Technavio has announced its latest market research report titled Machine Tool Market in India 2020-2024 (Graphic: Business Wire)
Technavio has announced its latest market research report titled Machine Tool Market in India 2020-2024 (Graphic: Business Wire)
LONDON--(BUSINESS WIRE )--The machine tool market in India is expected to grow by USD 1.9 billion, progressing at a CAGR of almost 13% during the forecast period. According to the report by Technavio, the outbreak of COVID-19 will have a neutral and inferior impact on the growth of the market. The market witnessed a partial or complete shutdown of operations by companies due to the imposition of lockdowns, which reduced the demand for machine tools in India. However, the market is expected to gain momentum over the forecast period with the rising popularity of Industry 4.0 and the increased adoption of advanced computer-aided manufacturing technologies across industries.
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"One of the primary growth drivers for this market is the rising industrial automation in India”, says a senior analyst for the Industrials industry at Technavio. The growth of various end-user industries in India has increased the demand for CNC-based machine tools to achieve precision and accuracy in the production process. Moreover, India is emerging as a major automotive export hub in the South Asian market for some of the major automotive OEMs such as Ford, Isuzu, Suzuki, Honda, BMW, Mercedes-Benz, and Fiat. These factors are expected to foster the growth of the market during the forecast period.
Machine Tool Market in India: Segmentation by Technology
Machine Tool Market in India: Segment by Type
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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
The Machine Tool Market in India will grow by USD 1.9 bn during 2020-2024
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/