Lewes, Delaware, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Machine Tools Market Size is projected to grow at a CAGR of 5.30% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 91.06 Billion in 2023 and is expected to reach USD 137.64 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Machine Tools Market Size”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2018-2031 |
| GROWTH RATE | CAGR of ~5.30% from 2024 to 2031 |
| BASE YEAR FOR VALUATION | 2023 |
| HISTORICAL PERIOD | 2018-2022 |
| FORECAST PERIOD | 2024-2031 |
| QUANTITATIVE UNITS | Value in USD Billion |
| REPORT COVERAGE | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| SEGMENTS COVERED |
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| REGIONS COVERED |
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| KEY PLAYERS |
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| CUSTOMIZATION | Report customization along with purchase available upon request |
Machine Tools Market Overview
Industrial Automation Surge: The Machine Tools Market is witnessing strong growth as a result of the increase in industrial automation. Companies are embracing automated machinery to boost productivity and accuracy, leading to a growing need for cutting-edge machine tools. This trend is greatly enhancing market growth by promoting increased efficiency and productivity in manufacturing processes.
Precision Engineering Advancements: Progress in precision engineering is driving the growth of the Machine Tools Market. Advancements in CNC technology and additive manufacturing have opened up new possibilities in the production of precise and intricate components, meeting the rigorous demands of industries such as aerospace, automotive, and healthcare. The level of precision required is essential for staying ahead of the competition and meeting the demands of the market.
Rising Demand from Automotive Sector: The increasing need for top-notch, tailored parts in the automotive industry is a significant factor propelling the Machine Tools Market forward. With the constant push for innovation in the automotive industry, the demand for advanced machine tools capable of producing intricate parts is on the rise. The growth of this industry greatly contributes to the expansion of the market.
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High Initial Investment Costs: The high initial investment cost is a significant constraint on the Machine Tools Market. Acquiring state-of-the-art machinery and incorporating automation can be quite costly, posing a challenge for small and medium-sized enterprises (SMEs). This financial challenge has the potential to hinder market growth by restricting the rate at which new products or services are being adopted.
Skilled Labor Shortage: The Machine Tools Market is facing a significant challenge due to a shortage of skilled labor. Running and managing sophisticated machine tools demands specific expertise, and the current shortage of skilled workers is hindering productivity and efficiency. This shortage may result in the underutilization of equipment, which can have a negative impact on the overall market growth.
Raw Material Price Fluctuations: Dealing with fluctuating raw material prices is a constant challenge in the Machine Tools Market. As a business owner, it's important to be aware of the fluctuations in the costs of metals and other essential materials. These changes can have a significant impact on your production expenses and ultimately affect your profit margins. This level of volatility poses a significant challenge for manufacturers who are trying to make long-term investment plans, which in turn hampers the overall growth of the market.
Geographic Dominance:
The Asia-Pacific region has a strong hold on the Machine Tools Market, thanks to its rapid industrialization, thriving manufacturing sector, and substantial investments in automation technologies. This dominance is particularly evident in countries such as China, Japan, and South Korea. Geographical dominance has a positive impact on market growth, as it attracts global players and encourages innovation. However, it also generates fierce competition and pricing pressures, which can pose challenges for smaller market participants and impact global market dynamics.
Machine Tools Market Key Players Shaping the Future
Major players, including Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., Amada Machine Tools Co. Ltd., JTEKT Corporation, Hyundai WIA, Okuma Corporation, Mitsubishi Heavy Industries Machine Tool Co., Machine Tools India Ltd., Kennametal, United Drilling, Trumpf, Ceratizit S A, Dewalt, Fraisa SA, Guhring, Inc., Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Tiangong International Co. Limited., Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, ISCAR LTD. and more, play a pivotal role in shaping the future of the Machine Tools Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Machine Tools Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Machine Tools Market into Technology, Service Type, End-User Industry, And Geography.
- Machine Tools Market, by Technology:
- Computerized Numerical Control (CNC)
- Conventional
- Machine Tools Market, by Service Type:
- Metal Cutting
- Metal Forming
- Machine Tools Market, by End-User Industry:
- Aerospace
- Medical
- Semiconductor
- Automotive and Transportation
- Capital Good
- Energy and Power
- Sheet Metals
- Machine Tools Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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