The global machine tools market size was US$ 126.1 billion in 2021. The global machine tools market is forecast to grow to US$ 270.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The machine tools industry plays an essential role in every manufacturing firm as it offers critical inputs to all sectors of manufacturing. The wide applications of machine tools across various industrial verticals, such as automotive, heavy equipment, defense, aerospace, will surge the growth of the machine tools market.
Growing industrialization and favorable policies by government organizations, mainly in emerging economies like India and China, will contribute to the growth of the global machine tools market. In addition, the surging demand for smart precision tools in order to increase the efficacy of manual operations will surge the growth of the global machine tools market.
The development of new technology will also contribute to the growth of the global machine tools market. For instance, in May 2020, JTEKT Corporation launched the 5th generation Low-Friction-Torque tapered roller bearing”LFT-V.”
COVID-19 Impact Analysis
The COVID-19 pandemic affected various end-use industries of machine tools. The automotive industry, industrial machinery, metal industry, heavy equipment, electronics, and the aerospace industry witnessed a significant drop in terms of revenue. Thus, it also impacted the global machine tools market. In mid-March 2020, US automakers announced a complete shutdown of a few Detroit assembly plants. Moreover, other countries like China and India also imposed a complete lockdown. Thus, it impacted the demand for machine tools.
Regional Analysis
The Asia-Pacific machine tools market is forecast to grow at the highest growth rate. It is due to the favorable government policies, such as “Make in India” in India and “Made in China 2025” in China. Thus, it will escalate the growth of the Asia-Pacific machine tools market. Furthermore, the Indian government announced in September 2019 that manufacturing companies formed on or after October 1, 2019, will be able to pay corporate tax at a rate of 15%. The aim was to boost the manufacturing activities in the country. Furthermore, countries in the region, such as China, India, and South Korea, are among the world’s largest automotive component manufacturers, which will significantly contribute to the growth of the market.
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Competitors in the Market
AMADA Co., Ltd.
CHIRON Group SE
DMG MORI
Doosan Corporation
Georg Fischer Ltd.
HYUNDAI WIA CORP.
JTEKT
Komatsu Ltd.
Makino
Okuma Corporation
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Machine Tools industry experienced notable growth in its workforce. Starting in January, employment within the Machine Tools sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Machine Tools output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Machine Tools output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Machine Tools market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Machine Tools market.
Market Segmentation
The global machine tools market segmentation focuses on Tool, Metal Cutting, Metal Forming, Technology, End-User, and Region.
By Tool Outlook
Metal Cutting
Metal Forming
By Metal Cutting Outlook
Machining Centers
Lathe
Grinding & Polishing
Laser, Electrical Discharge Machines (EDMs), & Other Tools
Other Metal Cutting Tools
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By Metal Forming Outlook
Bending & Forming
Pressing
Punching & Shearing
Other Metal Forming Tools
By Technology Outlook
CNC
Metal Cutting
Metal Forming
NON-CNC
Metal Cutting
Metal Forming
By End-Users Outlook
Automotive
Industrial Machinery
Metal Industry
Medical Industry
Electrical & Electronics
Heavy Equipment
Aerospace & Defense
Marine & Offshoring
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Machine Tools market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Machine Tools market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Machine Tools business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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