India Machine Tools Market is Expected to Register a 6.69% CAGR Through 2031
Rapid Industrialization & Infrastructure Development
and Growth of the Automotive & Auto Component Industry are likely to propel
the market during the forecast period.
According to
TechSci Research report, “India Machine Tools Market – By Region,
Competition, Forecast and Opportunities, 2021-2031F”, India Machine Tools Market was valued at USD 1.92
Billion in 2025 and is expected to reach USD 2.86 Billion by 2031 with a CAGR
of 6.69% during the forecast period.
Government initiatives and policy
frameworks play a crucial role in shaping the trajectory of the Indian machine
tools market. With the manufacturing sector being a key focus area, multiple
programs have been launched to encourage investment, technological upgradation,
and global competitiveness. These policies directly and indirectly influence
the growth of the machine tools industry.
The "Make in India" campaign,
for instance, aims to increase manufacturing’s share in the GDP, fostering
demand for advanced production tools and machinery. Similarly, the Production
Linked Incentive (PLI) schemes for sectors like automotive, electronics, and
defense encourage local manufacturing, which requires robust machine tooling
capabilities.
The National Capital Goods Policy is
another significant initiative that emphasizes self-reliance in the machine
tools and heavy equipment sectors. It promotes R&D, infrastructure
development, and skill enhancement, all of which are vital for the sustained
growth of the machine tools ecosystem.
Moreover, programs like the Atmanirbhar
Bharat Abhiyan and Startup India offer financial and regulatory support for
domestic entrepreneurs and MSMEs, enabling them to invest in modern machine
tools for competitive production. These schemes often include subsidies, tax
rebates, and low-interest loans, making it easier for companies to upgrade
their capabilities.
The government has also focused on
creating industrial corridors and Special Economic Zones (SEZs), which attract
foreign investment and serve as hubs for high-volume, high-tech manufacturing.
The resulting demand for precise and efficient machine tools from these
facilities boosts the domestic market further.
Trade agreements and import-export
policies also influence the availability and pricing of machine tools. Efforts
to reduce import dependency and encourage indigenous development have led to
increased domestic production of machine tools, sometimes with collaborative
support from global partners.
Browse over XX Market
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Based
on End User, The automotive sector dominated the Indian machine tools market
due to its significant contribution to the country’s manufacturing landscape
and its high demand for precision-engineered components. As one of the largest
and fastest-growing industries in India, the automotive sector requires
extensive machining processes to produce a wide range of parts, including
engine blocks, transmission systems, chassis components, and various precision
fittings. These parts demand high accuracy, consistency, and quality, which can
only be achieved through advanced machine tools such as CNC turning centers,
milling machines, and grinding machines.
India
is among the world’s top producers of vehicles, including passenger cars,
commercial vehicles, two-wheelers, and three-wheelers, which fuels a continuous
need for machine tools to meet production volumes. Additionally, the country
has become a preferred hub for automotive component manufacturing, supplying
both domestic original equipment manufacturers (OEMs) and global export
markets. This has led to increased investments in modern machining technologies
to ensure adherence to international quality standards.
The
transition towards electric vehicles (EVs) further propels demand for
specialized machine tools. EV components, such as battery casings, electric
motors, and lightweight structures, require precision machining with tighter
tolerances and advanced materials like aluminum and composites. Indian
manufacturers are thus upgrading their machine tool capabilities to cater to
this emerging segment.
Government
initiatives like the “Make in India” campaign and Production Linked Incentive
(PLI) schemes specifically targeting the automotive sector have stimulated
growth by encouraging domestic manufacturing and technology adoption. Moreover,
stringent regulatory requirements regarding emissions and safety have pushed
manufacturers to improve the quality and complexity of components,
necessitating advanced machine tooling.
Based
on Region, North India is emerging as the fastest-growing region in the Indian
machine tools market due to a combination of strategic industrial development,
infrastructure expansion, and favorable government policies. The region hosts
several industrial hubs and manufacturing clusters, particularly in states like
Haryana, Punjab, Uttar Pradesh, and Delhi NCR, which have witnessed substantial
growth in sectors such as automotive, electronics, defense, and capital goods.
These industries heavily rely on precision machining, driving strong demand for
advanced machine tools.
One
key factor behind North India’s rapid growth is the development of
well-established industrial corridors and Special Economic Zones (SEZs), which
offer robust infrastructure, streamlined logistics, and attractive incentives
for manufacturers. Initiatives like the Delhi-Mumbai Industrial Corridor (DMIC)
pass through parts of North India, further stimulating industrial investments
and enhancing supply chain efficiencies.
The
region also benefits from proximity to major automotive and auto component
manufacturing centers, which are among the largest consumers of machine tools.
As these industries expand, their need for automated, CNC-controlled metal
cutting and forming machines increases significantly. Additionally, North
India’s emerging aerospace and defense manufacturing capabilities contribute to
the rising demand for high-precision machining equipment.
Government
policies aimed at promoting “Make in India” and self-reliance in manufacturing
have been aggressively implemented in North India, with dedicated efforts to
attract foreign direct investment (FDI) and encourage technology upgrades in
the manufacturing sector. This has led to the establishment of new plants and
modernization of existing ones, creating a thriving environment for machine
tool suppliers. Moreover, the availability of skilled labor, growing technical
institutions, and increasing industrial training programs in the region support
the operational and technological needs of machine tool users. The confluence
of infrastructure, industry growth, policy support, and workforce readiness
makes North India a dynamic and fast-expanding market for machine tools,
positioning it as a key driver of the overall growth of the Indian machine
tools industry.
Major companies
operating in the India Machine Tools Market are:
- DMG Mori Co.,
Ltd.
- Makino Milling
Machine Co., Ltd.
- Haas
Automation, Inc.
- Okuma
Corporation
- Mazak
Corporation (Yamazaki Mazak Corporation)
- Hurco
Companies, Inc.
- Doosan Machine
Tools Co., Ltd.
- JTEKT
Corporation (Koyo Seiko Co., Ltd.
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“The Indian machine tools market presents
a significant growth opportunity driven by rapid industrialization, rising
demand for precision engineering, and government-led initiatives such as “Make
in India” and the Production Linked Incentive (PLI) scheme. With expanding
sectors like automotive, aerospace, defense, and electronics, the need for
advanced and automated machining solutions is increasing. Additionally, the
growth of MSMEs and the push for localized manufacturing create strong demand
for cost-effective, customizable machine tools. As India aspires to become a
global manufacturing hub, the machine tools industry stands poised for robust
expansion, attracting both domestic and international investment opportunities.”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“India Machine Tools
Market, By Tools Type (Metal Cutting Machines, Metal
Forming Machines) By Technology (CNC Machines, Conventional Machines) By
Application (General Purpose Machines, Special Purpose Machines) By End User
(Automotive, Electrical & Electronics, Railways, Consumer Durables,
Government & Defense, Others) By Region, Competition, Forecast &
Opportunities, 2021-2031F”,
has evaluated the future growth potential of India Machine Tools Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the India Machine Tools Market.
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