India Machine Tools Market Overview 2022-2027:
According to IMARC Group latest report titled “India Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on Machine Tools market in India. The report also includes competitor and regional analysis, and contemporary advancements in the market. 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.
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Market Trends:
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.
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.
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.
The emergence of various small- and medium-sized (SMEs) enterprises and the introduction of stringent product evaluation criteria in the country are further propelling the market growth. Moreover, the establishment of numerous manufacturing plants in India by international companies is contributing to the market growth.
India Machine Tools Market Segmentation:
Our report has categorized the market based on region, tool type, technology type and end use industry.
Breakup by Tool Type:
- Metal Cutting
- Metal Forming
- Accessories
Breakup by Technology Type:
- Conventional
- CNC (Computerized Numerical Control)
Breakup by End Use Industry:
- Automotive
- Aerospace and Defense
- Electrical and Electronics
- Consumer Goods
- Precision Engineering
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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