Expansion of metalworking process industries and transportation industry is expected to drive the demand for India machine tools market for the forecast period.
According to TechSci Research report, “India Machine Tools Market By Tools Type (Metal Cutting Machines v/s Metal Forming Machines) By Technology (CNC Machines v/s Conventional Machines) By Application (General Purpose Machines v/s Special Purpose Machines) By Sales Channel (Direct v/s Indirect) By End User Industry (Automotive, Electrical & Electronics, Railways, Consumer Durables, Government & Defense, Others) By Company, By Region, Forecast & Opportunities, FY2027”, India machine tools market is expected to witness steady growth for the next five years. Rise in adoption of precision engineering to achieve high accuracy in complex manufacturing process is a major factor contributing to the growth of the automotive industry. High demand for semiconductors, sensors and laser and optics technology across the prominent industry verticals is aiding to high demand for machine tools market. Launch of Make in India campaign by government to boost the foreign investments in India with relaxation in taxes and other benefits is supporting the expansion of manufacturing sector. Rising adoption of electric vehicles due to growing awareness for carbon footprint and introduction of supportive policies such as Automotive mission plan 2016-26 and NEMMP 2020 policy to achieve national fuel security and promote the sale of eco-friendly vehicles is propeling the machine tools market. Rising demand for bulk industries to cater the needs of rising population and increasing adoption of conventional systems in construction sector is driving the market.
Since the onset of pandemic COVID-19, lockdown restrictions were imposed all over the country. Complete shutdown was observed, and people started practicing social distancing and the precautionary guidelines set up by government authorities. Manufacturing industries were shutdown and faced the decline in production and sales. Disruption in supply chain was observed and low availability of raw materials and labors resulted in even lower production. After the ban of lockdown was revoked from the region manufacturers started focusing on production activities by following the strict norms set-up by government and the manufacturing industry is expected to pick up the pace eventually.
However, high costs for purchasing the advanced machine tools and huge capital requirements for setting up of automotive industry may hamper the machine tools market growth for the forecast period.
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India machine tools market is segmented into tools type, technology, application, sales channel, end user industry, regional distribution, and company. Based on technology, market is divided into CNC machines and conventional machines. CNC machines segment holds the major market share for the forecast period. Increasing demand from the manufacturing industries for innovations to increase the productivity of product is fostering the machine tools market. Growth of manufacturing sector is increasing the demand for CNC machines. Advancement in CNC technology is making the machines compact and equipped with automatic tool changers. Automation of CNC machines have increased the productivity drastically and eliminates the chances of human error. CNC machines use a single machine to carry out the entire machining process. Based on end user industry, market is categorized into automotive, electrical & electronics, railways, consumer durables, government & defense, among others. Automotive industry is expected to dominate the market share for the next five years. Continuous advancements in automotive industry to upgrade the engines and satisfy the fuel efficiency standards. Increasing demand for different vehicles is fostering the demand for machine tools market.
Electronica Hitech Engineering Pvt. Ltd., Ace Micromatic Group, 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, Tussor Machine Tools India Pvt. Ltd. are the leading players operating in India machine tools market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several machine tools manufacturers are coming up with their technologically advanced offerings.
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“Adoption of latest technologies such as artificial intelligence, robotics and internet of things by automotive industries is creating lucrative opportunities for the market growth. Growing requirement for real-time connectivity is aiding to the high demand for smart factories which require smart tools integrated with sensors for machine optimization and reduced production time. Increase in government initiatives for digital transformation across the major industry verticals is increasing the demand for machine tools to achieve higher productivity, reduced cycle time with increased quality products is fueling the machine tools market until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Machine Tools Market By Tools Type (Metal Cutting Machines v/s Metal Forming Machines) By Technology (CNC Machines v/s Conventional Machines) By Application (General Purpose Machines v/s Special Purpose Machines) By Sales Channel (Direct v/s Indirect) By End User Industry (Automotive, Electrical & Electronics, Railways, Consumer Durables, Government & Defense, Others) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India machine tools market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India machine tools market.