India Machine Tools Market Size, Share, Industry Analysis, Business Opportunities and Forecast 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 India Machine Tools market. 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 utilized for cutting, forming, drilling, grinding, and abrading metals and manufactured components in identical shapes. These tools use various modes of operations to perform industrial projects, such as numerical control (NC), computer numerical control (CNC) and direct numerical control (DNC). Machine tools function through automated, repeatable cutting operations, which improve product uniformity and reduce the overall human interaction required in the production process. These tools also provide higher production value, reduced manual efforts, improved manufacturing efficiency, and greater agility.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Market Trends:

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. 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. 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.

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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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This release was published on openPR.