Global Machine Tools Market

Machine Tools Market Size, Share, Growth Analysis, By Type(Lathe Machines, Milling Machines, Laser Machines, Grinding Machines), By Technology(Computer Numerical Control (CNC), Conventional), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20I2151 | Region: Global | Published Date: June, 2024
Pages: 165 |Tables: 66 |Figures: 75

Machine Tools Market Insights

Machine Tools Market size was valued at USD 83.16 billion in 2022 and is poised to grow from USD 87.94 billion in 2023 to USD 137.43 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

Machine tools are used for drilling, shearing, cutting, grinding, and other types of deformation during manufacturing or molding metal and other hard materials. A variety of tools that perform cutting and other deformation processes are combined with machine tools. All machine tools have some method of limiting the workpiece in addition to the guided movement for the parts.

Machine tools are currently driven by electric or hydraulics rather than by human beings. Manufacturers of machine tools concentrate on creating items that require less maintenance. There are essentially two types of machine tools: CNC and conventional. Due to their great efficiency, productivity, and precision, CNC machine tools are now favored by consumers or end-users more than other types of tools.

Many sectors, including those in the automobile, aerospace, electronics, precision engineering, etc., use machine tools. The main forces behind market growth are the ongoing expansion of these businesses and the search for new energy resources.

US Machine Tools Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 83.16 billion

Largest Segment

lathe machines

Fastest Growth

lathe machines

Growth Rate

5.7% CAGR

global machine tools market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)

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Machine Tools Market Segmental Analysis

The global machine tools market segmentation is based on type, technology, and region. Based on type the market is segmented into lathe machines, milling machines, laser machines, grinding machines, welding machines, winding machines, and others. Based on technology the market is segmented into computer numerical control (CNC) and conventional. Based on region the global machine tools market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Machine Tools Market Analysis by Type

In 2021, with a market share of almost 27 %, the lathe machines category led the market. The necessity for automated lathe machines has been sparked by the widespread acceptance of lathe machines in manufacturing and repairing facilities due to their numerous functions, including knurling, sanding, drilling, filleting, and chamfering.

During the projection timeframe, the milling machines sector is estimated to have the largest CAGR. Milling machines enable businesses to cut down on waste while producing goods of excellent quality more quickly. Organizations are using milling machines to reduce overall operating costs as industrial activity expands.

Machine Tools Market Analysis by Technology

In 2021 with a revenue share of more than 88%, the CNC segment led the global machine tools market. The usage of CNC machines has increased as a result of factors including the growing need for more efficiency and precision in complicated machining goods and decreased operational expenses in sectors like aerospace, automotive, and defense. The precision of CNC machines guarantees consistent product quality, which boosts production efficiency. Additionally, CNC machines automate the use of machine tools, which eliminates human errors. These all point to positive growth for the sector.

For projects with lesser volumes and lower costs, conventional machining is frequently used. The demand for traditional systems is being constrained, meanwhile, by an impending shortage of competent workers.

global machine tools market By Type, 2021 (%), 2022 (%)

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Machine Tools Market Regional Insights

With a market share of more than 35% in 2021, Asia Pacific was the market leader. The necessity for machine tools has increased as a result of an increase in metal cutting operations as well as expansion in the petroleum & energy, automobile, and railway industries. For instance, China is one of the major consumers of machine tools. The Asia Pacific might be considered a significant market area for machine tools given factors.

Due to the existence of multiple automakers that use machine tools for a variety of purposes, including drilling and cutting, Europe is also expected to represent a sizeable portion of the worldwide market. Additionally, North America is expected to expand at a strong pace of growth due to an increase in the use of automatic machine tools. This factor is expected to fuel the growth of the global machine tools market.

Global Location Based Services Market By Geography, 2021-2028, 2024-2031
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Machine Tools Market Dynamics

Machine Tools Market Driver

  • One of the key factors propelling the expansion of the machine tool market is the rise in the necessity for automation technology in the industry sector. The market benefits from the rise in demand for productivity improvement, good quality, and short cycle times.
  • The market growth is accelerated by the rise in demand for mass manufacturing across a number of industries, including the aerospace and defense sectors. The market will expand as a result of the increase in the requirement for metal cutting tools caused by the use of metals in numerous sectors.

Machine Tools Market Restraint

  • High-end machine investment costs and trade restrictions among various areas are predicted to limit industry expansion. The machine tool market is expected to face challenges during the projected timeframe given the high maintenance requirements of this equipment.

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Machine Tools Market Competitive Landscape

To get a foothold in the stable China market, the major companies in the global machine tools market have chosen a variety of competitive strategies, including mergers and acquisitions. Leading businesses are also acquiring local and small brands in order to broaden their regional reach. A number of suppliers have begun to offer cutting-edge 5-axis machining equipment. For instance, in January 2021, the VARIAXIS i-800 NEO, a flexible 5-axis machining center, was introduced by Yamazaki Mazak. The MAZATROL Smooth Ai, a newly created CNC device, is included with the VARIAXIS i-800 NEO and provides increased basic performance.

Top Players in the Machine Tools Market

  • Yamazaki Mazak Corporation
  • DMG Mori Co Ltd.
  • Trumpf GmbH + Co. KG
  • Amada Co Ltd.
  • Okuma Corporation
  • JTEKT Corporation
  • Makino Milling Machine Co Ltd.
  • GF Machining Solutions
  • Haas Automation, Inc.
  • Doosan Machine Tools Co. Ltd.
  • Hyundai WIA Corporation
  • FANUC Corporation
  • Chiron-Werke GmbH & Co. KG
  • Hwacheon Machine Tool Co Ltd.
  • Schuler AG
  • Hermle AG
  • Sodick Co Ltd.
  • GROB-WERKE GmbH & Co. KG
  • Makino Asia Pte Ltd.
  • EMAG GmbH & Co. KG

Machine Tools Market Recent Development

  • In June 2022, at the INTEC 2022 expo in Coimbatore, LMW Machine Tool Division debuted 2 new machines—the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker—and displayed 3 further cutting-edge equipment and machining solutions.
  • In November 2021, the Flexible Pallet Tower (FPT), a pallet automation solution for single CNC milling machines with 300 to 630 mm pallets, has been introduced by Fastems, a provider of CNC machines.

Machine Tools Key Market Trends

  • Industry 4.0 is taking its toll on the machine tool market, which is attempting to link into smart systems, as it gains popularity all over the manufacturing segment. By minimizing idle time, Industry 4.0 has helped enhance the use of machine tools in manufacturing processes. Technological developments like the growing use of robotics and human-machine interaction are seen to have an impact on market growth at the moment. The demand for real-time connectivity is also fueling the emergence of smart factories that are cloud-enabled. As a result, the tool is an essential component of smart systems and is expected to boost the awareness of the product.

Machine Tools Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the lathe machines category dominated the market in 2021 with a market share of over 27%. The CNC sector dominated the market for machine tools globally in 2021, accounting for a revenue share of more than 88 percent. The Asia Pacific led the market in 2021 with a market share of more than 35%. It is also projected that Europe will account for a sizable portion of the global market. Furthermore, a rise in the usage of automatic machine tools is expected to propel North America's growth at a rapid rate.

Report Metric Details
Market size value in 2022 USD 83.16 billion
Market size value in 2031 USD 137.43 billion
Growth Rate 5.7%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Lathe Machines, Milling Machines, Laser Machines, Grinding Machines, Welding Machines, Winding Machine, Others
  • Technology
    • Computer Numerical Control (CNC), Conventional
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Yamazaki Mazak Corporation
  • DMG Mori Co Ltd.
  • Trumpf GmbH + Co. KG
  • Amada Co Ltd.
  • Okuma Corporation
  • JTEKT Corporation
  • Makino Milling Machine Co Ltd.
  • GF Machining Solutions
  • Haas Automation, Inc.
  • Doosan Machine Tools Co. Ltd.
  • Hyundai WIA Corporation
  • FANUC Corporation
  • Chiron-Werke GmbH & Co. KG
  • Hwacheon Machine Tool Co Ltd.
  • Schuler AG
  • Hermle AG
  • Sodick Co Ltd.
  • GROB-WERKE GmbH & Co. KG
  • Makino Asia Pte Ltd.
  • EMAG GmbH & Co. KG
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Machine Tools Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Machine Tools Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Machine Tools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Machine Tools Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Machine Tools Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Machine Tools Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Machine Tools Market size was valued at USD 83.16 billion in 2022 and is poised to grow from USD 87.94 billion in 2023 to USD 137.43 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

To get a foothold in the stable China market, the major companies in the machine tools market have chosen a variety of competitive strategies, including mergers and acquisitions. Leading businesses are also acquiring local and small brands in order to broaden their regional reach. A number of suppliers have begun to offer cutting-edge 5-axis machining equipment. For instance, in January 2021, the VARIAXIS i-800 NEO, a flexible 5-axis machining center, was introduced by Yamazaki Mazak. The MAZATROL Smooth Ai, a newly created CNC device, is included with the VARIAXIS i-800 NEO and provides increased basic performance. 'Yamazaki Mazak Corporation', 'DMG Mori Co Ltd.', 'Trumpf GmbH + Co. KG', 'Amada Co Ltd.', 'Okuma Corporation', 'JTEKT Corporation', 'Makino Milling Machine Co Ltd.', 'GF Machining Solutions', 'Haas Automation, Inc.', 'Doosan Machine Tools Co. Ltd.', 'Hyundai WIA Corporation', 'FANUC Corporation', 'Chiron-Werke GmbH & Co. KG', 'Hwacheon Machine Tool Co Ltd.', 'Schuler AG', 'Hermle AG', 'Sodick Co Ltd.', 'GROB-WERKE GmbH & Co. KG', 'Makino Asia Pte Ltd.', 'EMAG GmbH & Co. KG'

One of the key factors propelling the expansion of the machine tool market is the rise in the necessity for automation technology in the industry sector. The market benefits from the rise in demand for productivity improvement, good quality, and short cycle times.

Industry 4.0 is taking its toll on the machine tool market, which is attempting to link into smart systems, as it gains popularity all over the manufacturing segment. By minimizing idle time, Industry 4.0 has helped enhance the use of machine tools in manufacturing processes. Technological developments like the growing use of robotics and human-machine interaction are seen to have an impact on market growth at the moment. The demand for real-time connectivity is also fueling the emergence of smart factories that are cloud-enabled. As a result, the tool is an essential component of smart systems and is expected to boost the awareness of the product.

With a market share of more than 35% in 2021, Asia Pacific was the market leader. The necessity for machine tools has increased as a result of an increase in metal cutting operations as well as expansion in the petroleum & energy, automobile, and railway industries. For instance, China is one of the major consumers of machine tools. The Asia Pacific might be considered a significant market area for machine tools given factors.

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Global Machine Tools Market

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