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I AgreeAnalysis of Machine Tools market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global machine tools market garnered a market value of US$ 66.15 Billion in 2022 and is expected to accumulate a market value of US$ 107.75 Billion by registering a CAGR of 5% in the forecast period 2022-2032.
Growth of the market can be attributed to technological improvements in machine tools, such as robotic and multi-axis arms, as well as the growth in the manufacturing industry. The market for machine tools registered a CAGR of 3% in the historical period 2017-2021.
Report Attributes |
Details |
---|---|
Anticipated Base Year Value (2021) |
US$ 63 Billion |
Expected Market Value (2022) |
US$ 66.15 Billion |
Projected Forecast Value (2032) |
US$ 107.75 Billion |
Global Growth Rate (2022-2032) |
5% CAGR |
Expected Market Share of Nort America Market (2032) |
30% |
Major Mechanic Tools Providers |
|
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The machine tools market registered a CAGR of 3% in the historical period 2017-2021. In the upcoming assessment period, the market for machine tools is expected to register a positive CAGR of 5% by accumulating a market value of US$ 107.75 Billion.
Although the COVID-19 pandemic affected the demand for machine tools owing to the non-functioning of various end user sectors, the demand is expected to surge due to the automotive sector. In addition, the cutting metals segment along with technological advancement is positively influencing the demand for machine tools.
Automotive & Transportation Segment to Remain Key End User, Electrical & Electronics Catching Up
The machine tools industry is currently growing steadily. Products such as numerical control is helping in aiding the production of uniform products. These tools aid in abrading, molding, grinding, sculpting, cutting, drilling, and nibbling metal or other hard materials.
They also aid in reducing the amount of human labor necessary while cutting and increasing overall production. The defense, aerospace, and automobile sectors in the U.S. have been the primary drivers of demand for metal forming machine tools, as the need for fabricated metal products is significant in these industries.
Thus, the expansion of the aforementioned industries is expected to drive product demand over the projection period. On the other hand Electrical & Electronics segment is foreseen to grow 1.8X faster as compared to machinery segment by 2032.
Manufacturing sectors influencing machine tools industry growth
The industry 4.0 movement is gaining traction in the manufacturing sector, and it is also influencing the industry to become a component of smart systems. Industry 4.0 has the potential to enhance machine tool utilization in manufacturing operations by reducing idle time, which is likely to boost demand for these products over the forecast period.
The market is also driven by the rising demand for fabricated metals in the U.S and the high demand for Electric Vehicles (EVs), self-driving cars, and trucks are boosting the use of these products in the country. This, in turn, is anticipated to propel the product demand over the forecast period.
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Import duties affecting sales of machine tools market
Import duties on raw materials is a major factor hindering the growth of machine tools market. Exportation of metal components along machinery has affected the machine tool industry and the export of machine tools. In addition, growing number of competitors in the low?quality segment are affecting the growth of the market.
Attributes |
Machine tools Market |
CAGR (2022-2032) |
5% |
Market Value (2032) |
US$ 107.75 Billion |
Growth Factor |
Demand from automotive sector is bolstering the sales of machine tools. |
Opportunity |
Use of cutting metals machine tools from end user sectors across the globe is creating lucrative opportunities for machine tools market. |
Attributes |
Portable Tools Market |
CAGR (2022-2032) |
4.2% |
Market Value (2032) |
US$ 121.6 Billion |
Growth Factor |
Increasing demand for healthcare safety is creating lucrative opportunities for portable tools. |
Opportunity |
Technological advancements in healthcare safety kits is fueling the growth of portable tools market. |
Attributes |
Data Automation Tools Market |
CAGR (2022-2032) |
15.1% |
Market Value (2032) |
US$ 5.3 Billion |
Growth Factor |
Organizations are adopting the ‘do-it-yourself’ method which is expected to drive the market significantly during the forecast period. |
Opportunity |
Increasing penetration of AI and machine learning solutions in the healthcare sector can further augment the demand for data annotation tools in the coming time. |
Low cost of machine tools creating lucrative opportunities for 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 2032
Presence of end user sectors and production of electric cars creating lucrative opportunities for machine tools
Machining centers in North America are anticipated to contribute to the regional market growth over the projected period as a result of the ongoing trend toward higher-value goods. In addition, the increased product demand in industries, such as aerospace & defense, automotive, and oil and energy.
Electric car and van sales augmented dramatically in 2020, according to the European Environment Agency (EPA). Thus, increased investments in the EV sector are predicted to benefit the electric car market, thereby driving the product demand. Thus, North America is expected to possess 30% market share for machine tools market.
Country | CAGR |
China |
4% |
U.S. |
5% |
India |
3.5% |
Canada |
4% |
Increasing sales of passenger vehicles boosting sales of machines tools in automotive industry
Machine tools are widely used to fabricate gearbox cases, aluminum drive housings, flywheels, piston rods, wheels, water pumps, engine blocks, engine cylinder heads, transmissions, transmission housings, and other equipment. In addition, the technological advancements in the automotive sector is fueling the growth of the machine tools market.
With increasing demand for passenger and electric vehicles, the demand for machine tools is expected to increase. Based on the end-user segment, the automotive segment is expected to possess 35% market share by gaining US$ 7.5 Billion during the forecast period.
Vast use of machine cutting tools increasing dependency on metal cutting
Turning machine tools in the metal cutting segment accounted for a significant revenue share in 2021. The ability to turn machine tools to make a variety of items, such as airplane parts, electric motor parts, nuts, crankshafts, train components, pistons, wooden bowls, sleeves, bolts, pump parts, and others is expected to enhance their demand.
Milling machining is a common production process used in machine shops and industries to create high-precision products and parts in a wide range of forms and sizes. The need for milling machines is predicted to increase due to benefits, such as reduced human errors, exact cuts, high precision, and the ability to make individual components in small or big batches. Thus, by type, metal cutting is expected to account for more than 80% in 2022.
Key start-up players in the machine tools market are Ioticiti, Minto, Elemental Machines, RoboticsX and Weeve
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,
Key players in the machine tools market are DMG MORI CO., LTD, Amada Holdings Co., Ltd, AIDA ENGINEERING, LTD., Schuler Group, JTEKT Corporation, Okuma Corporation, Makino Milling Machine Co., Ltd, Hyundai Wia Corporation, Komatsu Limited, TRUMPF Group, GROB-WERKE GmBH & Co. KG, Doosan Machine Tools, Gleason Corporation, Yamazaki Mazak Corporation, Chiron-Werke GmBH & Co. KG, Haas Automation, Inc, United Grinding Group, Dalian Machine Tool Group and Shenyang Machine Tool Co., Ltd
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In 2032, machine tools market worth is poised to reach US$ 107.75 Billion.
North America is expected to possess 30% market share for machine tools market.
Asia Pacific is projected to account for 3/5th of the overall absolute dollar opportunity created through 2032.
China, U.S., and India will flourish at a CAGR of 12.5% combined until 2032.
Automotive sector is expected to possess 35% market share by gaining US$ 7.5 Billion during the forecast period.
From 2022-2032, Fact.MR expects machine tools revenue to flourish at a 5% CAGR.
Metal cutting is expected to dominate the industry and account for the largest revenue share of more than 80% in 2022.
Fact.MR foresees machine tools demand to reach US$ 66.15 Billion in 2022.
As of 2021, the machine tools market was worth US$ 63 Billion.