Machine Tools Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Machine Tools Market
The machine tools market size was valued at USD 111.36 billion in 2023, and the market is now projected to grow from USD 113.26 billion in 2024 to USD 164.92 billion by 2032, exhibiting a CAGR of 5.5% during the forecast period of 2023-2030.
The machine tools market was severely affected in the beginning of the COVID-19 pandemic. Lockdowns, failures in supply chains, and decrease of industrial production have caused reduction of machine tools demand across all segments such as automotive, aerospace and industrial. The majority of projects were delayed or scrapped, affecting the sales and the production. Moreover, the travel restrictions limited global trade as well as foreign investments in the sector.
The machine tools market has been showing continuous growth due to a number of factors such as the technologies improvements, automated tendencies, and the increasing demands for products that came from various sectors of the industry including automotive, space, as well as general manufacturing. Smart manufacturing and Industry 4.0 are at the forefront of the technological revolution driving machine tools market growth. The emphasis is growing on precision engineering and productivity, so the demand for advanced machine tools is also increasing.
The machine tools market is undergoing a number of trends that are caused by the leaps of technology and automation. The growing intelligence, such as IoT and AI, has brought about improvements in efficiency and precision as well as manufacturing processes. Demand for CNC moves ahead in the world due to their variety and precision in various industries. The additive nature of the 3D printing technology which allow an efficient way of printing prototypes and customized parts is one improvement in the manufacturing industry.
Comprehensive Analysis of Machine Tools Market
The machine tools industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by technology, by product and by distribution channel. Based on application, market is divided into conventional and CNC. Based on product, market is divided into metal cutting and metal forming. Based on application, market is divided into automotive, general machinery, precision machinery, transport machinery, and others.
The Asia Pacific holds leading position in machine tools market share by benefitting a market size of USD 58.83 billion in 2023 due to cutting-edge developments and improvements. Countries like China, Japan, and South Korea are among the large players with their robust manufacturing sectors and the latest technical skills. Amongst the world economies, China produces and consumes the most number of machine tools due to its big industrial base and government programs.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Yamazaki Mazak Corporation (Japan), Doosan Machine Tools Co., Ltd. (South Korea), Trumpf (Germany), Amada Machine Tools Co., Ltd (Japan), JTEKT Corporation (Japan), MAG IAS GmbH (Germany), Schuler AG (Germany), Makino (Japan), Hyundai WIA (South Korea), Komatsu Ltd. (Japan), Okuma Corporation (Japan), FANUC Corporation (Japan), Haas Automation Inc. (United States), Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan). These market players provide a level-playing competitive landscape.
March 2023: Phillips Machine Tools announces a collaboration with JFY International that covers a range of solutions which will expand the range of products for the customers dealing with metal processing.
Segmentation Table
Global Machine Tools Market Scope
Study Period 2017-2028
Base Year 2020
Forecast Period 2021-2028
Historical Period 2017-2019
Unit Value (USD Billion)
Segmentation Technology, Product, Application, Region
By Technology CNC (Computerized Numerical Control)
Conventional
By Product Metal Cutting
Metal Forming
By Application Automotive
General Machinery
Precision Engineering
Transport Machinery
Others (Energy, Electrical and etc.)
By Region North America (By Technology, Product, Application and Country)
- The US (By Application)
- Canada (By Application)
Europe (By Technology, Product, Application and Country)
- Germany (By Application)
- Russia (By Application)
- Italy (By Application)
- Rest of Europe
Asia Pacific (By Technology, Product, Application and Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific
The Middle East and Africa (By Technology, Product, Application and Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of the Middle East & Africa
Latin America (By Technology, Product, Application and Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America
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