The Indian machine tool market is expected to grow by US$1.9 billion between 2020 and 2024, with a compound annual growth rate of nearly 13% during the forecast period.
The market is driven by the rise of industrial automation in India. In addition, the adoption of 3D printing technology is expected to drive the growth of the Indian machine tool market.
Industrial automation is becoming the norm in all walks of life because it provides higher reliability and productivity. Computer numerical control (CNC) machine tools are automated tools that are replacing traditional machine tools because they provide additional calculation and flexibility functions. It ensures fewer defects in the final product, eliminates additional labor costs, and facilitates the production process. The penetration rate of CNC milling tools in the automotive industry continues to increase. They are used to manufacture auto parts such as flywheels, wheels, gearbox housings, pistons, gearboxes, and engine cylinder heads. The use of such automated machines can shorten the production cycle and increase the manufacturer’s output. Therefore, it is expected that the rise of industrial automation in India will drive market growth during the forecast period.
Post time: Jun-15-2021