This research report provides a comprehensive analysis of the machine tools market in India by domestic production, import, export, and overall consumption. It presents a detailed segmentation of the market by product type (metal cutting and metal forming machines) and technology (CNC and non-CNC). The key vendors analyzed in this research report are BFW, Jyoti CNC Automation, HMT, ACE Microtec, and Lokesh Machines.
The market research analysts at Technavio estimate the machine tools market in India to grow at a CAGR of around 13% during the forecast period. The rapid growth of the automotive industry in India is the primary driver for the market. Favorable initiatives by the government such as duty drawbacks and exemptions, emission reduction schemes, and focus on product quality and market plans and the rise in investments in key industries are expected to propel the market by 2020.
The new market research report from Technavio presents a breakdown and analysis of the machine tools segments by end-user.
“The emergence of optimized machine tools is the latest trend gaining traction in the machine tools market. Improved versions of conventional tools help end-users to enhance their production rate and efficiency. Such innovations in terms of design and technology are expected to significantly reduce the cycle time and prevent potential damage to tools, parts, and machines. For instance, CNC machine operations may be optimized by installing control systems that monitor cutting conditions in real time,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
Currently, the automotive sector dominates the machine tools market in India by accounting for over 40% of the overall market share. The increasing growth rate of production plants for multinational companies such as Volkswagen, BMW, Toyota Motor, Honda Motor, Fiat, and Diamler is the key driver in the growth of this segment. During the forecast period, the automotive segment is expected to witness considerable growth due to the increasing demand for automobiles and higher investments in the automotive and auto components sectors.
The key vendors in the machine tools market in India include BFW, Jyoti CNC Automation, HMT, ACE Microtec, and Lokesh Machines. The machine tools market in India is highly fragmented with the presence of numerous small, medium, and large suppliers, which includes international and regional players. The providers in this market compete on the basis of product differentiation, service portfolio, and pricing. The intense competition among the vendors has resulted in increased investment in R&D and implementation of high technology solutions in machine tools.
A more detailed analysis is available on the Technavio report, Machine Tools Market in India 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Machine Tools Market in Japan 2015-2019
- Machine Tools Market in Germany 2015-2019
- Global Metal Forming Machine Tools Market 2016-2020
- Machine Tools Market in South Korea 2015-2019
- Machine Tools Market in China 2015-2019
- Global Computer Numerical Control Solutions Market – Industry Analysis 2015-2019
