India’s manufacturing PMI continues to climb as they head to a strong end-of-year performance. The medical, EV, and appliance industries all have staggering growth projections for upcoming years. With the IMTEX show less than two months away, the AMT/USA pavilion is shaping up. The local rail industry reports some interesting developments. For more industry intel and other tidbits, read on.
The manufacturing PMI continues its climb, reaching 57.6 in November, up from 55.9 in October and 53.7 in September. This is the fifth straight month of growth in factory activity, and the steepest pace since February. It is also well above India's long-term average of 53.6.
According to a recent report from Research and Markets, India’s EV market is projected to grow to $152 billion by the year 2030. The market is expected to expand at a CAGR of 94% from 2021 to 2030. In terms of products, the battery electric vehicle (BEV) dominated the market in 2020 and is anticipated to be valued at $116 billion by 2030, representing about 76% of the EV market.
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the appliances and consumer electronics (ACE) sector is recovering nicely and is expected to double in the next five years, growing to $21 billion in 2026 from its present $10 billion.
India’s medical device market is the fourth largest in Asia, following Japan, China, and S. Korea. According to the National Medical Device Promotion Council, the market is presently around $11 billion and is likely to grow to $50 billion by the year 2025 with a CAGR of over 50%. The announced $5 billion worth of production linked incentive (PLI) funds for this sector over the next five years will certainly help accelerate the growth.
India’s largest machine tool show, IMTEX, is scheduled to take place Jan. 20-26 in Bangalore. The event will showcase both metal-cutting as well as metal-forming technologies, along with associated products. AMT, along with eight member companies, will be hosting the USA pavilion, located in Hall 2A of the BIEC exhibition center.
Foxconn is actively looking for a partner to manufacture EVs in India.
Alstom, the French rail giant, inaugurated its new component manufacturing facility in Coimbatore. Spread over 15 acres, it is their largest component manufacturing facility in Asia. It offers a higher degree of production diversity and complexity, including integration and testing of tractions, auxiliary converters, cubicles, driver desks, and rolling stock looms.
Hilton Metal Forging, a leading manufacturer and exporter of steel forged flanges, fittings, and oilfield and marine products, has developed and will supply solid forged railway wheels to Indian railways.
Oriental Foundry is setting up a railway bogie spring plant in Kutch, Gujarat.