The global machine tools market size is predicted to hit around US$ 115 billion by 2030 from US$ 78.7 billion in 2020, growing with a CAGR of 4.4% during the forecast period 2021 to 2030.
Crucial factors accountable for market growth are:
Key market Insights:
Machine tools are vital and significant equipment employed in manufacturing industry for elementary and precision processing/engineering work. These are characterized with the help of high unit price, long operating life, high involving assembly and technology of number of components and important parts. Machine tools are serving tractors, automobile, bearings, railways, defense, power, and general engineering businesses and crediting suggestively in the development of manufacturing segment.
The machine tools sector bids numerous prospects for investment. Given the present gap between supply and demand, there is a strong necessity for adding capacities in this area. The market is moving towards progressively sophisticated CNC machines, motivated by demand from crucial user sections like aerospace, consumer durables and automobiles among others. Machine tool manufacturers must develop competences to furnish this demand and investments in this area could profit long term paybacks. Machine tool is an integral part of manufacturing industry that directly impacts the economy of the any country. Development in manufacturing industry has led to the demand for automatic machine tools which is anticipated to prosper the growth of CNC machine tools market. Automatic machine tools augment the productivity, eradicate human mistake and are more effectual than traditional machine tools.
COVID-19 Impact on Global Machine Tools Market
Emergence of coronavirus disease has impacted the globe economy. Due to lockdown situations most of the key players in the global machine tools market forced to the shutdown their manufacturing facilities. Further, sales as well as production of the automotive has been stopped which has directly affected on the target market industry. Major industries including automotive, energy affected due to the distribution in the supply chain as well as lockdowns worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity. Also, the key supplies in the target market are coming back to the work in order to accomplish their previous order by following government norms.
Future of Global Machine Tools Market
Increasing focus on the production of the electrical vehicles is expected to fuel growth global machine tools industry in the near future. Heavy investment from the global EV’s as well as automakers, coupled with increasing concerns related to the environmental pollution are expected to drive growth of the electrical vehicles in the near future. Further, the machine tool industry is expected to advancements in the software’s and hardwires in the coming years. Some of the major trends the target industry is anticipated see includes advancements into the CNC software along with Internet of thing (IoT) ready machines and automation in it. Moreover, it will include smart features as well as network. Also, inclusion of the artificial intelligence (AI) to the machine tool is expected to create potential opportunities in the global machine tool industry during the forecast period.
Lathe Machine Segment Reported Major Market Cut in 2020
Among different types of machine tools, lathe machines occupied majority revenue share of 24% of the total market in 2020. This growth is credited to intensifying implementation of lathe machines for applications including fillet making, turning, chamfering and slot cutting. By technology CNC segment led the global market with a market share above 80% in 2020. This is on account of be rising need to decrease the manpower, operating costs, and faults in the components manufactured in sectors including automotive and aerospace & defense among others.
Automotive is Projected to Govern the Machine Tools Market Revenue
Primary manufacturing sectors such as aerospace and defense, automotive, railways, consumer durable and capital goods have a huge demand for machine tools. The automotive sector is implementing the integration of technologies like IOT, AI, robotics, and others which will aid the demands of the consumers. Foremost efforts are made for advancement of engine technologies to cater the fuel efficiency directives and NCAP rating worldwide. This will complement to the re-tooling of the prevailing machining solutions. The progress in several vehicle segments around the world is anticipated to flourish the sales for machine tools.
Asia Pacific is Estimated to be the Largest Market for Machine Tools
Asia Pacific is now being perceived as the future destination for universal machine tool market and it is predictable that subsequent few years will be the years of renaissance for all principal Asian machine tool companies. Stake of Asian nations in global production augmented to more than 60% in 2012 and is well on course to accomplishing a more than two-third share at present. Since previous decade, China has conquered the world in complete consumption of machine tools across the world.
Top Players contending in the Market:
Machine tool market is a key permitting area and back bone of any manufacturing industry which acts as a key discriminator to shape competitive advantage. Leading competitors contending in global machine tools market are as follows:
In order to better recognize the current status of acceptance of machine tools, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the machine tools market. This research study provides qualitative and quantitative perceptions on machine tools market and assessment of market size and growth trend for potential market segments.
Key Market Developments:
Major Market Segments Covered:
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