The India machine tools market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2032, exhibiting a growth rate (CAGR) of 8.2% during 2024-2032.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 1.5 Billion |
Market Forecast in 2032
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US$ 3.2 Billion |
Market Growth Rate 2024-2032 | 8.2% |
Machine tools are utilized to perform a wide range of operations, such as cutting, forming, drilling, grinding and abrading. These tools enhance product uniformity and reduce the manual efforts required. At present, various machine tools are available in the Indian market, ranging from small workbench mounted instruments to large devices that are employed in the automotive, aerospace and electronics industries.
Rising industrial automation to increase the overall productivity and improve the ergonomics represents one of the significant factors stimulating the market growth in India. Apart from this, an increase in the number of small and medium-sized enterprises (SMEs), along with stringent evaluation criteria on product quality, is bolstering the market growth. Furthermore, due to lower labor and raw materials costs and reduced tax rates, several foreign companies are setting up their manufacturing bases in India. This is further providing growth opportunities to these manufacturers to expand their consumer base in the country. Moreover, the escalating energy demand is leading to the exploration of new oil and gas fields in India, which is expected to create a positive influence on market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the India machine tools market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on tool type, technology type and end use industry.
Breakup by Tool Type:
Breakup by Technology Type:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Features | Details |
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Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Billion |
Segment Coverage | Tool Type, Technology Type, End Use Industry, Region |
Region Covered | North India, West and Central India, South India, East India |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The India machine tools market was valued at US$ 1.5 Billion in 2023.
We expect the India machine tools market to exhibit a CAGR of 8.2% during 2024-2032.
The emerging trend of automation, along with the growing utilization of machine tools to increase the overall productivity and improve the efficiency of various products, is primarily driving the India machine tools market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary closure of numerous end-use industries for machine tools.
Based on the tool type, the India machine tools market can be categorized into metal cutting, metal forming, and accessories. Currently, metal cutting exhibits a clear dominance in the market.
Based on the technology type, the India machine tools market has been segmented into conventional and CNC (Computerized Numerical Control), where CNC (Computerized Numerical Control) currently holds the largest market share.
Based on the end use industry, the India machine tools market can be bifurcated into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, and others. Among these, the automotive industry accounts for the majority of the total market share.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where North India currently dominates the India machine tools market.