USD 83.16 billion
Report ID: SQSG20I2016 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 66 | Figures: 75
Global Machine Tools Market size was valued at USD 83.16 billion in 2021 and is poised to grow from USD 87.94 billion in 2022 to USD 137.43 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).
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.
Global Market Size
USD 83.16 billion
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Machine Tools Market Driver
Machine Tools Market Restraint
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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 Global Machine Tools Market
Machine Tools Market Recent Development
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.
|Market size value in 2021||USD 83.16 billion|
|Market size value in 2030||USD 87.94 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Machine Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.