Global Machine Tools Market Size, Share, Growth Analysis, By Type(Lathe Machines, Milling Machines), By Technology(Computer Numerical Control (CNC), Conventional) - Industry Forecast 2023-2030

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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).

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. '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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