Machine Tools Market
Machine Tools Market Analysis By Product Type (Metal Cutting, Machining Centres & Related Laser, EDM, & Related Lathes, Metal Forming, Presses, Punching & Shearing Machines & Metal Bending & Forming Machine Tools) By End-Use and By Region – Global Market Insights 2020 to 2030
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).
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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.
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.
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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
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.
By Product Type :
- Metal Cutting
- Machining Centres & Related
- Laser, EDM, & Related
- Other Metal Cutting
- Metal Forming
- Punching & Shearing Machines
- Bending & Forming Machine
- Other Metal Forming
By End-Use :
- Automotive & Transportation
- Electrical & Electronics
- General Manufacturing & Others
By Region :
- North America
- Latin America
- East Asia
- South Asia
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