Machine Tool Market in India by Type and Technology - Forecast and Analysis 2022-2026

The machine tool market share is expected to increase by USD 2.54 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.04%.

This machine tool market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers machine tool market segmentations by technology (CNC machine tools and conventional machine tools), type (metal cutting machines and metal forming machines), and geography (India). The machine tool market report also offers information on several market vendors, including Alex Machine Tools Pvt. Ltd, Bharat Fritz Werner Ltd, BHURJI MACHINE TOOLS AND BMT ENGINEERS, Birla Precision Technologies Ltd, Geeta Machine Tools Pvt. Ltd., HMT Ltd., ITL Industries Ltd, Jai Industries, Jyoti CNC Automation Ltd., LAKSHMI MACHINE WORKS LTD., Lokesh Machines Ltd, Machine Tools India Ltd., Micromatic Machine Tools Pvt. Ltd., Okuma India Pvt. Ltd., Om International Machine Tools, TUSSOR MACHINE TOOLS INDIA PVT. LTD., Yamazaki Mazak Corp, Yash Machine Tools, and DMG MORI Co Ltd among others.

What will the Machine Tool Market Size be During the Forecast Period?

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Machine Tool Market: Key Drivers, Trends, and Challenges

The rising industrial automation in India is notably driving the machine tool market growth, although factors such as fluctuations in raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the machine tool industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Machine Tool Market Driver

The rising industrial automation in India is a major factor driving the machine tool market share growth in India. The growing demand to reduce manual labor inputs and increase productivity have fueled the adoption of automated technologies. Industrial automation is improving the bottom line, operational efficiency, and productivity of manufacturers. Hence, manufacturers in India are adopting industrial automation. This is driving the demand for advanced machine tools to meet the complex machining needs associated with automated technologies. In 2019, although there was a concern about the economic growth in India, the need for industrial automation continued to increase. For instance, industrial automation in India has been growing at a rate of more than 10% since 2015. This will lead to the development of high-tech equipment with high functionality. Machine tools will play a crucial role in the manufacturing of these hi-tech machines. The recent industrial automation features artificial intelligence communications & networks cybersecurity industry 4.0 & smart manufacturing opinion supply chain. Accelerated by the COVID-19 pandemic, the manufacturing industry urgently requires new modes of operation. India is expected to draw sizable demand for machine tools through industrial automation, which in turn will drive the growth of the machine tool market in India during the forecast period.

Key Machine Tool Market Trend

The adoption of 3D printing technology is another factor supporting the machine tool market share growth in India. The major factors driving the adoption of 3D printing are its low manufacturing cost, fast manufacturing, easiness to be upgraded, low energy consumption, and reduced waste production. Hence, some international machine tool manufacturers are adopting 3D printing technology in machine tools. Yamazaki Mazak is one of the popular machine tool manufacturers promoting the integration of 3D printing technology in machine tools. In 2014, Yamazaki Mazak launched its INTEGREX i-400AM machine that features metal 3D printing technology and in-built high-precision milling, machining, and laser marking tools to enable accurate and surface finish machining. The company is promoting this machine across all the major countries. Additionally, the adoption of 3D printing technology will grow in the machine tool market in India as the technology will enable adherence to the specification requirements of different customers. Hence, Technavio expects the prominent vendors in the market in focus to work on the development of 3D printing technology in machine tools during the forecast period. The developments in 3D printing will be a crucial trend in the market in focus during the forecast period.

Key Machine Tool Market Challenge

The fluctuations in raw material prices will be a major challenge for the machine tool market share growth in India during the forecast period. Most parts of machine tools are made of steel. Steel is the major raw material, and the fluctuations in the prices of steel will have an impact on the machine tool market in India. The price of raw materials keeps fluctuating based on various macroeconomic factors, such as inflation, labor cost, and regulatory policy changes. The ongoing Russia-Ukraine Crisis, which commenced in February 2022, led to a rise in steel prices and severely impacted the manufacturing of machine tools in India. The increase in the number of production facilities in various end-user industries is increasing the competition among raw material suppliers. The increasing price of raw materials is borne by suppliers. Fluctuations in the prices of raw materials lead to uncertainties in the raw material procurement plans of several manufacturers, including machine tool manufacturers. This is expected to hamper the growth of the machine tool market in India during the forecast period.

This machine tool market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the machine tools market in India as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the machine tool market during the forecast period.

Who are the Major Machine Tool Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Alex Machine Tools Pvt. Ltd
• Bharat Fritz Werner Ltd
• BHURJI MACHINE TOOLS AND BMT ENGINEERS
• Birla Precision Technologies Ltd
• Geeta Machine Tools Pvt. Ltd.
• HMT Ltd.
• ITL Industries Ltd
• Jai Industries
• Jyoti CNC Automation Ltd.
• LAKSHMI MACHINE WORKS LTD.
• Lokesh Machines Ltd
• Machine Tools India Ltd.
• Micromatic Machine Tools Pvt. Ltd.
• Okuma India Pvt. Ltd.
• Om International Machine Tools
• TUSSOR MACHINE TOOLS INDIA PVT. LTD.
• Yamazaki Mazak Corp
• Yash Machine Tools
• DMG MORI Co Ltd

This statistical study of the machine tool market encompasses successful business strategies deployed by the key vendors. The machine tool market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• bfwindia.com- The company offers machine tool that includes Horizontal Machining Centers, Vertical Machining Centers, and Horizontal Turning Centers.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The machine tool market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Machine Tool Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the machine tool market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

What are the Revenue-generating Technology Segments in the Machine Tool Market?

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The machine tool market share growth in the CNC machine tools segment will be significant during the forecast period. As manufacturers are striving for higher productivity and reliability, industrial automation has become inherent. This has created a demand for CNC machine tools as they offer additional flexibility and computational capability compared with conventional machine tools. The adoption of CNC machines allows manufacturers to increase production without adding extra labor costs and to deliver reliable products with fewer defects.

This report provides an accurate prediction of the contribution of all the segments to the growth of the machine tool market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Machine Tool Market In Country Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive machine tool market growth during the next five years
• Precise estimation of the machine tool market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the machine tool industry across India
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of machine tool market vendors

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