Pune, India, June 13, 2023 (GLOBE NEWSWIRE) -- The global machine tools market size was worth USD 111.36 billion in 2020. The market value is slated to rise from USD 113.26 billion in 2021 to USD 164.92 billion by 2028 at 5.5% CAGR during the forecast period. The growth of the market can be attributed to several factors, including the rising use of industrial automation, advancements in robotics, and an increase in additive manufacturing. The expansion of the aerospace industry also presents promising growth opportunities. Furthermore, the expanding application of 3-D printing in sectors like medical, defense, and automotive is expected to drive the growth of the machine tools market. This information is provided by Fortune Business Insights™ in its research report, titled “Machine Tools Market Forecast, 2021-2028”.
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Key Takeaway:
- Digital Transformation across Machine Tools is Harnessing the Demand for CNC Tools
- Metal Cutting Tools Segment to Dominate Backed by High Demand from Construction and Automotive Sectors
- Market Leaders Are Focusing on R&D Development for Better Equipment Performance
- The Asia Pacific market was valued at USD 53.83 billion in 2020. Asia Pacific holds the major share of the market.
As per the report, published by Fortune Business Insights, titled “Machine Tools Market Size, Share & COVID-19 Impact Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, & Others), and Regional Forecast, 2021-2028” the market stood at USD 111.36 billion in 2020. The report concentrates on all the aspects and features of the global machine tools market. It offers proficient insights and provides authentic data about all segments. It is put together after all-encompassing research and insightful analysis to aid key players, financers, stakeholders, potential investors, and backers. It is intended to give a brief overview to the readers. The study involves market trends, new developments, product launches, acquisitions & mergers, and collaborations.
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Report Coverage:
The report delivers an elaborate assessment of numerous customers’ journeys related to the industry, regions, and segments. At the same time, it provides multiple customer impressions about machine tools and their utilization. The analysis looks closer at their fears and pain points across various customer touch points. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to define customer experience maps catered to their requirements. They can refine customer experience and engagement with their own brands.
Machine Tools Market Segments:
Precision Engineering Segment Procured 14.9% Share in 2020: Fortune Business Insights™
Based on the technology, the market for machine tools is divided into computerized numerical control (CNC) and conventional. By-products, it is segregated into metal cutting and metal forming. Based on the application, it is fragmented into automotive, general machinery, precision engineering, transport machinery, and others. Out of these, the precision engineering segment generated 14.9% in terms of the machine tools market share in 2020. This growth is attributable to the high demand from a wide range of industries, such as marine, medical, and semiconductors.
Regional Insights-
Governmental Campaigns to Promote Manufacturing Sector Will Favor Growth in Asia Pacific
Regionally, Asia Pacific held USD 58.83 billion in 2020 in terms of revenue. The rising government initiatives to enhance a large number of industries would drive growth in this region. The ‘Make in India’ campaign, for instance, is aimed to provide tax benefits and foreign direct investments (FDI) to the manufacturing sector in the country. China is expected to showcase the highest growth in the forthcoming years on account of the expansion of the manufacturing sector. In North America, on the other hand, the market is likely to exhibit considerable growth in the market for machine tools fueled by the surging R&D activities occurring in the U.S.
Competitive Landscape-
Key Players Focus on R&D Activities to Deliver Novel Products to Their Customer Base
The global market for machine tools contains various manufacturers that are currently aiming to bring about the Fourth Industrial Revolution. Therefore, they are creating innovative products through extensive R&D activities. Some of the others are providing unique features to their customers through smartphone apps.
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Drivers & Restraints
Increasing Shift of Manufacturers towards Additive Manufacturing to Aid Growth
The increasing additive manufacturing activities across the globe is anticipated to propel the machine tools market growth in the upcoming years. Nowadays, manufacturers are inclining towards rapid and cost-effective production processes. It is further leading to the higher usage of additive manufacturing. However, frequent and unexpected changes in social, political, and economic circumstances of a specific country may obstruct the demand for machine tools.
List of Key Players Mentioned in the Report:
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools Co., Ltd. (South Korea)
- Trumpf (Germany)
- Amada Machine Tools Co., Ltd (Japan)
- JTEKT Corporation (Japan)
- MAG IAS GmbH (Germany)
- Schuler AG (Germany)
- Makino (Japan)
- Hyundai WIA (South Korea)
- Komatsu Ltd. (Japan)
- Okuma Corporation (Japan)
- FANUC Corporation (Japan)
- Haas Automation Inc. (United States)
- Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan)
- BIG KAISER Precision Tooling Inc (United States)
- Kennametal (United States)
- Nachi-Fujikoshi Corp (Japan)
- OSG USA, INC (United States)
- Sandvik AB (Sweden)
- Ceratizit S A (Luxembourg)
- Dewalt (United States)
- Fraisa SA (Switzerland)
- Guhring, Inc (United States)
- Kilowood Cutting Tools (China)
- Xiamen Golden Egret Special Alloy Co Ltd (China)
- Zhuzhou Cemented Carbide Cutting Tool Co Ltd (China)
- Tiangong International Co, Limited (China)
- Ingersoll Cutting Tool Company (United States)
- Sumitomo Electric Hartmetall GmbH (Germany)
- Kyocera Unimerco (Denmark)
- ISCAR LTD (Israel)
Recent Development of the Machine Tools Market:
August 2020: Hurco introduced a new range of CNC turning centers with live tooling for any turret station. The new CNC system uses a multi-core CPU that allows high-resolution graphics on the screen, comparable with those on hurco's machining center control
May 2020: Mazak Corporation is focusing on expanding its presence across the Portuguese market by establishing a new sales channel. The new sales operation, based in Porto, aims to support Mazak’s distributor, Normil.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Technology (Value)
- North America Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (Value)
- United States
- Canada
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Europe Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (Value)
- U.K.
- Germany
- Italy
- Russia
- Rest of Europe
- Market Sizing Estimations and Forecasts – By Technology (Value)
FAQ’s
How much was the Machine Tools Market worth in 2020?
Fortune Business Insights says that this market stood at USD 111.36 billion in 2020.
What was the revenue of the Asia Pacific region in 2020?
The revenue of the market in Asia Pacific in 2020 was USD 58.83 billion.
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