Machine Tools Market (By Product: Laser Machines, Lathe Machines, Grinding Machines, Welding Machines, Winding Machines and Milling Machines; By Application: Construction Equipment, Automotive, Industrial, Aerospace & Defense, and Power & Energy; By Technology: CNC and Conventional) - Global Industry Analysis, Size, Share, Growth, Trends Analysis, Regional Outlook and Forecasts, 2023 - 2032
The global machine tools market size is predicted to hit around USD 139.69 billion by 2032 from USD 82.9 billion in 2022, growing with a CAGR of 5.9% during the forecast period 2023 to 2032.
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The Asia Pacific machine tools market size was estimated at USD 45.39 billion in 2023 and is expected to reach USD 75.40 billion by 2032, growing at a CAGR of 5.80% from 2023 to 2032.
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.
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.
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.
| Report Highlights | Details |
| Market Size in 2023 | USD 83.56 billion |
| Market Size by 2032 | USD 139.69 billion |
| Growth Rate from 2023 to 2032 | CAGR of 5.9% |
| Base year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Application, Technology |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Doosan Corporation, AMADA Co., Ltd., CHIRON Group SE, DMG MORI, Georg Fischer Ltd., HYUNDAI WIA CORP., JTEKT, Okuma Corporation, Komatsu Ltd. |
Lathe Machine Segment Reported Major Market Cut in 2022
Among different types of machine tools, lathe machines occupied the majority revenue share of 24% of the total market in 2022. This growth is credited to intensifying the implementation of lathe machines for applications including fillet making, turning, chamfering, and slot cutting. By technology, the CNC segment led the global market with a market share above 80% in 2022. 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 the advancement of engine technologies to cater the fuel efficiency directives and NCAP ratings worldwide. This will complement the re-tooling of the prevailing machining solutions. The progress in several vehicle segments around the world is anticipated to flourish the sales of machine tools.
The machine tool market is a key permitting area and backbone of any manufacturing industry which acts as a key discriminator to shape competitive advantage. Leading competitors contending in the 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.
Major Market Segments Covered:
By Type
By Application
By Technology
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions& Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Machine Tools Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Machine Tools Market
5.1. Covid-19: Machine Tools Industry Impact
5.2. Machine Tools Business Impact Assessment: Covid-19
5.2.1. Supply Chain Challenges/Disruption
5.2.2. Market Trends and Machine Tools Opportunities in the COVID-19 Landscape
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Machine Tools Manufacturers to deal with Covid-19 Pandemic Scenario
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Global Machine Tools Market: Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.1.1. Machine Tools Market Revenue by Manufacturer
7.1.1.2. Machine Tools Market Revenue Market Share by Manufacturer
7.1.1.3. Machine Tools Market Production by Manufacturer
7.1.1.4. Machine Tools Market Production Share by Manufacturer
7.1.2. Key Organic/Inorganic Strategies Adopted by Players
7.1.2.1. Product Portfolio Expansion, Capacity Expansion, Product Innovation
7.1.2.2. Merger and Acquisition, Collaboration and Partnerships
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Machine Tools Market, By Product Type
8.1. Machine Tools Market, by Product Type, 2023-2032
8.1.1. Laser Machines
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.1.2. Market Production and Forecast (2021-2032)
8.1.2. Lathe Machines
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.2.2. Market Production and Forecast (2021-2032)
8.1.3. Milling Machines
8.1.3.1. Market Revenue and Forecast (2021-2032)
8.1.3.2. Market Production and Forecast (2021-2032)
8.1.4. Grinding Machines
8.1.4.1. Market Revenue and Forecast (2021-2032)
8.1.4.2. Market Production and Forecast (2021-2032)
8.1.5. Welding Machines
8.1.5.1. Market Revenue and Forecast (2021-2032)
8.1.5.2. Market Production and Forecast (2021-2032)
8.1.6. Winding Machines
8.1.6.1. Market Revenue and Forecast (2021-2032)
8.1.6.2. Market Production and Forecast (2021-2032)
Chapter 9. Global Machine Tools Market, By Application
9.1. Machine Tools Market, by Application, 2023-2032
9.1.1. Construction Equipment
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.1.2. Market Consumption and Forecast (2021-2032)
9.1.2. Automotive
9.1.2.1. Market Revenue and Forecast (2021-2032)
9.1.2.2. Market Consumption and Forecast (2021-2032)
9.1.3. Aerospace & Defense
9.1.3.1. Market Revenue and Forecast (2021-2032)
9.1.3.2. Market Consumption and Forecast (2021-2032)
9.1.4. Power & Energy
9.1.4.1. Market Revenue and Forecast (2021-2032)
9.1.4.2. Market Consumption and Forecast (2021-2032)
9.1.5. Industrial
9.1.5.1. Market Revenue and Forecast (2021-2032)
9.1.5.2. Market Consumption and Forecast (2021-2032)
Chapter 10. Global Machine Tools Market, By Technology
10.1. Machine Tools Market, by Technology, 2023-2032
10.1.1. CNC
10.1.1.1. Market Revenue and Forecast (2021-2032)
10.1.1.2. Market Consumption and Forecast (2021-2032)
10.1.2. Conventional
10.1.2.1. Market Revenue and Forecast (2021-2032)
10.1.2.2. Market Consumption and Forecast (2021-2032)
Chapter 11. Global Machine Tools Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Production Forecast by Product (2021-2032)
11.1.2. Market Revenue and Consumption Forecast by Application (2021-2032)
11.1.3. Market Revenue and Consumption Forecast by Technology (2021-2032)
11.1.4. U.S
11.1.4.1. Market Revenue and Production Forecast (2021-2032)
11.1.4.2. Market Revenue and Consumption Forecast (2021-2032)
11.1.5. Canada
11.1.5.1. Market Revenue and Production Forecast (2021-2032)
11.1.5.2. Market Revenue and Consumption Forecast (2021-2032)
11.2. Europe
11.2.1. Market Revenue and Production Forecast by Product (2021-2032)
11.2.2. Market Revenue and Consumption Forecast by Application (2021-2032)
11.2.3. Market Revenue and Consumption Forecast by Technology (2021-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Production Forecast (2021-2032)
11.2.4.2. Market Revenue and Consumption Forecast (2021-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Production Forecast (2021-2032)
11.2.5.2. Market Revenue and Consumption Forecast (2021-2032)
11.2.6. France
11.2.6.1. Market Revenue and Production Forecast (2021-2032)
11.2.6.2. Market Revenue and Consumption Forecast (2021-2032)
11.2.7. Rest of EU
11.2.7.1. Market Revenue and Production Forecast (2021-2032)
11.2.7.2. Market Revenue and Consumption Forecast (2021-2032)
11.3. Asia Pacific (APAC)
11.3.1. Market Revenue and Production Forecast by Product (2021-2032)
11.3.2. Market Revenue and Consumption Forecast by Application (2021-2032)
11.3.3. Market Revenue and Consumption Forecast by Technology (2021-2032)
11.3.4. China
11.3.4.1. Market Revenue and Production Forecast (2021-2032)
11.3.4.2. Market Revenue and Consumption Forecast (2021-2032)
11.3.5. India
11.3.5.1. Market Revenue and Production Forecast (2021-2032)
11.3.5.2. Market Revenue and Consumption Forecast (2021-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Production Forecast (2021-2032)
11.3.6.2. Market Revenue and Consumption Forecast (2021-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Production Forecast (2021-2032)
11.3.7.2. Market Revenue and Consumption Forecast (2021-2032)
11.4. LATAM
11.4.1. Market Revenue and Production Forecast by Product (2021-2032)
11.4.2. Market Revenue and Consumption Forecast by Application (2021-2032)
11.4.3. Market Revenue and Consumption Forecast by Technology (2021-2032)
11.4.4. Brazil
11.4.4.1. Market Revenue and Production Forecast (2021-2032)
11.4.4.2. Market Revenue and Consumption Forecast (2021-2032)
11.4.5. Rest of LATAM
11.4.5.1. Market Revenue and Production Forecast (2021-2032)
11.4.5.2. Market Revenue and Consumption Forecast (2021-2032)
11.5. Middle East and Africa (MEA)
11.5.1. Market Revenue and Production Forecast by Product (2021-2032)
11.5.2. Market Revenue and Consumption Forecast by Application (2021-2032)
11.5.3. Market Revenue and Consumption Forecast by Technology (2021-2032)
11.5.4. GCC
11.5.4.1. Market Revenue and Production Forecast (2021-2032)
11.5.4.2. Market Revenue and Consumption Forecast (2021-2032)
11.5.5. North Africa
11.5.5.1. Market Revenue and Production Forecast (2021-2032)
11.5.5.2. Market Revenue and Consumption Forecast (2021-2032)
11.5.6. South Africa
11.5.6.1. Market Revenue and Production Forecast (2021-2032)
11.5.6.2. Market Revenue and Consumption Forecast (2021-2032)
11.5.7. Rest of MEA
11.5.7.1. Market Revenue and Production Forecast (2021-2032)
11.5.7.2. Market Revenue and Consumption Forecast (2021-2032)
Chapter 12. Company Profiles
12.1. Doosan Corporation
12.1.1. Company Overview, Business Information, Manufacturing Area
12.1.2. Product Portfolio Analysis
12.1.2.1. Product Details, Specification, Application
12.1.3. Revenue, Production Capacity, Price and Gross Margin
12.1.4. Recent Developments and Strategies
12.2. AMADA Co., Ltd.
12.2.1. Company Overview, Business Information, Manufacturing Area
12.2.2. Product Portfolio Analysis
12.2.2.1. Product Details, Specification, Application
12.2.3. Revenue, Production Capacity, Price and Gross Margin
12.2.4. Recent Developments and Strategies
12.3. CHIRON Group SE
12.3.1. Company Overview, Business Information, Manufacturing Area
12.3.2. Product Portfolio Analysis
12.3.2.1. Product Details, Specification, Application
12.3.3. Revenue, Production Capacity, Price and Gross Margin
12.3.4. Recent Developments and Strategies
12.4. DMG MORI
12.4.1. Company Overview, Business Information, Manufacturing Area
12.4.2. Product Portfolio Analysis
12.4.2.1. Product Details, Specification, Application
12.4.3. Revenue, Production Capacity, Price and Gross Margin
12.4.4. Recent Developments and Strategies
12.5. Georg Fischer Ltd.
12.5.1. Company Overview, Business Information, Manufacturing Area
12.5.2. Product Portfolio Analysis
12.5.2.1. Product Details, Specification, Application
12.5.3. Revenue, Production Capacity, Price and Gross Margin
12.5.4. Recent Developments and Strategies
12.6. HYUNDAI WIA CORP.
12.6.1. Company Overview, Business Information, Manufacturing Area
12.6.2. Product Portfolio Analysis
12.6.2.1. Product Details, Specification, Application
12.6.3. Revenue, Production Capacity, Price and Gross Margin
12.6.4. Recent Developments and Strategies
12.7. JTEKT
12.7.1. Company Overview, Business Information, Manufacturing Area
12.7.2. Product Portfolio Analysis
12.7.2.1. Product Details, Specification, Application
12.7.3. Revenue, Production Capacity, Price and Gross Margin
12.7.4. Recent Developments and Strategies
12.8. Okuma Corporation
12.8.1. Company Overview, Business Information, Manufacturing Area
12.8.2. Product Portfolio Analysis
12.8.2.1. Product Details, Specification, Application
12.8.3. Revenue, Production Capacity, Price and Gross Margin
12.8.4. Recent Developments and Strategies
12.9. Komatsu Ltd.
12.9.1. Company Overview, Business Information, Manufacturing Area
12.9.2. Product Portfolio Analysis
12.9.2.1. Product Details, Specification, Application
12.9.3. Revenue, Production Capacity, Price and Gross Margin
12.9.4. Recent Developments and Strategies
12.10. Makino
12.10.1. Company Overview, Business Information, Manufacturing Area
12.10.2. Product Portfolio Analysis
12.10.2.1. Product Details, Specification, Application
12.10.3. Revenue, Production Capacity, Price and Gross Margin
12.10.4. Recent Developments and Strategies
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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