India - Machine Tool Market by Technology, Type and Application - Forecast and Analysis 2023-2027

Published: Sep 2023 Pages: 150 SKU: IRTNTR41589

India - Machine Tool Market 2023-2027

The India - machine tool market size is estimated to grow at a CAGR of 11.31% between 2022 and 2027. The market size is forecast to increase by USD 2,450.31 million. The growth of the market depends on several factors including the rising industrial automation in India, the growing demand for machine tools from ICE-based automobiles, and the growing demand for CNC machine tools. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.

This report extensively covers market segmentation by technology (CNC machine tools and conventional machine tools), type (metal cutting machines and metal forming machines), and application (automotive, industrial machinery, precision engineering, transportation, and others). It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the size of the India Machine Tool Market During the Forecast Period?

India Machine Tool Market Forecast 2023-2027

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India Machine Tool Market Dynamic

Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.    

Driver- Growing demand for machine tools from ICE-based automobiles

The automotive industry is the largest user of machine tools, as most components of internal combustion engine (ICE) vehicles need to be machined, including exhaust systems, pistons, valves, crankshafts, engine blocks, and exhaust manifolds. Therefore, the use of machine tools is high in the automotive industry. Automotive OEMs and auto parts manufacturers both use machine tools.

In addition, most famous car manufacturers have introduced hybrid technology in their cars, which combines an internal combustion engine and an electric drive. Hybrid technology requires complex processing, as hybrid vehicles require wear-resistant components to switch between an electric drive and an internal combustion engine at high speeds. The introduction of ICE-based vehicles is expected to continue to dominate, which is expected to drive the growth of the India machine tools market during the forecast period.

Trends- Adoption of 3D printing technology

Additive manufacturing, also known as three-dimensional (3D) printing, is becoming increasingly popular in manufacturing industries such as machine tool manufacturing. The main factors driving the adoption of 3D printing are low manufacturing costs, rapid manufacturing, easy upgrades, low energy consumption, and reduced waste. Therefore, some international machine tool manufacturers are using 3D printing technology in their machine tools.

Moreover, the adoption of 3D printing technology in the India - machine tool market is expected to increase as the technology enables compliance with various customer specification requirements. Therefore, the prominent players in the market are focused on developing machine tools and 3D Printing technology. Thus, the development of 3D printing will be a key trend that is anticipated to drive the growth of the market during the forecast period.

Challenge- Fluctuations in raw material prices used in machine tools production

Most parts of machine tools are made of steel. Steel is the most important raw material and fluctuations in steel prices impact the India - machine tool market. Raw material prices are constantly fluctuating due to various macroeconomic factors such as inflation, labor costs, and changes in regulatory policies.

Furthermore, rising raw material prices will be a burden on suppliers. Additionally, for some manufacturers, such as machine tool manufacturers, fluctuations in raw material prices create uncertainty in raw material procurement plans. This is expected to impede the growth of the Indian machine tools market during the forecast period.

India Machine Tool Market Segmentation by Technology, Type and Application

Product Segment Analysis:

The CNC machine tools segment will account for a major share of the market's growth during the forecast period.?Using CNC machines, manufacturers can increase production without additional labor costs and provide more reliable products with fewer errors. CNCs are advanced metalworking machines that can produce the complex parts needed by modern technology companies. Additionally, CNC milling tools are also used to manufacture automotive parts such as transmissions, gearbox cases, engine cylinder heads, flywheels, wheels, and pistons. High-precision auto parts such as injection nozzles are also manufactured using CNC machine tools.

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The CNC machine tools segment was valued at USD 1,905.74 million in 2017.  Moreover, the leading players in the market are continuously introducing new products to increase their market share in the India - machine tool market. Additionally, automatic machine tools such as CNC machines help maintain product quality and consistency. Therefore, manufacturers use various CNC machines, such as grinders with multi-axis capabilities and vertical or horizontal machining centers, to produce components at higher production rates. This is expected to drive the growth of the CNC machine tools segment of the India machine tools market during the forecast period.

Type Segment Analysis 

Based on type, the market has been segmented into metal cutting machines and metal forming machines. The metal cutting machines?segment will account for the largest share of this segment.? The adoption of metal cutting machines is increased as they are an essential part of part manufacturing. Machining centers, lathe machines, gear-cutting machines, and laser-cutting machines are some of the famous metal-cutting machines adopted by industries such as automotive, railways, construction, shipbuilding, aerospace, and windmill towers. Moreover, the India - machine tool market is represented by the rising use of CNC metal cutting machines to develop products with complex measurements and designs. The rising demand for metal-cutting machines from the automotive industry is an essential factor boosting the demand for metal-cutting machines during the forecast period.

Who are the Major India Machine Tool Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

  • Accusharp Cutting Tools Pvt. Ltd.: The company offers machine tools such as Brazed Carbide T Slot Cutters, Gun Drill, and Carbide T Slot Cutters.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Ace Multi Axes Systems Ltd., Ahire Machine Tools, Ajinkya Industries, Alex Machine Tools Pvt. Ltd., Bharat Fritz Werner Ltd., Bhavya Machine Tools, Birla Precision Technologies Ltd., DMG MORI Co. Ltd., Gamut Machine Tools, Geeta Machine Tools Pvt. Ltd., General Machine Tools, HMT Ltd., ITL Industries Ltd., Jyoti CNC Automation Ltd., Lakshmi Machine Works Ltd., Lokesh Machines Ltd., Makino Inc., Okuma Corp., and Om International Machine Tools 

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The India machine tool market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Technology Outlook (USD Million, 2017 - 2027)
    • CNC machine tools
    • Conventional machine tools
  • Type Outlook (USD Million, 2017 - 2027)
    • Metal cutting machines
    • Metal forming machines
  • Application Outlook (USD Million, 2017 - 2027)
    • Automotive
    • Industrial machinery
    • Precision engineering
    • Transportation
    • Others 

India Machine Tool Market Scope

Report Coverage

Details

Page number

150

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 11.31%

Market growth 2023-2027

USD 2,450.31 million

Market structure

Fragmented

YoY growth 2022-2023(%)

10.13

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Accusharp Cutting Tools Pvt. Ltd., Ace Multi Axes Systems Ltd., Ahire Machine Tools, Ajinkya Industries, Alex Machine Tools Pvt. Ltd., Bharat Fritz Werner Ltd., Bhavya Machine Tools, Birla Precision Technologies Ltd., DMG MORI Co. Ltd., Gamut Machine Tools, Geeta Machine Tools Pvt. Ltd., General Machine Tools, HMT Ltd., ITL Industries Ltd., Jyoti CNC Automation Ltd., Lakshmi Machine Works Ltd., Lokesh Machines Ltd., Makino Inc., Okuma Corp., and Om International Machine Tools

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this India Machine Tool Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the India machine tool market between 2023 and 2027
  • Precise estimation of the machine tool market in India size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across India
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of India machine tool market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 08: Parent market
    • Exhibit 09: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 10: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 11: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 12: Chart on India - Market size and forecast 2022-2027 ($ million)
      • Exhibit 13: Data Table on India - Market size and forecast 2022-2027 ($ million)
      • Exhibit 14: Chart on India: Year-over-year growth 2022-2027 (%)
      • Exhibit 15: Data Table on India: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Machine tool market in India 2017 - 2021
      • Exhibit 16: Historic Market Size – Data Table on machine tool market in India 2017 - 2021 ($ million)
    • 4.2 Technology Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Technology Segment 2017 - 2021 ($ million)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 18: Historic Market Size – Type Segment 2017 - 2021 ($ million)
    • 4.4 Application Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 20: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 23: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 24: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 25: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 26: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Technology

    • 6.1 Market segments
      • Exhibit 27: Chart on Technology - Market share 2022-2027 (%)
      • Exhibit 28: Data Table on Technology - Market share 2022-2027 (%)
    • 6.2 Comparison by Technology
      • Exhibit 29: Chart on Comparison by Technology
      • Exhibit 30: Data Table on Comparison by Technology
    • 6.3 CNC machine tools - Market size and forecast 2022-2027
      • Exhibit 31: Chart on CNC machine tools - Market size and forecast 2022-2027 ($ million)
      • Exhibit 32: Data Table on CNC machine tools - Market size and forecast 2022-2027 ($ million)
      • Exhibit 33: Chart on CNC machine tools - Year-over-year growth 2022-2027 (%)
      • Exhibit 34: Data Table on CNC machine tools - Year-over-year growth 2022-2027 (%)
    • 6.4 Conventional machine tools - Market size and forecast 2022-2027
      • Exhibit 35: Chart on Conventional machine tools - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Data Table on Conventional machine tools - Market size and forecast 2022-2027 ($ million)
      • Exhibit 37: Chart on Conventional machine tools - Year-over-year growth 2022-2027 (%)
      • Exhibit 38: Data Table on Conventional machine tools - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Technology
      • Exhibit 39: Market opportunity by Technology ($ million)
      • Exhibit 40: Data Table on Market opportunity by Technology ($ million)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 41: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 42: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 43: Chart on Comparison by Type
      • Exhibit 44: Data Table on Comparison by Type
    • 7.3 Metal cutting machines - Market size and forecast 2022-2027
      • Exhibit 45: Chart on Metal cutting machines - Market size and forecast 2022-2027 ($ million)
      • Exhibit 46: Data Table on Metal cutting machines - Market size and forecast 2022-2027 ($ million)
      • Exhibit 47: Chart on Metal cutting machines - Year-over-year growth 2022-2027 (%)
      • Exhibit 48: Data Table on Metal cutting machines - Year-over-year growth 2022-2027 (%)
    • 7.4 Metal forming machines - Market size and forecast 2022-2027
      • Exhibit 49: Chart on Metal forming machines - Market size and forecast 2022-2027 ($ million)
      • Exhibit 50: Data Table on Metal forming machines - Market size and forecast 2022-2027 ($ million)
      • Exhibit 51: Chart on Metal forming machines - Year-over-year growth 2022-2027 (%)
      • Exhibit 52: Data Table on Metal forming machines - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Type
      • Exhibit 53: Market opportunity by Type ($ million)
      • Exhibit 54: Data Table on Market opportunity by Type ($ million)

    8 Market Segmentation by Application

    • 8.1 Market segments
      • Exhibit 55: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 56: Data Table on Application - Market share 2022-2027 (%)
    • 8.2 Comparison by Application
      • Exhibit 57: Chart on Comparison by Application
      • Exhibit 58: Data Table on Comparison by Application
    • 8.3 Automotive - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
      • Exhibit 60: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Chart on Automotive - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Automotive - Year-over-year growth 2022-2027 (%)
    • 8.4 Industrial machinery - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Industrial machinery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 64: Data Table on Industrial machinery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 65: Chart on Industrial machinery - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Industrial machinery - Year-over-year growth 2022-2027 (%)
    • 8.5 Precision engineering - Market size and forecast 2022-2027
      • Exhibit 67: Chart on Precision engineering - Market size and forecast 2022-2027 ($ million)
      • Exhibit 68: Data Table on Precision engineering - Market size and forecast 2022-2027 ($ million)
      • Exhibit 69: Chart on Precision engineering - Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on Precision engineering - Year-over-year growth 2022-2027 (%)
    • 8.6 Transportation - Market size and forecast 2022-2027
      • Exhibit 71: Chart on Transportation - Market size and forecast 2022-2027 ($ million)
      • Exhibit 72: Data Table on Transportation - Market size and forecast 2022-2027 ($ million)
      • Exhibit 73: Chart on Transportation - Year-over-year growth 2022-2027 (%)
      • Exhibit 74: Data Table on Transportation - Year-over-year growth 2022-2027 (%)
    • 8.7 Others - Market size and forecast 2022-2027
      • Exhibit 75: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 76: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 77: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 78: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 8.8 Market opportunity by Application
      • Exhibit 79: Market opportunity by Application ($ million)
      • Exhibit 80: Data Table on Market opportunity by Application ($ million)

    9 Customer Landscape

    • 9.1 Customer landscape overview
      • Exhibit 81: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 82: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 83: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 84: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 85: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 86: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 87: Matrix on vendor position and classification
            • 12.3 Accusharp Cutting Tools Pvt. Ltd.
              • Exhibit 88: Accusharp Cutting Tools Pvt. Ltd. - Overview
              • Exhibit 89: Accusharp Cutting Tools Pvt. Ltd. - Product / Service
              • Exhibit 90: Accusharp Cutting Tools Pvt. Ltd. - Key offerings
            • 12.4 Alex Machine Tools Pvt. Ltd.
              • Exhibit 91: Alex Machine Tools Pvt. Ltd. - Overview
              • Exhibit 92: Alex Machine Tools Pvt. Ltd. - Product / Service
              • Exhibit 93: Alex Machine Tools Pvt. Ltd. - Key offerings
            • 12.5 Bharat Fritz Werner Ltd.
              • Exhibit 94: Bharat Fritz Werner Ltd. - Overview
              • Exhibit 95: Bharat Fritz Werner Ltd. - Product / Service
              • Exhibit 96: Bharat Fritz Werner Ltd. - Key offerings
            • 12.6 Bhavya Machine Tools
              • Exhibit 97: Bhavya Machine Tools - Overview
              • Exhibit 98: Bhavya Machine Tools - Product / Service
              • Exhibit 99: Bhavya Machine Tools - Key offerings
            • 12.7 Birla Precision Technologies Ltd.
              • Exhibit 100: Birla Precision Technologies Ltd. - Overview
              • Exhibit 101: Birla Precision Technologies Ltd. - Product / Service
              • Exhibit 102: Birla Precision Technologies Ltd. - Key offerings
            • 12.8 DMG MORI Co. Ltd.
              • Exhibit 103: DMG MORI Co. Ltd. - Overview
              • Exhibit 104: DMG MORI Co. Ltd. - Business segments
              • Exhibit 105: DMG MORI Co. Ltd. - Key offerings
              • Exhibit 106: DMG MORI Co. Ltd. - Segment focus
            • 12.9 Geeta Machine Tools Pvt. Ltd.
              • Exhibit 107: Geeta Machine Tools Pvt. Ltd. - Overview
              • Exhibit 108: Geeta Machine Tools Pvt. Ltd. - Product / Service
              • Exhibit 109: Geeta Machine Tools Pvt. Ltd. - Key offerings
            • 12.10 HMT Ltd.
              • Exhibit 110: HMT Ltd. - Overview
              • Exhibit 111: HMT Ltd. - Business segments
              • Exhibit 112: HMT Ltd. - Key offerings
              • Exhibit 113: HMT Ltd. - Segment focus
            • 12.11 ITL Industries Ltd.
              • Exhibit 114: ITL Industries Ltd. - Overview
              • Exhibit 115: ITL Industries Ltd. - Product / Service
              • Exhibit 116: ITL Industries Ltd. - Key offerings
            • 12.12 Jyoti CNC Automation Ltd.
              • Exhibit 117: Jyoti CNC Automation Ltd. - Overview
              • Exhibit 118: Jyoti CNC Automation Ltd. - Product / Service
              • Exhibit 119: Jyoti CNC Automation Ltd. - Key offerings
            • 12.13 Lakshmi Machine Works Ltd.
              • Exhibit 120: Lakshmi Machine Works Ltd. - Overview
              • Exhibit 121: Lakshmi Machine Works Ltd. - Product / Service
              • Exhibit 122: Lakshmi Machine Works Ltd. - Key offerings
            • 12.14 Lokesh Machines Ltd.
              • Exhibit 123: Lokesh Machines Ltd. - Overview
              • Exhibit 124: Lokesh Machines Ltd. - Product / Service
              • Exhibit 125: Lokesh Machines Ltd. - Key offerings
            • 12.15 Makino Inc.
              • Exhibit 126: Makino Inc. - Overview
              • Exhibit 127: Makino Inc. - Business segments
              • Exhibit 128: Makino Inc. - Key offerings
              • Exhibit 129: Makino Inc. - Segment focus
            • 12.16 Okuma Corp.
              • Exhibit 130: Okuma Corp. - Overview
              • Exhibit 131: Okuma Corp. - Business segments
              • Exhibit 132: Okuma Corp. - Key offerings
              • Exhibit 133: Okuma Corp. - Segment focus
            • 12.17 Om International Machine Tools
              • Exhibit 134: Om International Machine Tools - Overview
              • Exhibit 135: Om International Machine Tools - Product / Service
              • Exhibit 136: Om International Machine Tools - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 137: Inclusions checklist
                • Exhibit 138: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 139: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 140: Research methodology
                • Exhibit 141: Validation techniques employed for market sizing
                • Exhibit 142: Information sources
              • 13.5 List of abbreviations
                • Exhibit 143: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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