The global Machine Tools Market held a market value of USD 69,855.2 Million in 2020 and is forecasted to reach USD 95,169.1 Million by the year 2027. The market is expected to register a CAGR of 4.7% during the forecast period. The market volume for machine tools was 4,374.68 thousand tons in 2020.
Machine tools are machines for handling metal or rigid materials. This is usually done by techniques such as boring, cutting, shearing, grinding, and other forms of deformation. Favorable government regulations & policies for the manufacturing sector and increased demand in emerging markets are also expected to boost the market growth. Furthermore, technological advancements regarding machine tools are also anticipated to boost the market growth.
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Favorable government regulations and policies for the manufacturing sector
Globally, most nations have favorable government regulations and policies to manufacture safe products. For instance, the regulatory framework in India is supported by 3 government institutions the Ministry of Heavy Industries & Public Enterprises, the Bureau of Indian Standards, and the Ministry of Labour & Employment. The country also has favorable policies, such as the National Policy on Safety, Health & Environment at Workplace 2009 and National Capital Goods Policy 2016, among others. These help in setting standards & compliance on safety, health & environment. They also help in promoting exports, increase domestic production, technology improvement, mandatory standardization of machines & equipment by adopting ISO, reduce sub-standard imports through standardization, and skill development. All these factors support the manufacturing sector, hence boosting the market growth.
Increased demand in emerging markets
Demand for machine tools majorly comes from manufacturers of primary and intermediate goods. Primary user industries include capital goods, consumer durables, and automotive. The intermediate goods industries include ball & roll bearings, auto components, and electronic components. A major part of these industries is located in emerging nations such as China and India, among others. This is expected to drive the market growth over the projected period.
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The global Machine Tools market is segmented into product type, automation type, industry, and sales channel.
By Product Type
Electrical Discharge Machines
The machining centers segment accounts for the largest share of around 20% in the market. The milling machine segment is expected to grow at the fastest CAGR owing to the lucrative expansion of metalworking process industries worldwide, which boosted the demand for milling machines.
By Automation Type,
CNC Machine Tools
Conventional Machine Tools
The CNC machine tools segment held the largest market share owing to the rising demand from companies in the manufacturing sector for product innovation and productivity improvements. The conventional machine tools segment is also expected to grow at a significant growth rate.
Aerospace & Defense
Power & Energy
The automotive segment is anticipated to account for the largest market share. Increasing adoption of integration of technologies such as the Internet of Things, robotics, and Artificial Intelligence, among others, in the automotive sector is expected to contribute to the market growth. The industrial segment is anticipated to grow at the fastest CAGR of 4.5%.
By Sales Channel,
Dealers and Distributors
Events and Exhibitions
The dealers & distributors segment accounted for the largest market share. The presence of numerous dealers and distributors, such as Absolute Machine Tools, Inc. and Ellison Technologies, among others are expected to boost the market growth during the forecast period.
On a regional basis, the global Machine Tools market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South America.
The Asia Pacific region accounted for the largest market share of around 54% in the global market owing to the presence of fast-emerging economies such as China and India, which have initiatives such as Made in China 2025 and Make in India. Furthermore, the expanding construction sector in the region is also expected to boost market growth.
The European region is expected to hold the second-largest market share owing to the increasing demand for machine tools from industries such as oil & energy, automotive, and aerospace & defense, among others. In addition, North America is estimated to witness a significant growth rate.
Key players operating in the global machine tools market include Ace Micromatic Group, AMADA Co., Ltd., CHIRON Group SE, Dalian Machine Tools Group Corporation, DMG MORI, Doosan Machine Tools Co. Ltd., Electronica Hitech Engineering Pvt. Ltd., FFG European & American Holdings GmbH, Georg Fischer Ltd, Gleason Corporation, GROB-WERKE GmbH & Co. KG, Haas Automation Inc., Hyundai WIA, INDEX-Werke GmbH & Co. KG, Hahn & Tessky, JTEKT Corporation, Komatsu Ltd., MAG IAS GmbH, Makino, Okuma Corporation, Schuler AG, Spinner Machine Tools, Trumpf, and Yamazaki Mazak Corporation, among others.
The cumulative market share of the sixteen major players is near about 31%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in August 2020, the Chiron Group acquired Mecatis SA, a company dealing in small, high-precision machining centers, used in the medical, watchmaking, microengineering, and jewelry industry.
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The global Machine Tools market report answers questions such as:
What is the market size and forecast of the Global Machine Tools Market?
What are the inhibiting factors and impact of COVID-19 on the Global Machine Tools Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Machine Tools Market?
What is the competitive strategic window for opportunities in the Global Machine Tools Market?
What are the technology trends and regulatory frameworks in the Global Machine Tools Market?
What is the market share of the leading players in the Global Machine Tools Market?
What modes and strategic moves are considered favorable for entering the Global Machine Tools Market?
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