The Global Machine Tools Market was worth USD 100.63 billion in 2023 and is anticipated to reach a valuation of USD 130.38 billion by 2032 from USD 103.57 billion in 2024. It is predicted to register a CAGR of 2.92% during the forecast period 2024-2032.
There is a wide assortment of machine devices accessible in the market, extending from little workbench-mounted instruments to enormous gadgets that are utilized in present-day businesses. They play out a scope of activities, for example, cutting, shaping, boring, granulating, scraping, and nibbling, which helps to improve item consistency and lessen the human connection required in various strides of the procedure. Modern divisions that use automation for an enormous scope, for example, aerospace, vehicle, defense, clinical gadgets, electrical and hardware, sustainable apparatus, and mechanical hardware, will all assume a key job in the development of this market. The trend towards reduction of carbon footprints by utilizing eco-friendly machines is set to create huge growth opportunities for the market soon. Government rules and regulations to curb the carbon emissions released by the manufacturing industries are an additional advantage to adopting new technologies that reduce carbon emissions. Machine tools use less energy and emit low wastage, which is highly attracting investors to adopt these tools in manufacturing industries.
Industry 4.0 is enhancing the demand for the launch of customized products. Industry 4.0 can give real-time data and analytics that enhance productivity as it includes internet connectivity and cloud deployment. People nowadays are more likely to have customized products, which is possible with the adoption of machine tools that are highly accurate and precise. The machine tools market is anticipated to have a robust growth rate in the coming years with the growing investments from both private and public organizations. The adoption of the industrial Internet of Things leveraged productivity performance.
The penetration of artificial intelligence in industries aims to provide a high level of accuracy and make work easier. This advanced technology reduces human error by performing specific tasks using specially designed machines. Market key players are seeking partnerships with other top companies to offer the latest technologies, such as AI and IoT, to expand their company’s production rate. Automation technologies in the manufacturing industries are comprised of various aspects, such as improving quality and accuracy. These innovations help in real-time manufacturing processes as they allow remote control over the operations performed in the manufacturing process. Growing prominence for these tools in manufacturing industries is fuelling the demand for the machine tools market. According to the recent survey report by Cap Gemini Digital Transformation Institute, around 33% of companies across the world are ready to adopt autonomous in the next few years, whereas 43% of manufacturing industries are already using smart technologies. For instance, an automatically controlled tool was launched to incorporate a cutting process that can be monitored through a camera. These developments are greatly influencing the positive market growth.
Growing demand for electric vehicles across the world is positively impacting the growth rate of the global machine tools market. Key automobile companies are focusing on increasing productivity and reducing downtime using these machine tools, which is accelerating the demand for the market. The easy availability of alternate tools with low-quality outcomes is imposing challenges for key market players. Difficulty in importing raw materials due to stringent rules and regulations by trading authorities is likely to limit the market growth rate to some extent. Also, frequently changing technologies and upgrades of software are hampering the demand for machine tools in the market.
Small and medium-scale industries cannot afford high-level automated tools due to less affordability, directly impeding the machine tools' market share. The demand for machine tools relies on the sales of the products, which hinders the growth rate of the market. Along with this, the rising economic crisis around the world is to restrain the market value. The lack of skilled professionals to monitor and maintain the tools is additionally to limit the growth rate of the market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
2.92% |
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Segments Covered |
By Tool Type, Technology, End-use Industry, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Allied Machine & Engineering, AMADA Holdings, Dalian Machine Tool Group, DMG MORI, Falcon Machine Tools, 600 Group, Yamazaki Mazak, Trumpf, Komatsu, JTEKT, and Others. |
The metal-cutting segment will hold 77% of the machine tools market revenue share in 2023. Metal cutting tools are highly accurate in cutting ferrous or non-ferrous metals with the desired geometry. The demand for this segment is growing with the increasing popularity of automated metal-cutting tools.
The metal-forming segment is deemed to hit the largest CGAR by the end of 2032. Metal forming tool has a significant role in aerospace, automotive, mechanical engineering, and others. Increasing focus on the development of superior goods by using high-precision tools in bending, forming, pressing, and shaping is ascribed to bolster the demand of this segment.
The computerized numerical control segment is ruling with an 85.6% revenue share, driven by the growing need to manufacture complex parts needed by contemporary technology. Computer-aided design software passes orders for CNC machines, enhancing the demand for this segment.
The conventional segment is next in having the dominant share of the market. Conventional technology also has distinct applications and aims to produce high-quality products.
Compared to conventional technology, CNC technology has the benefit of producing the high standards required by large-scale companies.
The automotive machine tools market is gaining traction over the shares of the market with the rising demand to leverage the productivity of electric vehicles at affordable prices. The demand to increase production rate in less time is elevating the demand for the market.
The electrical and electronics segment is anticipated to have the highest growth rate during the forecast period. The semiconductor industry is focusing on manufacturing highly precise package designs that can be achieved through these machine tools.
Asia Pacific is leading with the dominant shares of the market with the rising number of end-user industries like automotive, aerospace, oil & gas, and others. Along with this, growing per capita income and increasing efforts to build proper infrastructure in the construction field are boosting the demand for the market in Asia Pacific. Emerging countries like India, China, Japan, South Korea, and other countries are eventually enhancing the market growth rate by investing huge amounts in automobiles and aerospace industries.
North America is likely to hit the highest CAGR during the forecast period. Growing disposable income and increasing expenditure on the automotive sector are accelerating the demand for the market in North America. Huge investments by the top companies in developed countries like the US and Canada are setting up growth opportunities for the market.
The Europe machine tools market is anticipated to have a potential growth rate in the coming years. The increasing scale of the automobile companies and huge investments in research and development activities are greatly influencing the market demand in this region. Top companies like BMW, Volkswagen, Mercedes, and others are set to launch luxurious cars with innovative technology that requires highly automated tools with accuracy and precision. This factor is showcasing the growth opportunities for the market in the coming years.
Latin America is expected to have significant growth opportunities with the increasing focus on investing huge amounts in Brazil by top companies. Collaborations with key players are attributed to propel the market growth rate in this region.
The Middle East & Africa machine tools market is esteemed to have the strongest growth rate in the foreseen years.
Allied Machine & Engineering, AMADA Holdings, Dalian Machine Tool Group, DMG MORI, Falcon Machine Tools, 600 Group, Yamazaki Mazak, Trumpf, Komatsu, and JTEKT are some of the key players in the global machine tools market.
In 2023, CHIRON GROUP SE introduced a MICRO5 in a very short amount of time. This is a high-precision 5-axis machining with high-speed cutting. Micro5 just requires o.5kW/h and showcases a high level of autonomy. This tool leveraged the product portfolio of the company due to its distinct features. With the launch of this product, the company has become one of the best sellers of energy-efficient machines in the world.
In 2022, CHIRON GROUP SE announced the acquisition of the HSTEC, a Croatian engineering company. With this acquisition, the CHIRON GROUP SE is expected to benefit from the engineering expertise provided by HSTEC that expands the company’s capacities in development, production, and assembly.
By Tool Type
By Technology Type
By End-Use Industry
By Region
Frequently Asked Questions
The machine tools market refers to the industry that produces and sells machines and equipment used in the manufacturing and shaping of metal and other rigid materials.
The Machine Tools Market size is estimated at USD 100.63 billion in 2023 and is projected to reach USD 130.38 billion by 2032, with a growth rate (CAGR) of 2.92% during the forecast period from 2024 to 2032.
The machine tools market offers several opportunities for businesses and investors, driven by various factors such as technological advancements, industry trends, and global demand.
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