Machine Tools Market Poised to Grow 1.4X Through 2030
The global market for machine tools is estimated to witness slow growth over the next couple of years attributed to COVID-19 pandemic. The COVID-19 pandemic has had a swift and severe impact on the global machine tools market with significant disruption in imports from China.
Riding on the back of the aforementioned trends, Fact.MR’s report estimates that global machine tools market will expand by 1.4X in terms of value and will grow at a CAGR of ~3.3% during the forecast period (2020-2030).
Automotive & Transportation Segment to Remain Key End User, Electrical & Electronics Catching Up
The COVID-19 outbreak has exposed several challenges for the automotive sector. For Instance, China witnessed a significant drop in production as compared to the previous year. Production shortfalls resulting from supply chain disruptions in China are foreseen to impact global automakers which will directly impede sales of machine tools in the global market.
The global machine tools market is estimated to create an absolute $ opportunity worth US$ 26 Bn by the end of 2030. Among all end-use applications, the automotive and transportation segment is estimated to account for nearly 1/3rd of the overall value opportunity created across the forecast duration. On the other hand Electrical & Electronics segment is foreseen to grow 1.8X faster as compared to machinery segment by 2030.
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East Asia to Remain Frontrunner in Machine Tools Market
East Asia is estimated to hold 2/5th of the overall market value followed by Europe. Growth in industrialization coupled with high automotive demand after the recovery from the COVID-19 pandemic is foreseen to create a surge in consumption for machine tools. Optimistic industrial growth has been witnessed in emerging Asian countries such as China, India, and Indonesia among others.
This will pave way for significant opportunities for the machine tools manufacturers in the Asia Pacific region. Furthermore, China manufactures machine tools at a low cost as compared to the U.S., Germany and Japan.
Therefore a significant number of customers are poised to import machine tools from China. Collectively, East and South Asia are projected to account for 3/5th of the overall absolute dollar opportunity created through 2030.
New Product Launches: Key Growth Influencers in Machine Tools Market
The global market for machine tools is highly fragmented with the presence of a large number of local and regional players. The industry players are focusing on launching new products as per the dynamic industry needs as a key strategy to strengthen their market footprint and better serve the needs of consumers. For instance,
- In 2020, Doosan Machine Tools came up with MP 6500 series product with a high precision vertical machining center for mold machining. This machine features enhanced stability and spindle rigidity to boost user convenience and improved quality
- In 2020, Doosan Machine Tools introduced a new large-sized horizontal turning center. The newly developed product provides machining functions ranging from 2-Axis up to Y-axis machining which are suitable for machining large workpieces
- In 2019, Makino Milling Machine Co., Ltd. has introduced a new Wire EDM machine - U 6 H.E.A.T. Extreme. The new wire coated technology increases rough machining rates up to 300% without increasing manufacturing costs
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Impact of COVID-19 on Global Machine Tools Market
The novel COVID-19 pandemic has hit almost every region of the world. The pandemic has caused a severe impact to the machine tools imports & exports in many leading countries. At the same time prominent manufactures are determining different ways to deal with the possible supply chain disruption in the global machine tools market. The exogenous shock by this global pandemic is foreseen to amplify the existing downshift in the machine tool demand.
As per the recent report published by Fact.MR, under the optimistic scenario, the global machine tools demand is estimated to undergo significant recovery by end of the second quarter. Furthermore, under the pessimistic scenario the global machine tool market demand curve is foreseen to witness a dip by the end of 2020 and foreseen to stabilize in next couple of years.
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Key Segments of the Machine Tools Market
Fact.MR’s study on the Machine Tools market offers information divided into three key segments-product type, end-use, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Metal Cutting
- Machining Centres & Related
- Laser, EDM, & Related
- Other Metal Cutting
- Metal Forming
- Punching & Shearing Machines
- Bending & Forming Machine
- Other Metal Forming
- Automotive & Transportation
- Electrical & Electronics
- General Manufacturing & Others
- North America
- Latin America
- East Asia
- South Asia
Global Machine Tools Market - Scope of the Report
Fact.MR recently published a market study on the global market for Machine Tools. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the machine tools market structure. The market study presents exclusive information about how the Machine Tools market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the machine tools market in the forecast period.
The study is relevant for stakeholders in the machine tools market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the machine tools market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the machine tools market. It also offers actionable insights based on future trends in the machine tools market. Furthermore, small businesses and new entrants in the machine tools market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR’s Machine Tools Market Report
- Which regions will continue to remain the most profitable regional markets for machine tools market players?
- Which factors will induce a change in the demand for machine tools during the assessment period?
- How will changing trends impact the machine tools market?
- How can market players capture the low-hanging opportunities in the machine tools market in developed regions?
- Which companies are leading the machine tools market?
- What are the winning strategies of stakeholders in the machine tools market to upscale their position in this landscape?
Machine Tools Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the machine tools market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the machine tools market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.