India - Machine Tool Market size to increase by USD 2.45 billion between 2022-2027| Growing demand for machine tools from ICE-based automobiles drives market growth - Technavio

NEW YORK, Oct. 20, 2023 /PRNewswire/ -- The India - Machine Tool Market size is expected to grow by USD 2.45 billion, accelerating at a CAGR of 11.31% during the forecast period according to Technavio's market analysis. Growing demand for machine tools from ICE-based automobiles drives the machine tool market in India. The automotive industry is the biggest user of machine tools, mainly for machining components in internal combustion engine (ICE) vehicles. This includes parts like exhaust systems, pistons, and engine blocks. Hybrid technology in cars, which combines ICE and electric power, also relies on precise machining. This trend is expected to fuel the growth of the machine tools market in India due to the continued dominance of ICE vehicles. The report also covers information on the trends and challenges. Explore detail information by purchasing report

India - Machine Tool Market 2023 – 2027: Key Highlights:

• The report recognizes the following as some of the key players in the machine tool market: 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
• Machine Tool Market is fragmented in nature.
• Market to observe 10.13% YOY growth in 2023.

India - Machine Tool Market 2023 – 2027: Market Dynamics:

Trend

• Increasing adoption of 3D printing in machine tool manufacturing due to low costs, speed, upgrades, energy efficiency, and waste reduction.
• International machine tool manufacturers are incorporating 3D printing into their processes.
• In the Indian machine tool market, 3D printing is expected to rise, meeting diverse customer specifications.
• Key market players are focusing on the integration of 3D printing technology, driving market growth as a significant trend during the forecast period.

Challenges

• Machine tools rely heavily on steel, a critical raw material, making it susceptible to price fluctuations.
• These fluctuations are influenced by macroeconomic factors like inflation, labor costs, and regulatory changes.
• Such price volatility burdens suppliers and creates uncertainty in raw material procurement plans for manufacturers.
• These challenges are expected to hinder the growth of the Indian machine tools market during the forecast period.

The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample

India - Machine Tool Market 2023 – 2027: Key Segments:

The market is segmented by Technology (CNC machine tools and Conventional machine tools), Type (Metal cutting machines and Metal forming machines), Application (Automotive, Industrial machinery, Precision engineering, Transportation, and Others), and Geography (APAC).

The growth of the market will be significantly driven by the CNC machine tools segment. CNC machines enable manufacturers to enhance production without incurring extra labor expenses and deliver more dependable, error-reduced products. These advanced metalworking machines are well-suited for crafting intricate components vital to contemporary technology firms. Furthermore, CNC milling tools find application in producing a variety of automotive components, including transmissions, gearbox cases, engine cylinder heads, flywheels, wheels, and pistons. CNC machine tools are also instrumental in producing high-precision auto parts like injection nozzles.

Get a glance at the market contribution of the segments, Request Free Sample Report Here

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TOC:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by Technology
7. Market Segmentation by Type
8. Market Segmentation by Application
9. Market Segmentation by Geography
10. Customer Landscape
11. Geographic Landscape
12. Drivers, Challenges, & Trends
13. Company Landscape
14. Company Analysis
15. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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SOURCE Technavio