Machine Tool in India: Growth of the Automotive Industry will Drive the Market During 2020-2024

The machine tool market size in India is set to grow up to USD 1.9 billion, and the market will be progressing at a CAGR of almost 13% during 2019-2024. The research report from Technavio identifies and analyses the growth drivers that will boost the machine tool market growth in India. It also provides a thorough understanding of all the segments, trends, and challenges that are likely to have an impact on the future prospects of the market in focus. 

Get a glimpse into our exhaustive machine tool market research and analysis in India: Unlock the Sample Report

Machine Tool Market In India: Top Drivers for Growth

The rising industrial automation in India will offer immense growth opportunities for the market vendors. However, the availability of used machine tools will hamper the machine tool market share in India. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

In addition to market drivers, our research report also studies the latest trends and challenges that are likely to influence growth in the current market scenario.

Machine Tool Market In India: Segment List

Machine Tool Market in India is segmented as below:

• Type
  • Metal Cutting Machines
  • Metal Forming Machines
• Technology
  • CNC Machine Tools
  • Conventional Machine Tools

Machine Tool Market in India 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The Indian machine tool market report covers the following areas:

• Machine Tool Market Size in India
• Machine Tool Market Trends in India
• Machine Tool Industry Analysis in India

Machine Tool Market In India: Vendor Landscape

The market is fragmented due to the presence of several players. 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., and Tussor Machine Tools India Pvt. Ltd. are some of the major machine tool market vendors in India.

The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.  

Download the PDF Sample Report Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of almost 13%.
    
2. What is the incremental growth of the market?
   The market is expected to grow up to USD 1.9 billion.
    
3. What is a key factor driving this market?
   The growth of the automotive industry will drive market growth over the forecast period.
    
4. Who are the leading market vendors?
   The leading vendors in this market are 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., and Tussor Machine Tools India Pvt. Ltd.
    
5. What are the market segments covered in this report?
   The market is segmented by Type (Metal cutting machines and Metal forming machines) and Technology (CNC machine tools and Conventional machine tools)