The India machine tool accessories market size reached USD 0.60 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 0.90 Billion by 2033, exhibiting a growth rate (CAGR) of 3.20% during 2025-2033. The India machine tool accessories market is driven by government initiatives like 'Make in India' and PLI schemes, rising domestic manufacturing, and the expansion of key end-user industries such as automotive, aerospace, and electronics, leading to increasing demand for precision tools, automation, and advanced manufacturing solutions across various sectors.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 0.60 Billion |
Market Forecast in 2033 | USD 0.90 Billion |
Market Growth Rate 2025-2033 | 3.20% |
Government Initiatives Promoting Domestic Manufacturing
The forward-looking policies of the Indian government have played a key role in boosting the machine tool accessories industry. The 'Make in India' program, initiated in September 2014, is an endeavor to shift India's focus from being a manufacturing-focused country to being a global manufacturing hub through the promotion of both multinational and indigenous companies to produce within India. The program emphasizes the development of innovation, skill building, and the creation of best-in-class infrastructure. In addition to further enhance manufacturing strength, the Production Linked Incentive (PLI) schemes were launched by the government with an outlay of INR 1.97 lakh crore (more than USD 26 billion) in 14 sectors of high priority from the financial year 2021-22. These schemes are formulated to enhance domestic production and exports by way of giving fiscal support as incentives in the form of incremental production. The effect of these efforts can be seen in the performance of the manufacturing industry. As per the results of the Annual Survey of Industries (ASI), the Gross Value Added (GVA) in the manufacturing industry surged by 8.8% in current prices during 2020-21 and by a staggering 26.6% during 2021-22 compared to the corresponding previous years. Further, industrial production experienced a whopping growth of more than 35% during 2021-22 from the previous year, and employment in the sector experienced a healthy growth of 7.0% in the same time period.
Growth in Key End-Use Industries
The growth in major end-use industries, namely automotive, aerospace, and electronics, has significantly pushed the use of machine tool accessories in India. The auto industry, in particular, has been a great driver of the manufacturing sector output with rising automotive production and shipments. In the same vein, the aerospace sector has also grown immensely, with the likes of Larsen & Toubro (L&T) marking its presence in aerospace manufacturing, concentrating on launching satellite buildings. L&T, in partnership with Hindustan Aeronautics Limited, is manufacturing India's first privately constructed Polar Satellite Launch Vehicle (PSLV) at its Coimbatore plant in line with India's vision to expand its commercial space industry to USD 44 billion by 2035 from the present valuation of USD 13 billion. The electronics manufacturing industry has also seen significant growth, based on rising domestic consumption and encouraging government policies. India emerged as a global hub of electronics manufacturing, especially in smartphones, with Apple iPhone exports exceeding USD 12 billion during the 2023-24 financial year. The government's emphasis on localized manufacturing covering laptops, tablets, computers, and servers further strengthened the sector. Recently, 27 IT hardware manufacturers were sanctioned with incentives, which forecast USD 42 billion in manufacturing over the next several years. Local companies, such as Dixon Technologies, hope to fulfill 15% of India's demand for laptops by FY26, which shows rising domestic manufacturing capability fueled by growing demand due to rising incomes and business activities. The expansion in such sectors has promoted investments in manufacturing technology and infrastructure, hence enhancing the demand for machine tool accessories. The necessity for automation, precision, and efficiency in the process of production has also upsurged the demand for sophisticated machine tools, thus expanding the market.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on product, machine type, and end-user industry.
Product Insights:
The report has provided a detailed breakup and analysis of the market based on the product. This includes cutting tool inserts, toolholders, workholding accessories, measuring and inspection tools, and lubricants and coolants.
Machine Type Insights:
A detailed breakup and analysis of the market based on the machine type have also been provided in the report. This includes CNC milling machines, CNC lathes, EDM machines, grinding machines, and others.
End User Industry Insights:
A detailed breakup and analysis of the market based on the end user industry have also been provided in the report. This includes automotive, aerospace, energy, medical, electronics, manufacturing, construction, transportation, and mining.
Regional Insights:
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.
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.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Products Covered | Cutting Tool Inserts, Toolholders, Workholding Accessories, Measuring and Inspection Tools, Lubricants and Coolants |
Machine Types Covered | CNC Milling Machines, CNC Lathes, EDM Machines, Grinding Machines, Others |
End-User Industries Covered | Automotive, Aerospace, Energy, Medical, Electronics, Manufacturing, Construction, Transportation, Mining |
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:
Key Benefits for Stakeholders: