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The India - machine tool market size is estimated to grow at a CAGR of 11.31% between 2022 and 2027. The market size is forecast to increase by USD 2,450.31 million. The growth of the market depends on several factors including the rising industrial automation in India, the growing demand for machine tools from ICE-based automobiles, and the growing demand for CNC machine tools. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by technology (CNC machine tools and conventional machine tools), type (metal cutting machines and metal forming machines), and application (automotive, industrial machinery, precision engineering, transportation, and others). It also includes an in-depth analysis of drivers, trends, and challenges.
India Machine Tool Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The automotive industry is the largest user of machine tools, as most components of internal combustion engine (ICE) vehicles need to be machined, including exhaust systems, pistons, valves, crankshafts, engine blocks, and exhaust manifolds. Therefore, the use of machine tools is high in the automotive industry. Automotive OEMs and auto parts manufacturers both use machine tools.
In addition, most famous car manufacturers have introduced hybrid technology in their cars, which combines an internal combustion engine and an electric drive. Hybrid technology requires complex processing, as hybrid vehicles require wear-resistant components to switch between an electric drive and an internal combustion engine at high speeds. The introduction of ICE-based vehicles is expected to continue to dominate, which is expected to drive the growth of the India machine tools market during the forecast period.
Additive manufacturing, also known as three-dimensional (3D) printing, is becoming increasingly popular in manufacturing industries such as machine tool manufacturing. The main factors driving the adoption of 3D printing are low manufacturing costs, rapid manufacturing, easy upgrades, low energy consumption, and reduced waste. Therefore, some international machine tool manufacturers are using 3D printing technology in their machine tools.
Moreover, the adoption of 3D printing technology in the India - machine tool market is expected to increase as the technology enables compliance with various customer specification requirements. Therefore, the prominent players in the market are focused on developing machine tools and 3D Printing technology. Thus, the development of 3D printing will be a key trend that is anticipated to drive the growth of the market during the forecast period.
Most parts of machine tools are made of steel. Steel is the most important raw material and fluctuations in steel prices impact the India - machine tool market. Raw material prices are constantly fluctuating due to various macroeconomic factors such as inflation, labor costs, and changes in regulatory policies.
Furthermore, rising raw material prices will be a burden on suppliers. Additionally, for some manufacturers, such as machine tool manufacturers, fluctuations in raw material prices create uncertainty in raw material procurement plans. This is expected to impede the growth of the Indian machine tools market during the forecast period.
The CNC machine tools segment will account for a major share of the market's growth during the forecast period.?Using CNC machines, manufacturers can increase production without additional labor costs and provide more reliable products with fewer errors. CNCs are advanced metalworking machines that can produce the complex parts needed by modern technology companies. Additionally, CNC milling tools are also used to manufacture automotive parts such as transmissions, gearbox cases, engine cylinder heads, flywheels, wheels, and pistons. High-precision auto parts such as injection nozzles are also manufactured using CNC machine tools.
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The CNC machine tools segment was valued at USD 1,905.74 million in 2017. Moreover, the leading players in the market are continuously introducing new products to increase their market share in the India - machine tool market. Additionally, automatic machine tools such as CNC machines help maintain product quality and consistency. Therefore, manufacturers use various CNC machines, such as grinders with multi-axis capabilities and vertical or horizontal machining centers, to produce components at higher production rates. This is expected to drive the growth of the CNC machine tools segment of the India machine tools market during the forecast period.
Based on type, the market has been segmented into metal cutting machines and metal forming machines. The metal cutting machines?segment will account for the largest share of this segment.? The adoption of metal cutting machines is increased as they are an essential part of part manufacturing. Machining centers, lathe machines, gear-cutting machines, and laser-cutting machines are some of the famous metal-cutting machines adopted by industries such as automotive, railways, construction, shipbuilding, aerospace, and windmill towers. Moreover, the India - machine tool market is represented by the rising use of CNC metal cutting machines to develop products with complex measurements and designs. The rising demand for metal-cutting machines from the automotive industry is an essential factor boosting the demand for metal-cutting machines during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Ace Multi Axes Systems Ltd., Ahire Machine Tools, Ajinkya Industries, Alex Machine Tools Pvt. Ltd., Bharat Fritz Werner Ltd., Bhavya Machine Tools, Birla Precision Technologies Ltd., DMG MORI Co. Ltd., Gamut Machine Tools, Geeta Machine Tools Pvt. Ltd., General Machine Tools, HMT Ltd., ITL Industries Ltd., Jyoti CNC Automation Ltd., Lakshmi Machine Works Ltd., Lokesh Machines Ltd., Makino Inc., Okuma Corp., and Om International Machine Tools
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The India machine tool market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
India Machine Tool Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.31% |
Market growth 2023-2027 |
USD 2,450.31 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.13 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accusharp Cutting Tools Pvt. Ltd., Ace Multi Axes Systems Ltd., Ahire Machine Tools, Ajinkya Industries, Alex Machine Tools Pvt. Ltd., Bharat Fritz Werner Ltd., Bhavya Machine Tools, Birla Precision Technologies Ltd., DMG MORI Co. Ltd., Gamut Machine Tools, Geeta Machine Tools Pvt. Ltd., General Machine Tools, HMT Ltd., ITL Industries Ltd., Jyoti CNC Automation Ltd., Lakshmi Machine Works Ltd., Lokesh Machines Ltd., Makino Inc., Okuma Corp., and Om International Machine Tools |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Market Segmentation by Application
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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