PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532776
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532776
Machine Tools Market size was valued at USD 77,980.21 Million in 2023, expanding at a CAGR of 4.10% from 2024 to 2032.
Machine tools are power-operated machines designed to shape or fabricate materials, primarily metals, through various processes such as cutting, boring, grinding, shearing, and deformation. From simple lathes to advanced CNC machines, they provide a high degree of precision and control. These tools are essential in numerous industries, enabling the mass production of complex components with specific shapes and functionalities.
Machine Tools Market- Market Dynamics
Technological advancements to propel market demand
Technological advancements, such as multi-axis arms and robotics, along with the growth in the manufacturing industry, have been driving industry growth. Additionally, the increasing focus on boosting productivity and minimizing downtime is further promoting market expansion. The presence of well-established automobile manufacturers like General Motors, Nissan, Tesla, and Ford, along with suitable infrastructure for electric vehicle production and high disposable income. This, in turn, is likely to augment demand growth during the projected timeframe. Furthermore, the rising demand for automotive components in the region has increased the market demand in North America. Companies are focusing on implementing the latest technologies, such as connectivity of computers to CNC machines and software that enables remote monitoring of machines via PCs. They are also incorporating advanced technologies like artificial intelligence and IoT into their products and seeking partnerships to enhance their offerings.
Machine Tools Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.10% over the forecast period (2024-2032)
Based on Product type segmentation, metal cutting was predicted to show maximum market share in the year 2023
Based on technology segmentation, Computer Numerical Control was the leading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Machine Tools Market is segmented on the basis of Product type, Application, Technology, and Region.
The market is divided into two categories based on Product type: Metal Cutting and Metal Forming. In 2023, the metal-cutting type segment led the market's global revenue share. This segment includes machining centers, turning machines, grinding machines, milling machines, eroding machines, and others. Metal cutting machines remove excess material from workpieces through cutting or grinding. Different types include drilling machines, gear cutting machines, lathe machines, and more.
The market is divided into two categories based on technology: Computer Numerical Control (CNC) and Conventional. The Computer Numerical Control (CNC) segment dominated the global machine tools revenue share in 2023. CNC machines, also known as computer numerical controlled tools, are advanced metalworking equipment capable of producing complex parts required by modern technology. The use of CNCs in milling machines, lathes, abrasive jet cutters, laser cutters, press brakes, and punch presses has rapidly expanded with the advancement of computer technology.
Machine Tools Market- Geographical Insights
This market operates in a geographically dispersed manner, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Customer nations within these regions create further market categorizations. The Asia Pacific market accounted for a dominant share of global machine tools revenue in 2023. Factors such as rapid urbanization, increased government investments, and rising consumer spending have boosted the Asian economy, driving infrastructure development in the construction industry. Key countries like China, India, and Japan are propelling growth in the oil & gas, automotive, aviation, and building & construction industries. The competition among Chinese capital markets and other Asian economies is generating lucrative growth opportunities, creating a favorable environment for investments in the market.
Companies in the machine tools market adopt various strategies to enhance their competitive edge and market presence. Key strategies include forming strategic partnerships and collaborations to leverage technological advancements and expand product portfolios. They invest in research and development to innovate and integrate advanced technologies such as artificial intelligence, IoT, and robotics into their offerings. Additionally, companies focus on geographical expansion to tap into emerging markets. They also emphasize improving productivity and reducing downtime through automation and enhanced connectivity features, such as integrating CNC machines with computer networks for remote monitoring and control.
In June 2023, Hyundai WIA announced to reveal a range of new products for next-gen machining. The company will launch over 20 machine tools, including turning centers and machining centers. This initiative aimed to accelerate Hyundai WIA's global market infiltration strategy by enhancing its lineup of multi-tasking machines and large-size machine tools.
GLOBAL MACHINE TOOLS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Amada Machine Tools Co., Ltd.
CHIRON GROUP SE
DMG MORI. CO., LTD.
DN Solutions
Georg Fischer Ltd.
HYUNDAI WIA CORP
JTEKT Corporation
Komatsu Ltd
Makino
Others