Global Machine Tool Market, By Product Type (Milling Machines, Drilling Machines, Grinding Machines and Electrical Discharge Machines), Automotive (CNC Machine Tools, Conventional Machine Tools), Industry (Automotive and Transportation, Sheet Metals, Capital Goods, Energy), Sales Channel (Events and Exhibitions, Dealers and Distributors) - Industry Trends and Forecast to 2029.
Market Analysis and Size
In the past years, the mode of operation of these tools have been enhanced immensely. Industries have turned from numerical control (NC) to direct numerical control (DNC) and computer numerical control (CNC). Manufacturers are focusing in designing advanced machine tools to acquire higher productivity.
Global Machine Tool Market was valued at USD 85.54 billion in 2021 and is expected to reach USD 130.29 billion by 2029, registering a CAGR of 5.40% during the forecast period of 2022-2029. “CNC Machine Tools” accounts for the largest automotive segment in the respective market owing to the increase in demand from the manufacturing companies. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Machine tools are the machine used for handling machining metal or other rigid materials, milling machines are highly versatile and can perform a variety of functions, such as filleting, turning, chamfering, drilling and gear cutting among others. They also include some tools for shaping and cutting. In simple definition machine tools are machines that help the work of people easy.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Milling Machines, Drilling Machines, Grinding Machines and Electrical Discharge Machines), Automotive (CNC Machine Tools, Conventional Machine Tools), Industry (Automotive and Transportation, Sheet Metals, Capital Goods, Energy), Sales Channel (Events and Exhibitions, Dealers and Distributors)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Doosan Corporation (South Korea), Amada (India) Pvt. Ltd (India), Makino (Japan), JTEKT Corporation (Japan), Georg Fischer Ltd (Switzerland), Komatsu NTC (Japan), Okuma Corporation (Japan), HYUNDAI WIA CORP (South Korea), CHIRON Group SE (Germany), MAG IAS Gmbh (Germany), Haas Automation, Inc (US), GROB-WERKE GmbH & CO.KG (Germany), Spinner Werkzeugmaschinenfabrik GmbH (Germany), YAMAZAKI Mazak Corporation (Japan), DMG MORI (Germany), and Electronic HiTech Engineering Pvt, Ltd (India), among others
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Market Opportunities
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Machine Tool Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers:
- Industrial Automation
The rise in demand in the industrial automation acts as one of the major factor driving the growth of machine tool market. The increase in demand for high productivity, high quality and reduced cycle time has a positive impact on the market.
- Demand for Mass Production
The increase in demand for mass production in various industries, such as aerospace and defense industry, among other industries accelerate the market growth. The rise in demand for metal cutting tools in line with the use of metals in various industries will assist in expanding market.
- Integration of CAM
The surge in integration of Computer-Aided Manufacturing (CAM) in machine tools for declining the time required for manufacturing workpieces further influence the market. The Computer-Aided Manufacturing (CAM) ensure hassle-free production of micro components escalate the growth of the market.
Additionally, surge in investments, increased disposable income and expansion of the automotive sector positively affect the machine tool market.
Opportunities
Furthermore, emergence of industry 4.0 extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, advancements in the machine tools will further escalate the growth of machine tool market.
Restraints/Challenges faced by the Machine Tool Market
On the other hand, large investment cost of high-end machines and trade barriers between different regions expected to obstruct market growth. Also, high maintenance of these tools is projected to challenge the machine tool market in the forecast period of 2022-2029.
This machine tool market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the machine tool market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
COVID-19 had a Major Impact on Machine Tool Market
COVID-19 had a negative impact on the global machine tool market due to the commute restrictions. The market faced various challenges, such as regulatory and policy changes, working capital management, supply chain execution and dependency on labor. However, organizations prepared strategic cost-saving plans to manage the impact of the pandemic. The demand for smart fleet management hardware and managing software has increased to manage and cater to the continuous supply of essentials in the post pandemic scenario.
Recent Developments
- German technology company Trumpf completed the renaming and merger of its wholly-owned fibre laser manufacturing subsidiary SPI Lasers in December’2020. They new Trumpf group and under the Trumpf brand now works even more closely with Trumpf Laser, also a wholly-owned subsidiary of the Trumpf Group.
Global Machine Tool Market Scope
The machine tool market is segmented on the basis of product type, automotive, industry and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Milling Machines
- Drilling Machines
- Grinding Machines
- Electrical Discharge Machines
Automotive
- CNC Machine Tools
- Conventional Machine Tools
Industry
- Automotive and Transportation
- Sheet Metals
- Capital Goods
- Energy
Sales Channel
- Events and Exhibitions
- Dealers and Distributors
Machine Tool Market Regional Analysis/Insights
The machine tool market is analyzed and market size insights and trends are provided by country, product type, automotive, industry and sales channel.
The countries covered in the machine tool market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific (APAC) dominates the machine tool market because of the increase in the production of automotive components and expansion of construction sector within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the demand for machine tools from incumbents of the aerospace and defense, oil and energy, and automotive, among others.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Machine Tool Market Share Analysis
The machine tool market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to machine tool market.
Some of the major players operating in the machine tool market are Doosan Corporation (South Korea), Amada (India) Pvt. Ltd (India), Makino (Japan), JTEKT Corporation (Japan), Georg Fischer Ltd (Switzerland), Komatsu NTC (Japan), Okuma Corporation (Japan), HYUNDAI WIA CORP (South Korea), CHIRON Group SE (Germany), MAG IAS Gmbh (Germany), Haas Automation, Inc (US), GROB-WERKE GmbH & CO.KG (Germany), Spinner Werkzeugmaschinenfabrik GmbH (Germany), YAMAZAKI Mazak Corporation (Japan), DMG MORI (Germany), and Electronic HiTech Engineering Pvt, Ltd (India), among others.
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