this, several foreign companies are setting up their manufacturing facilities in India due to reduced tax rates, and lower labor and raw materials costs. This, coupled with the increasing number of small and medium-sized enterprises (SMEs) in the country, is positively influencing the market growth. Furthermore, the increasing exploration activities for new oil and gas fields, the rising utilization of modern design and simulation engineering software by the leading players, and the escalating demand for precision manufacturing are some of the other factors creating a favorable market outlook across the country.
- Based on the tool type, the market has been categorized into metal cutting, metal forming and accessories.
- On the basis of technology type, the market has been bifurcated into conventional and CNC (computerized numerical control)
- Based on the end use industry, the market has been segmented into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been analyzed in the report, with the detailed profiles of the major players operating in the industry
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