As per the latest report by IMARC Group, titled “Machine Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global machine tools market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global machine tools market reached a value of US$ 91 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 123 Billion by 2027, exhibiting at a CAGR of 4.91% during 2022-2027. Machine tools represent stationary and power-driven equipment used for cutting or forming metals or other hard materials. They generally range from small workbench-mounted instruments to large devices that perform numerous operations, including cutting, forming, grinding, drilling, abrading, nibbling, etc., in modern industries. Machine tools also aid in reducing the amount of human interaction needed at different stages of the industrial processes and enhancing product uniformity. Presently, the mode of operation has progressed from numerical control (NC) to computer numerical control (CNC) and direct numerical control (DNC).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Machine Tools Market Trends:
Machine tools shape and process metals into components, which are further used in the manufacturing of durable goods as well as other machines. As a result, they find vast applications in industries including aerospace, automotive, electronics and precision engineering. Rapid development in these industries is one of the major factors that are strengthening the growth of the machine tools market. Moreover, the introduction of advanced processes such as lasers, ultrasonics, high-pressure water jets and plasma streams in machine tool applications has helped in improving the speed and precision of the machining process. Apart from this, consumers are shifting toward automated higher-end technologies with better performance, stability and accuracy. In line with this, manufacturers have introduced products with linear drives, which are considerably faster and more accurate than their non-linear counterparts. They have also developed 5-axis technology that enables the convenient production of complex parts. Another major trend in the market is the increasing automation of tasks ranging from material handling to tool changing. The focus has also shifted toward the development of interconnected systems and user-friendly software that enable users to include specifications and additional characteristics in the final product.
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The increasing product demand across several end-use sectors, including precision engineering, automotive, aerospace, electronics, etc., is primarily driving the machine tools market. Additionally, various organizations are ensuring automation in their manufacturing processes to improve productivity and meet quality standards, thereby further bolstering the market growth. Besides this, the growing utilization of simulation engineering software and modern designs for ensuring the accuracy, sturdiness, reliability, etc., of the machines is acting as another significant growth-inducing factor. Moreover, the rising consumer inclination towards machine tools with linear drives that are considerably faster and more accurate than their non-linear counterparts is also augmenting the global market. Apart from this, the introduction of numerous advanced devices and processes, such as lasers, ultrasonics, high-pressure water jets, plasma streams, etc., for improving the speed and precision of the machining process is anticipated to fuel the machine tools market over the forecasted period.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global machine tools market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on tool type, technology type and end use industry.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Allied Machine & Engineering Corporation
- AMADA Holdings Co. Ltd.
- Dalian Machine Tool Group Corporation
- DMG Mori Co. Ltd.
- FALCON Machine Tools Co. Ltd.
- 600 Group PLC
- Yamazaki Mazak Corporation
- TRUMPF GmbH + Co. KG
- JTEKT Corporation
- Doosan Machine Tools Co., Ltd.
- Okuma Corporation
- Hyundai Wia Corporation
- Makino Inc.
- Schuler AG
Breakup by Tool Type:
- Metal Cutting
- Metal Forming
Based on the tool type, the market has been segregated into metal cutting, metal forming and accessories. At present, metal cutting tools dominate the market.
Breakup by Technology Type:
- CNC (Computerized Numerical Control)
On the basis of the technology type, the market has been segmented into conventional and computer numerical control (CNC). Currently, CNC represents the most preferred technology.
Breakup by End Use Industry:
- Aerospace and Defense
- Electrical and Electronics
- Consumer Goods
- Precision Engineering
The market has been analyzed on the basis of the end use industry into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, and others. Amongst these, the automotive sector accounts for the majority of the total market share.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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