Latest News- Machine Tool Market in India: CNC machine tools is expected to lead the Technology segment during 2025-2029

The Machine Tool Market in India is being driven by Rising industrial automation in India

The Machine Tool Market in India is expected to grow at a CAGR of 11.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3081 million. In the dynamic manufacturing industry, additive manufacturing, or 3D printing, is experiencing substantial growth, particularly in machine tool manufacturing. Key drivers of this adoption include cost savings, expedited manufacturing processes, ease of upgrades, energy efficiency, and minimal waste production. International machine tool manufacturers are integrating 3D printing technology into their offerings. In a notable development, IIT engineers unveiled a metal 3D printer employing Directed Energy Deposition (DED) technology in June 2023. The implementation of 3D printing technology is poised to expand in India's machine tool market, as it enables adherence to diverse customer specification requirements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • CNC machine tools
  • Conventional machine tools
• Type
  • Metal cutting machines
  • Metal forming machines
• Action Mechanism
  • Semi-automatic
  • Fully automatic
• Application
  • Automotive
  • Aerospace and defense
  • Heavy Engineering
  • Electronics
• Geography
  • India

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising industrial automation in India
• Growing demand for machine tools from ICE-based automobiles
• Growing demand for CNC machine tools

However, the market also witnesses some limitations, which are as follows:

• Fluctuations in raw material prices used in machine tools production
• Ongoing slowdown of Indian economy
• Availability of used machine tools

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Market Scope in Machine Tool Market in India Research Report

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Research Analysis Overview

The Indian machine tool market is witnessing significant growth, driven by the demand for advanced machine tools producing manufactured goods with high precision and customization. High-precision components, multi-axis arms, robotics, and artificial intelligence are key trends. Downtime is minimized through electric vehicles, automotive components, and smart manufacturing. Aerospace, precision manufacturing, metal & mining, and sustainable manufacturing also drive growth. High-quality components are ensured through Computerized Numerical Control, integrated systems, and electrification. Precision machining and engineering are integral to this industry's transformation towards sustainable and smart manufacturing. IoT and AI further enhance manufacturing efficiency.

Market Research Overview

The Machine Tool Market in India is a significant segment of the larger industrial machinery and supplies and components market. This market encompasses businesses specializing in the production of advanced machine tools, manufacturing high-precision components, and offering customization services. The market's growth is driven by the increasing demand for manufactured goods, particularly in sectors such as process and discrete industries, which require high-precision components and sophisticated machine tools. Key trends in this sector include the adoption of Computer Numerical Control (CNC) and digital technologies, enabling greater precision and customization. As global industries expand, particularly in developing countries, there is a growing need for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. This, in turn, fuels the demand for machine tools and components, driving market growth. Technavio, a leading global technology research and advisory company, forecasts that the global industrial machinery and supplies and components market will experience significant growth due to increasing industrial output and capacity additions in various industries. The market's size is determined by the combined revenue generated by machinery and component manufacturers catering to the industrial sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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