Machine Tool Market in India to Grow by $ 1.9 Billion During 2020

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31 Mar, 2021, 03:30 ET

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NEW YORK, March 31, 2021 /PRNewswire/ --

Technavio estimates the machine tool market in India to grow by USD 1.9 billion, progressing at a CAGR of almost 13% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

The market is driven by the growth of the automotive industry. In addition, the adoption of 3D printing technology will positively influence the growth of the machine tool market in India.

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Machine Tool Market in India: Technology LandscapeBased on the technology, the market witnessed maximum growth in the CNC machine tools segment. This can be attributed to the growing adoption of a variety of CNC machines, such as grinding machines and vertical or horizontal machining centers, with multi-axis capabilities by end-users to manufacture components at higher production rates. The market growth in the segment will be significant over the forecast period.

Machine Tool Market in India: Type LandscapeBased on the type, the market witnessed maximum growth in the metal cutting machines segment. This can be attributed to the growing demand for metal cutting tools from automotive, railways, construction, shipbuilding, aerospace, and windmill tower industries.

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Major Five Machine Tool Market Vendors in India:

Bharat Fritz Werner Ltd.: 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.: The company offers machine tools under the CLX brand in India.

HMT Ltd.: The company offers CNC flat bed lathes, CNC slant bed lathes, CNC bar turning center, CNC trainer lathe, and other products.

ITL Industries Ltd.: The company offers large pipe bed sector cutting machines, tube bundle of heat exchanger and condensor cutting machine, plate saw with longitudinal sliding type, and other machine tools.

Jyoti CNC Automation Ltd.: The company offers machine tools under various brands such as AX Series, DX 200 Series, DX nvu Series, TMC Series, and others.

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Related Reports on Industrials Include:

Global CNC Machine Tools Market – Global CNC machine tools market is segmented by product (CNC lathe machines, CNC milling machines, and other CNC machines) and geography (APAC, Europe, North America, South America, and MEA).

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Global Metal Forming Machine Tools Market – Global metal forming machine tools market is segmented by end-user (automotive, industrial machinery, transportation, precision engineering, and others) and geography (APAC, Europe, North America, South America, and MEA).

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What our reports offer:

About TechnavioTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactsTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/Report: www.technavio.com/report/machine-tools-market-in-india-industry-analysis

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