Machine Tools Market Size (2022 - 2027)

The Global Machine Tools Market is estimated to be valued at USD 108 billion in 2022 and is expected to grow to reach around USD 164 billion by 2027, growing at a CAGR of 6.72% during the forecast period. The major factors that are driving the growth of the market are growing manufacturing industry and technological advancements in machine tools, such as multi axis and robotic arm. Growth in the demand for mass production in various industries like aerospace and defense, among other industries and industry verticals, is one of the major fact that was influencing the rising adoption of these machine tools. And the integration of Computer-Aided Manufacturing (CAM) in machine tools for reducing the required time to manufacture workpieces and for ensuring hassle-free production of micro components is another trend that was running in the target market. Moreover, players in the markets like manufacturers, who are working on enhancing the functionality of these tools by developing machine tools with automatic tool changing capabilities.

Drivers and Restraints of Global Machine Tools Market

The major factor that was driving the growth of the Global Machine Tools Market is the hard desire for achieving the higher productivity rates by reducing downtime among the industrial sector.

Also, rising demand for metal cutting tools along with the growing usage of metals in various industries is another factor that was boosting the growth of the target market.

Initiatives by various governments like Blue Philosophy, Blue Competence, and DEMAT, which are aimed to develop lightweight structures for machine tools, are expected to play a decisive role in creating the opportunities for the Global Machine Tools Market.

However, changes in the global economic conditions along with the expenditures in the manufacturing industry is the major restraint that was affecting the Global Machine Tools Market.

Further, growth in the capital expenditure in the automotive manufacturing sector is another factor that hampering the target markets growth. And the other factor that was hindering the growth of the machine tools market is the unexpected changes in the economic, political, or social circumstances and regulations of various countries.

MACHINE TOOLS MARKET REPORT COVERAGE

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Market Segmentation

Machine Tools Market - By Product Type 

• Milling Machines

• Drilling Machines

• Grinding Machines

• Electrical Discharge Machines

Among the type of product segmentation, milling machines segment is the leading segment. Growing metal cutting process across various industries is one of the major reasons for the growth of the segment. And the expansion of metalworking process industries, all around the world, was boosting the demand for these milling machines. Moreover, the advantages make these milling machines ideal for automotive, aerospace and defence, and railways industries which is another factor that was propelling the segment.

Machine Tools Market - By Automation Type

• CNC Machine Tools
• Conventional Machine Tools

Among these segments, growth in the demand for the CNC machine tools from the manufacturing companies for improvements in productivity and product innovation is the major reason for the growth of the CNC Machine Tools segment. Rising manufacturing sector which is leading to a rapid growth in demand specifically for the increasingly sophisticated CNC machines is another factor that was growing the segment.

Machine Tools Market - By Industry Segment

• Automotive and Transportation

• Sheet Metals

• Capital Goods

• Energy

Among the industry segments, Automotive and Transportation segment is the leading among the market. The major factor that was boosting the segment was the rising adoption of the integration of technologies such as AI, IOT, robotics, etc., which will serve the demands of the end users.

Machine Tools Market - By Sales Channel

• Events and Exhibitions
• Dealers and Distributors

Machine Tools Market Region Analysis

North America

• US
• Canada
• Mexico

Europe

• UK
• Germany
• France
• Rest of Europe

APAC

• China
• Japan
• India
• Rest of APAC

RoW

• South America
• Middle East
• Africa

In the geographical analysis, Asia Pacific Machine Tools Market is dominating the global machine tools market. The major factor that was driving the growth of the target market in the region is attributed to the rising number of metals cutting process industries across the region. And the existence of the most of the leading machine tool manufacturers such as OKUMA Corporation, Yamazaki Mazak Corporation, and DMG Mori is creating new trends among this region. And the growing investments in the automotive industry, oil & gas, and railways in the Asia Pacific region is another factor that was boosting the machine tools market in this region. Moreover, China is one of the major consumers of machine tools, which is driving the market in Asia Pacific.

Key Players of Market
1.    Doosan Machine Tools Co. Ltd. (Japan)
2.    AMADA Pvt. Ltd. (Japan)
3.    Makino (Japan)
4.    JTKET Corporation (Japan)
5.    Georg Fischer Ltd. (Switzerland)
6.    Komatsu NTC Ltd. (Japan)
7.    OKUMA Corporation (Japan)
8.    Hyundai WIA (South Korea)
9.    Schuler AG (Germany)
10.    Chiron Group SE (Germany)
11.    MAG IAS GmbH (Germany)
12.    GROB-WERKE GmbH & Co. KG (Germany)
13.    Haas Automation Inc. (USA)
14.    Gleason Corporation (USA)
15.    Spinner Machine Tools (Germany)
16.    Dalian Machine Tools Group Corporation (China)
17.    Yamazaki Mazak Corporation (Japan)
18.    DMG MORI (Germany)
19.    Electronica Hitech Engineering Pvt. Ltd. (India)
20.    Ace Micromatic Group (India)

Recent Developments 

• Kreon Ace has created a measuring arm with 3D scanner which inspects machined parts directly on machine tool during production, which is very capable of validating machine tolerances.
• AMADA Pvt. Ltd., one of the key players of the global machine tools market, has introduced FLW 3000 Ensis robotic fiber laser welding system, which offers high speed, minimal weld zone heat.