The global machine tools market accounted for a value of USD 71.0 billion in 2019 and is projected to register growth at a CAGR of 2.9% during forecast period.
Covid-19 impacted the manufacturing industries significantly and it has disrupted the smooth functioning of the automotive market. Due to pandemic situation the export and import market is on pause. The manufacturing facilities have to halt its activities. There is a shortage of raw materials due to disruption in supply chain due to travel restrictions. Thus the machine tool market is expected to witness drop due to pandemic.
For more details, visit: Global Machine Tools Market By Product Type (Milling, Drilling, Others), By Automation Type (CNC Tool, Conventional Tool, Others), By End-Users (Energy, Capital Goods, Others), By Region, Forecast & Opportunities to 2026
The use of metal is increasing which increases demand for metal cutting tools in various industries. The automation is increasing in several industries and industries are integrating various technologies such as IoT, AI and robotics in order to increase the productivity. The integration of Computer-Aided Manufacturing (CAM) in machine tools to reduce the required time for workpieces manufacturing. This drives growth in machine tool market during forecast period.
On the basis of product type, the machine tool market is segmented into milling machines, drilling machines, electrical discharge machines and grinding machines. The milling machines segment is estimated to hold largest market share during forecast period. Milling machines are used in metal cutting process in various industries. The metalworking process industries are expanding rapidly which increases the demand for milling machines. The milling machines can perform various functions such as turning, chamfering, gear cutting and drilling. The milling machines can perform multiple cuts through multiple cutters. These machines are widely preferred in aerospace, automotive and railways industries. This drives growth in milling machines segment during forecast period.
On the basis of automation type, the machine tool market is segmented into CNC machine tool, conventional machine tool. The CNC machine tools segment is estimated to hold largest market share during forecast period. The CNC tools have witness high demand from several manufacturing companies for product innovation and productivity improvements. The demand for CNC machines is increasing as the manufacturing sector is growing around the world. The CNC machines are compact in size and it is automated which helps in enhancing productivity, eliminating human errors and saves time. This machine is highly preferred in the production industry and this drives growth in CNC machines segment during forecast period.
On the basis of end-user, the machine tool market is segmented into energy, capital goods, sheet metals and automotive & transportation. The automotive & transportation segment is estimated to hold largest market share during forecast period. The automotive and aerospace industry is adopting various technologies such as IoT, AI and robotics etc. this increases adoption for automated machine tools in this industry. The industries are focusing on upgrading technologies to meet NCAP rating and to meet fuel efficiency mandates across the world. This results in re-tooling of existing machining solutions which increases the demand for machine tools. This drives growth in machine tool market in automotive & transportation end-users during forecast period.
Asia-Pacific region is estimated to dominate the market during forecast period. The number of metal cutting process industries is increasing across this region. Asia-Pacific region is home for many leading machine tool manufacturers. China is considered to be the major consumers of machine tools. This region is investing in oil & gas and automotive industry which increase the adoption of machine tools. This drives growth in Asia-pacific region during forecast period.
The key market players in machine tools industry are Doosan, Amada, Makino, Jtekt, GF Machining Solutions, DMG Mori, Komatsu, Okuma, Hyundai WIA, Schuler AG, Chiron Group SE, MAG IAS GmbH, HAAS Automation, Ace Micromatic Group, Electronica Hitech Engineering and Yamazaki Mazak Corporation.
- What are the expected industry trends over the next three to five years?
- Which of the machine tools product type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?