Global Machine Tools Market Size By Technology (Computerized Numerical Control (CNC), Conventional), By Service Type (Metal Cutting, Metal Forming), By End-User Industry (Aerospace, Medical, Semiconductor), By Geographic Scope And Forecast
Report ID: 141636|No. of Pages: 202
Global Machine Tools Market Size By Technology (Computerized Numerical Control (CNC), Conventional), By Service Type (Metal Cutting, Metal Forming), By End-User Industry (Aerospace, Medical, Semiconductor), By Geographic Scope And Forecast
Machine Tools Market Size And Forecast
Machine Tools Market size was valued at USD 114.4 Billion in 2024 and is projected to reach USD 151.26 Billion by 2031, growing at a CAGR of 3.92% from 2024 to 2031.
- Machine tools are increasingly recognized as essential components in modern manufacturing processes.
- Defined as powered devices utilized to cut, shape, and form materials, these tools are pivotal in producing precise and high-quality components across various industries.
- Applications of machine tools span a wide range of sectors, including automotive, aerospace, electronics, and machinery manufacturing, where they are employed for tasks such as milling, turning, drilling, and grinding.
- The growth of the machine tools market is being driven by several factors, including technological advancements, increasing automation, and the rising demand for customized products.
- Innovations in machine tool technology, such as computer numerical control (CNC) and additive manufacturing, have enhanced efficiency and precision, thereby attracting significant investment.
- As globalization and competitive pressures intensify, the importance of machine tools in maintaining production efficiency and quality assurance is being further emphasized.
Global Machine Tools Market Dynamics
The key market dynamics that are shaping the global machine tools market include:
Key Market Drivers:
- Demand for Automation: High levels of automation in manufacturing processes are anticipated to drive the growth of the machine tools market. Automation is increasingly being adopted to enhance productivity and efficiency, reducing labor costs and minimizing human error. The International Organization of Motor Vehicle Manufacturers (OICA) reported that global vehicle production reached 93,546,599 units in 2023, a 10.00% increase from 2022.
- Technological Advancements: Growing technological advancements in machine tools are projected to revolutionize the manufacturing landscape. Innovations such as computer numerical control (CNC) and robotic integration are expected to improve precision and flexibility in production.
- Customization Requirements: Increasing customization requirements in various industries are likely to boost the demand for advanced machine tools. The shift towards tailored products necessitates the use of versatile and high-precision machinery to meet specific customer needs.
- Investment in Manufacturing Sectors: Rising investment in the manufacturing sectors is estimated to positively impact the machine tools market. As industries focus on modernization and expansion, significant capital is being allocated for upgrading existing machinery and acquiring new tools.
- Focus on Quality and Efficiency: High focus on quality and efficiency in production processes is expected to drive the machine tools market. Companies are increasingly prioritizing superior output and operational excellence to maintain competitive advantages.
Key Challenges:
- High Initial Costs: High initial costs associated with advanced machine tools are estimated to hamper market growth. The significant capital investment required for procurement and installation often deters smaller manufacturers from upgrading their equipment.
- Skilled Labor Shortage: A skilled labor shortage in the manufacturing sector is anticipated to restrain the adoption of sophisticated machine tools. The lack of adequately trained personnel limits the effective utilization of advanced technologies, hindering productivity improvements.
- Fluctuating Raw Material Prices: Fluctuating raw material prices are expected to hamper the profitability of machine tool manufacturers. The volatility in material costs can lead to increased production expenses, affecting pricing strategies and margins.
- Technological Obsolescence: Rapid technological advancements are projected to restrain companies that fail to keep pace with innovation. The risk of technological obsolescence can lead to decreased competitiveness, compelling firms to continuously invest in upgrades.
Key Trends:
- Adoption of Industry 4.0 and Smart Manufacturing: The integration of advanced technologies in manufacturing processes is driving the demand for sophisticated machine tools. The IFR’s report indicates that in 2023, the industrial robot market is expected to grow by 7%, with projections for total installations reaching more than 590,000 units worldwide.
- Focus on Sustainability: Growing focus on sustainability is projected to drive innovations in energy-efficient machine tools. Manufacturers are increasingly prioritizing eco-friendly designs and processes, aligning with global efforts to reduce environmental impact.
- Demand for Additive Manufacturing: Increasing demand for additive manufacturing techniques is likely to influence the machine tools market. The ability to create complex geometries and reduce material waste is anticipated to boost the adoption of 3D printing technologies in various sectors.
- Rising Investment in R&D: Rising investment in research and development is expected to foster technological advancements in machine tools. Companies are likely to allocate significant resources toward developing innovative solutions that enhance productivity and efficiency.
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Global Machine Tools Market Regional Analysis
Here is a more detailed regional analysis of the global machine tools market:
North America:
- North America is expected to remain the leading region in the machine tools market, with the United States being the primary contributor.
- The strong presence of major manufacturers and a well-developed supply chain are anticipated to drive continued growth.
- Investment in advanced technologies, such as CNC and robotics, is likely to enhance production capabilities, further solidifying the region’s dominance.
- The increasing emphasis on automation and efficiency in manufacturing processes is expected to sustain demand for machine tools, supporting the region’s market leadership.
Asia Pacific:
- Asia Pacific is projected to be the fastest-growing region in the machine tools market, with countries like China and India leading this expansion.
- The Asia Pacific region has been experiencing substantial industrial growth, particularly in countries like China and India.
- According to the Asian Development Bank (ADB), the manufacturing sector in developing Asia grew by 6.8% in 2023, outpacing other regions globally. China’s industrial production, a key indicator of manufacturing activity, increased by 5.6% year-on-year in 2023, as reported by the National Bureau of Statistics of China.
- Increased investment in infrastructure and manufacturing facilities is likely to enhance production capabilities, while the adoption of advanced manufacturing technologies is anticipated to drive market growth.
- Furthermore, the growing trend of digital transformation in manufacturing is expected to support the rise of smart machine tools in this region.
- Many Asian countries have implemented policies to boost their manufacturing capabilities. For instance, India’s “Make in India” initiative aims to increase the manufacturing sector’s contribution to GDP by 25% by 2025. These initiatives are driving investments in advanced manufacturing technologies, including machine tools.
Global Machine Tools Market: Segmentation Analysis
The Global Machine Tools Market is Segmented on the basis of Technology, Service Type, End-User Industry, And Geography.
Machine Tools Market, By Technology
- Computerized Numerical Control (CNC)
- Conventional
Based on Technology, the market is bifurcated into Computerized Numerical Control (CNC) And Conventional. The Computerized Numerical Control (CNC) segment is expected to hold the largest share of the machine tools market. The growing demand for automation and precision in manufacturing processes is anticipated to drive the adoption of CNC technology. CNC machines are increasingly recognized for their ability to produce complex components with high accuracy and repeatability, which is likely to enhance production efficiency.
Machine Tools Market, By Service Type
- Metal Cutting
- Metal Forming
Based on Service Type, the global machine tools market is divided into Metal Cutting And Metal Forming. The metal cutting segment is expected to hold the largest share of the machine tools market due to its widespread application across various industries. This segment is anticipated to benefit from the increasing demand for precision components in sectors such as automotive, aerospace, and electronics. The growth of advanced technologies, including computer numerical control (CNC) systems, is likely to enhance the efficiency and accuracy of metal cutting processes.
Machine Tools Market, By End-User Industry
- Aerospace
- Medical
- Semiconductor
Based on End-User Industry, the market is segmented into Aerospace, Medical, And Semiconductor. The aerospace sector is expected to hold the largest share of the machine tools market due to its ongoing demand for high-precision components. The growth of this segment is anticipated to be driven by the increasing production rates of commercial and military aircraft, which require advanced machining processes to meet stringent safety and quality standards. Technological advancements in materials, such as composites and lightweight alloys, are likely to necessitate the use of specialized machine tools designed for efficient processing.
Machine Tools Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
On the basis of Geography, the Global Machine Tools Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. Europe is projected to be a significant contributor to the machine tools market, influenced by the region’s emphasis on high-quality manufacturing and technological precision. Countries such as Germany, Italy, and the United Kingdom are anticipated to lead in machine tool production, supported by their strong engineering capabilities and innovation ecosystems.
Key Players
The “Global Machine Tools Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., Amada Machine Tools Co. Ltd., JTEKT Corporation, Hyundai WIA, Okuma Corporation, Mitsubishi Heavy Industries Machine Tool Co., Machine Tools India Ltd., Kennametal, United Drilling, Trumpf, Ceratizit S A, Dewalt, Fraisa SA, Guhring, Inc., Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Tiangong International Co. Limited., Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, and ISCAR LTD. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Machine Tools Market Recent Developments
- In December 2023, DMG MORI collaborated with Wilhelm Blessing GmbH & Co. KG and Walter AG to provide comprehensive tool solutions, novel clamping devices, and data-driven quality predictions.
- In October 2023, DN Solutions announced 4th-generation vertical machining centers (DNM 4500, DNM 5700, and DNM 6700) that improve productivity and reliability. The new DNM Series has thermal displacement correction as standard to ensure that the machining results never fluctuate regardless of the machine’s environment.
- In August 2023, Okuma Corporation announced a technical partnership with EMUGE-FRANKEN. EMUGE-FRANKEN and Okuma have formed a strategic cooperation to provide high-performance cutting tool solutions and applications.
- In June 2023, Makino, Inc. launched the a91nx horizontal machining center. The horizontal machining center’s spindle line can handle cast iron and aluminum materials.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., Amada Machine Tools Co. Ltd., JTEKT Corporation, Hyundai WIA, Okuma Corporation, Mitsubishi Heavy Industries Machine Tool Co., Machine Tools India Ltd., Kennametal, United Drilling, Trumpf, Ceratizit S A, Dewalt, Fraisa SA, Guhring, Inc., Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Tiangong International Co. Limited., Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, and ISCAR LTD. |
| SEGMENTS COVERED | Technology, Service Type, End-User Industry, And Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL MACHINE TOOLS MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL MACHINE TOOLS MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL MACHINE TOOLS MARKET, BY TECHNOLOGY
5.1 Overview
5.2 Computerized Numerical Control (CNC)
5.3 Conventional
6 GLOBAL MACHINE TOOLS MARKET, BY SERVICE TYPE
6.1 Overview
6.2 Metal Cutting
6.3 Metal Forming
7 GLOBAL MACHINE TOOLS MARKET, BY END-USER INDUSTRY
7.1 Overview
7.2 Aerospace
7.3 Medical
7.4 Semiconductor
7.5 Automotive and Transportation
7.6 Capital Good
7.7 Energy and Power
7.8 Sheet Metals
8 GLOBAL MACHINE TOOLS MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.6 Latin America
8.7 Middle East and Africa
9 GLOBAL MACHINE TOOLS MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Yamazaki Mazak Corporation
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Doosan Machine Tools Co. Ltd.
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Amada Machine Tools Co. Ltd.
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 JTEKT Corporation
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Hyundai WIA
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Okuma Corporation
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Mitsubishi Heavy Industries Machine Tool Co.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Machine Tools India Ltd.
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Kennametal
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 United Drilling
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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