India Precision Engineering Market Size & Forecast to 2033

India Precision Engineering Market Size, Share, Trends, and Forecast by Type, Material, Component, Application, End-User Industry, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A30158

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India Precision Engineering Market Overview:

The India precision engineering market size reached USD 500 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 930 Million by 2033, exhibiting a growth rate (CAGR) of 7.2% during 2025-2033. The industry is growing due to the increase in the product demand from automotive, aerospace, electronics, and medical device industries. Furthermore, advancements in CNC machining, automation, and high-precision components have propelled innovations.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 500 Million
Market Forecast in 2033	USD 930 Million
Market Growth Rate 2025-2033	7.2%

India Precision Engineering Market Trends:

Rising Demand for High-Precision Components in Automotive and Aerospace Industries

The Indian precision engineering market is witnessing significant growth owing to a rising demand for high-precision components in automotive and aerospace sectors. The automotive sector, particularly the EV and advanced ICE, requires precision-engineered parts to enable enhanced efficiency, performance, and durability. Investment is being made into high-tolerance machining and automation technologies in order to achieve production of lightweight, high-strength parts that meet exacting industry standards. Meanwhile, the expanding field of aerospace is related to increased demand for defense manufacturing and aircraft production, thus increasing the need for complex and high-accuracy parts, such as engine components, landing gear, and avionics housings. For instance, in October 2024, Larsen & Toubro Ltd (L&T) announced plans to expand its aerospace division to leverage India’s USD 44 Billion private space market, aligning with government efforts to strengthen domestic manufacturing and reduce import dependency. Moreover, businesses are embracing high-end CNC machining, laser cutting, and 3D printing to deliver the precision levels needed by these sectors. In addition, with continued developments in materials science, automation, and quality control, the precision engineering industry is anticipated to experience steady growth, as producers continue to refine production processes to address the changing demands of automotive and aerospace industries.

india precision engineering market Size

Expansion of Precision Engineering in Medical and Electronics Sectors

The medical and electronics industries are propelling new opportunities for the India precision engineering market, with increasing demand for miniaturized, high-accuracy components. Precision-engineered parts are critical to medical technology in surgical instruments, prosthetics, implants, and diagnostic equipment. Increased investment in India's healthcare manufacturing industry, coupled with the incentive for domestic manufacturing of medical devices, is driving high-precision machining, laser cutting, and micro-molding technologies growth. For instance, in July 2024, Horiba unveiled its largest production facility for medical equipment and hematology reagents in Nagpur. The company aims to invest ₹200 crore in stages, with the goal of serving more than 30,000 hospitals and diagnostic centers. The electronics industry is also witnessing rapid expansion and requires precision connectors, semiconductor components, and micro-precision metal parts. As India positions itself as the epicenter for smartphone, semiconductor, and consumer electronics manufacturing, companies are focusing on fabrication technologies that ensure the utmost precision: laser etching, ultra-fine wire cutting, and photolithography. Supported by government incentives for semiconductor and electronics manufacturing and growing foreign investments in the country, precision engineering capabilities in these sectors have further enhanced. Additionally, with India strengthening its foothold in medical and electronics manufacturing, precision engineering will remain a major contributor in providing high-performance technologically advanced products.

India Precision Engineering Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on type, material, component, application, and end-user industry.

Type Insights:

Machinery
Tools
Equipment

The report has provided a detailed breakup and analysis of the market based on the type. This includes machinery, tools, and equipment.

Material Insights:

Metals
Plastics
Composites

A detailed breakup and analysis of the market based on the material have also been provided in the report. This includes metals, plastics, and composites.

Component Insights:

Sensors
Actuators
Controls
Robotics

The report has provided a detailed breakup and analysis of the market based on the component. This includes sensors, actuators, controls, and robotics.

Application Insights:

Aerospace
Automotive
Electronics
Medical Devices
Industrial Equipment
Defense
Consumer Goods

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes aerospace, automotive, electronics, medical devices, industrial equipment, defense, and consumer goods.

End-User Industry Insights:

Automotive
Aerospace and Defense
Electronics
Medical
Industrial Manufacturing

The report has provided a detailed breakup and analysis of the market based on the end-user industry. This includes automotive, aerospace and defense, electronics, medical, and industrial manufacturing.

Regional Insights:

North India
South India
East India
West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Precision Engineering Market News:

In January 2024, Bellatrix Aerospace announced significant milestones with its ARKA and RUDRA propulsion systems. The RUDRA 0.3 High-Performance Green Propulsion system successfully passed a space test during the POEM-3 mission, highlighting India's progress in eco-friendly satellite propulsion.
In June 2024, ISRO announced the successful completion of its third consecutive Reusable Launch Vehicle (RLV) Landing Experiment (LEX-03), demonstrating autonomous landing capabilities under challenging conditions and reinforcing ISRO’s expertise in reusable launch vehicle technology for future missions.

India Precision Engineering Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Million USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Material Component Application End-User Industry Region
Types Covered	Machinery, Tools, Equipment
Materials Covered	Metals, Plastics, Composites
Components Covered	Sensors, Actuators, Controls, Robotics
Applications Covered	Aerospace, Automotive, Electronics, Medical Devices, Industrial Equipment, Defense, Consumer Goods
End-User Industries Covered	Automotive, Aerospace and Defense, Electronics, Medical, Industrial Manufacturing
Regions Covered	North India, South India, East India, West India
Customization Scope	10% Free Customization
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)

Key Questions Answered in This Report:

How has the India precision engineering market performed so far and how will it perform in the coming years?
What is the breakup of the India precision engineering market on the basis of type?
What is the breakup of the India precision engineering market on the basis of material?
What is the breakup of the India precision engineering market on the basis of component?
What is the breakup of the India precision engineering market on the basis of application?
What is the breakup of the India precision engineering market on the basis of end-user industry?
What is the breakup of the India precision engineering market on the basis of region?
What are the various stages in the value chain of the India precision engineering market?
What are the key driving factors and challenges in the India precision engineering market?
What is the structure of the India precision engineering market and who are the key players?
What is the degree of competition in the India precision engineering market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India precision engineering market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India precision engineering market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India precision engineering industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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