Machine Tools market Overview
The metalworking manufacturing industry is diverse and covers a broad spectrum of smaller industry segments and asset types. Machine shops are the largest consumers of machine tools, which is driven by strong revival of downstream markets such as automotive, aerospace, oil and gas, construction, agriculture, and mining. The strong performance of metalworking facilities throughout 2018 resulted in a significant increase in machine tools consumption, as reflected in improved revenue of market players.
Global machine tools market is anticipated to grow with mid-single-digit CAGR during the forecast period (2019-2029) owing to increasing government efforts, especially in regional powerhouses of Asia Pacific, to boost in-house manufacturing activity. This is further augmented by rising focus of the world’s leading manufacturers towards establishment of manufacturing bases in developing economies to capture a strong foothold in the market.
Machine Tools Market Dynamics
Global machine tools market is driven by technological advancements such as AI-based automation and design flexibility that offers unprecedented versatility and productivity. Demand for machine tools remains positive, as, in both developed and developing markets, manufacturing sector holds a significant share in the economy.
Another factor that supports growth of machine tools market is government policies that support the manufacturing facility to boost the economic growth of the country. Policies like manufacturing USA, Make in India, Industrie 4.0, Industrie du Futur, and Made in China 2025 increased manufacturing activities in developing & developed countries, which is further anticipated to propel demand for machines tools.
Automotive and aerospace are the other key industries that have witnessed steady demand for machine tools. In the recent past, automotive sector has marked a revival amidst global slowdown. This is reflected in rampant increase in product, inadvertently increasing demand for components with advanced geometric designs. Air travel continues to be a preferred mode of travel, with an average growth rate of around 5-7% in air passengers reported in the previous year, and a similar trend expected to prevail over the forecast period. This is expected to lead to marked increase in investments by airlines in fleet expansion, in turn bolstering demand for machine tools in the near future.
Machine Tools Market Segmentation
For a better understanding, global machine tools market is being studied under Product, End Use & Region.
By product, global machine tools market is segmented as -
- Metal Cutting
- Machining Centers & Related
- Laser, EDM, & Related
- Grinding & Polishing Machines
- Other Metal Cutting
- Metal Forming
- Punching & Shearing Machines
- Bending & Forming Machines
- Other Metal Forming
- Accessories and Spare Parts
By End Use, global market for machine tools is segmented as –
- Transportation Equipment
- Electrical and Electronics Equipment
- Other End Use
By Regions, global machine tools market is analyzed under –
- North America
- Latin America
- East Asia
- South Asia
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Machine Tools Market Regional Overview
Rapidly growing manufacturing and industrial activities in the developing countries of Asia Pacific (including East Asia, South Asia & Oceania) is the primary factor which makes it the most significant market for machine tools. Government initiatives such as development of special economic zones, manufacturing clusters, smart cities, provision of subsidies & tax cut to manufacturing groups create a healthy environment for the industrial sector, are collectively anticipated to create robust opportunity in the region. Other factors such as reduction in import duties on raw material and export-related incentives on finished goods, machinery, and equipment are likely to spur growth in the region. North America and Europe follow close behind, with the regions characterized by presence of matured manufacturing sector, leading to moderate growth rate for machine tools market.
Machine Tools Market Competitive Landscape
The global machine tools market is moderately consolidated in nature, with the presence of large global players and small & medium regional players. In the global machine tools market, China remained a market leader in both demand & production, while Germany is touted as the world’s leading exporter. Many of the world’s leading manufacturers have a footprint in developing regions. For instance, various manufacturers in Taiwan, Japan, and Germany manufacturers are actively working towards establishing production base in China. Some of the prominent manufacturers in global machine tools market are Amada Holdings Co., Ltd, Aida Engineering, Ltd, DMG Mori Company, TRUMPF Group, Yamazaki Mazak Corporation, Shenyang Machine Tool, Doosan Infracore, Körber AG, GROB-WERKE GmbH, Schuler AG, CHIRON-WERKE GmbH, JTEKT Corporation, Komatsu Limited, Okuma Corporation, Makino Milling Machine, Gleason Corporation, Haas Automation, Dalian Machine Tool, and Hyundai WIA Corporation.
The research report presents a comprehensive assessment of the machine tools market and contains deep insights, facts, historical and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to machine tools market segments such as by product, by end use & region.
The Machine Tools Market report covers exhaustive analysis on:
- Machine Tools Market Segments
- Machine Tools Market Dynamics
- Machine Tools Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis for Machine Tools Market includes:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of Latin America)
- Europe (EU-4, BENELUX, Nordic, U.K., Eastern Europe, Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia (India, Malaysia, Thailand, Indonesia & rest of South Asia)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on machine tools market segments and geographies.
- Detailed overview of parent market
- Changing machine tools market dynamics in the industry
- In-depth machine tools market segmentation
- Historical, current and projected machine tools market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key machine tools players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on machine tools market performance
- Must-have information for machine tools market players to sustain and enhance their market footprint
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