Mitsubishi Electric is looking to invest in CAPEX in India. Masaya Takeda, General Manager of CNC Systems, noted that the division has tripled its business growth since 2019 and has subsequently made strong investments in India. However, he denied disclosing any details of investment.
Elaborating on India’s market potential, Takeda said, “Demand is rising in both domestic and export markets, driven by a global shift in manufacturing to India. The country’s (India) lower production costs and industry-friendly government policies are positioning it as a feasible alternative to China. While India’s CNC demand remains lower than that of China and the US, its contribution to the global CNC market is expected to increase significantly in the coming years.”
Diverse industry driving growth
The machine tools industry in India is growing at an annual rate of 20 per cent, with the CNC market expanding significantly, particularly post-Covid.
While automotive manufacturing remains a key growth driver, Takeda expects a steady increase in demand across industries such as general engineering, automotive, and medical, along with agriculture, and consumer products. “There is an increase in demand in the medical sector post-Covid and our CNCs are widely used in applications such as Syringe, Ortho Implants etc., he said.
Further, it aims to expand its presence by catering to Indian original equipment manufacturers (OEMs), which are serving both domestic and international markets with a strong focus on localisation.
