India machine tool market to rise at CAGR 14.95%

The machine tool market in India is anticipated to grow at a CAGR of 14.95% over the period 2012-2016, according to Research and Markets. One of the key factors contributing to this market growth is the upsurge in the Indian auto ancillary industry. The machine tool market in India has also been witnessing the increased adoption of retrofitted machines. However, the threat of recession in the Indian market could pose a challenge to the growth of this market. The key vendors dominating this market space are Gildemeister AG - Mori Seiki, Makino Milling Machine Co Ltd., and Yamazaki Mazak Corp.