Machine Tools Market Size & Growth Analysis to 2030

The global machine tools market size is anticipated to register a significant CAGR of over 4% during the forecast period 2021 to 2027. By product type, the lathe machine is one of the segments is accounted to hold the largest revenue share in 2020 owing to the increasing adoption of the product. Based on the end-use, the automotive segment held the largest revenue share of the market due to the increasing demand for the product in the automotive industry in various applications. Geographically, the Asia Pacific dominated the global market with more than one-third market share in 2020 and is expected to maintain its dominance over the forecast period.

The fast-growing manufacturing industry and technological advancement in machine tools are some major factor to drive the global machine tools market positively. Furthermore, the increasing demand for mass production coupled with higher productivity and focus to reduce downtime in industries is further anticipated to fuel the market growth. The innovation in machine technologies such as robotic arms, CNC machines, and the integration of CAM (Computer-Aided Manufacturing) in machine tools is anticipated to boost the market over the forecast period.

Market Drivers:

Industrial Automation and Manufacturing Technology Advancements: The increasing adoption of industrial automation and the advancements in manufacturing technologies drive the demand for machine tools. Automation requires efficient and precise machining processes, which are facilitated by advanced machine tools. Industries such as automotive, aerospace, electronics, and general manufacturing rely heavily on machine tools to achieve higher productivity, accuracy, and cost efficiency.

Growing Demand for Customization and Complex Manufacturing: As customer demands for customized and complex products increase, manufacturers require versatile and advanced machine tools to meet these demands. Machine tools with multi-axis capabilities, computer numerical control (CNC) systems, and advanced software integration enable manufacturers to produce intricate and customized components efficiently. The ability of machine tools to handle complex manufacturing processes drives their demand across various industries.

Expansion in Industrial Infrastructure and Manufacturing Facilities: The growth and expansion of industrial infrastructure and manufacturing facilities worldwide contribute to the demand for machine tools. As new manufacturing facilities are established or existing ones undergo modernization, there is a need for high-quality machine tools to support production processes. Emerging economies, in particular, are investing in industrial infrastructure, driving the growth of the machine tools market.

Advancements in Machining Techniques and Materials: The continuous advancements in machining techniques and materials drive the demand for machine tools. New materials, such as composites and advanced alloys, require specialized machining processes and tools. Machine tools that can handle these materials effectively, such as high-speed machining centers and precision grinding machines, are in high demand. The development of new machining techniques, such as additive manufacturing, also creates opportunities for specialized machine tools.

Automotive and Aerospace Industries: The automotive and aerospace industries are major consumers of machine tools. These industries require high-precision machining for components and parts with strict quality and performance standards. As the automotive and aerospace sectors continue to grow and evolve, the demand for advanced machine tools, including CNC machining centers, turning machines, and grinding machines, increases.

Adoption of Industry 4.0 and Smart Manufacturing: The adoption of Industry 4.0 principles and smart manufacturing concepts drives the demand for advanced machine tools. Integration of machine tools with sensors, connectivity, and data analytics enables real-time monitoring, predictive maintenance, and process optimization. Smart machine tools equipped with IoT (Internet of Things) capabilities and data-driven insights enhance productivity, efficiency, and cost-effectiveness in manufacturing processes.

Government Initiatives and Investments: Governments worldwide are investing in manufacturing infrastructure and promoting industrial development through various initiatives. These initiatives include subsidies, tax incentives, and funding programs that encourage manufacturers to adopt advanced technologies and upgrade their machine tools. Government support and investments create a favorable market environment and drive the growth of the machine tools market.

Market Snapshot:

Market Insights:

The global machine tools market is bifurcated into type, technology, end-use, and geography. On the basis of type, the market is further segmented into lathe machines, milling machines, laser machines, grinding machines, and others. The lathe machine segment dominated the global market in 2020 and is estimated to hold the largest market share of over one-fourth of the market. The segment growth is attributed to the growing adoption of the product in various applications such as turning, cutting, chamfering due to its high accuracy and low intervention of human. On the other hand, the laser machine segment is accounted to register the highest CAGR over the forecast period.

On the basis of end-use, the market is bifurcated into automotive, aerospace & defense, construction equipment, power & energy, industrial, and others. The automotive segment held a significant share of the global machine tools market and is estimated to grow at the same trend over the forecast period. The rapid growth in the automotive industry in various developing economies is a factor to drive the segment growth. Furthermore, the increasing demand for CNC in the automotive industry is further anticipated to boost the market growth in the automotive end-use industry.

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The machine tools comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The machine tools market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Lathe Machines
• Milling Machines
• Laser Machines
• Grinding Machines
• Welding Machines
• Winding Machines
• Others

By Technology:

• Computer Numerical Control (CNC)
• Conventional

By End-Use Industry:

• Automotive
• Aerospace & Defense
• Construction Equipment
• Power & Energy
• Industrial
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, the Asia Pacific dominated the global machine tools market in 2020 and is estimated to hold the largest revenue share of over one-third of the market. The growing industrialization and the increasing number of small and medium-size organizations are some major factors to drive the market growth in the region. Furthermore, the supportive government initiatives and the increasing investment in manufacturing sectors are further anticipated to boost the market in the Asia Pacific. In contrast, North America is anticipated to grow at the fastest growth rate over the forecast period due to the increasing demand for machine tools from various end-use industries such as automotive, aerospace & defense, and the energy sector.

Competitive Assessment:

Some of the major market players operating in the global machine tools market are AMADA Co., Ltd., DMG MORI, CHIRON Group SE, Georg Fischer Ltd., and Doosan Corporation. In 2020, Doosan Machine Tools came up with a high-precision vertical machining center for mold machining with the MP6500 series product. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• AMADA Co., Ltd.
• DMG MORI
• CHIRON Group SE
• Georg Fischer Ltd.
• Doosan Corporation
• JTEKT
• HYUNDAI WIA CORP.
• Makino
• Komatsu Ltd.
• Okuma Corporation

Key Questions Answered by Machine Tools Market Report

• Global machine tools market forecasts from 2021-2027
• Regional machine tools market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Machine tools submarket forecasts from 2021-2027 covering the market by type, by technology, by end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the machine tools market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level machine tools markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the machine tools market