According to the London-based market research company Technavio, the machine tool market in India is expected to grow by $1.9 billion by 2024, progressing at a CAGR of almost 13% during the forecast period.
The research also predicted that the market will 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.
“One of the primary growth drivers for this market is the rising industrial automation in India,” said a senior analyst for the ‘Industrials’ sector at Technavio. The growth of various end-user industries in India has increased the demand for CNC-based (Computerized Numerical Control) 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.
