The global machine tools market was valued at US$ 63 Billion at the end of 2021 and is anticipated to surpass US$ 107.75 Billion by registering a CAGR of 5% by the end of the forecast period 2022-2032. The automotive & transportation segment is estimated to be the most lucrative end use capturing 36% of the overall demand pie in the global machine tools market.
Furthermore, manufacturers are adopting green manufacturing to reduce the overall operating cost by using energy efficient processes that can drastically reduce energy and utility bills, thus fueling the demand for machine tools with lesser power consumption.
In addition, the penetration of Industry 4.0 along with Internet of Things is changing the dynamics of machine tools market. Moreover, technological advancements in the field of manufacturing sectors is rapidly changing the development for machine tools.
Key Takeaways of the Machine Tools Market
- Metal cutting machine tools are projected to surpass market valuation of US$ 94 Billion by the end of 2032.
- By end user, Electrical & Electronics anticipated to grow, gaining 171 BPS over the course of forecast duration
- South Asia is projected to grow 1.2X faster than East Asia. However, East Asia is estimated to account for major chunk of demand pie by the end of the forecast period
- Automotive and transportation segment is projected to create an absolute $ opportunity of ~US$ 7.5 Billion between 2022 and 2032.
“The ongoing spread of the COVID-19 pandemic across the globe will delay the economic restart. Furthermore, companies with heavy production and sales footprint in Europe and China are witnessing a direct impact on machine tools sales, imports and exports. However, slow but quick recovery is expected from china which will result in a positive uptake of machine tools” says the Fact.MR analyst
Product Launches to Remain a Prime Growth Lever
Key players in the machine tools market are Komatsu Limited, DMG Mori, Okuma Corporation, TRUMPF Group, Hyundai WIA Corporation and Doosan Machine Tools among others. Prominent machine tools manufacturers are launching new products and capitalizing significantly in their R&D endeavors to bring constant change in their line of products as per the todays dynamic industry trends. For instance,
- In 2020, United Grinding and Ewag developed a new product, Laser Line Ultra to simplify micro cutting tool production. This newly developed product uses an 8-axis configuration and picosecond lasers to incorporate complex micro geometries in cutting tools
- In 2020, Doosan Machine Tools expanded its product portfolio with the introduction of DNM 4500L and DNM 5700L. The new DNM series products are designed for faster and precise machining of diverse workpieces.
More Valuable Insights on the Machine Tools Market
Fact.MR, in its new offering, presents an unbiased analysis of the global machine tools market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the machine tools market on the basis of product type (Metal Cutting Machine Tools (Machining Centers, Laser, EDM, & Related, Lathes and Other Metal Cutting), Metal forming Machine Tools (Presses, Punching & Shearing Machines, Bending & Forming Machine, Other Metal Forming) and end use (Automotive & Transportation, Electrical & Electronics, Machinery, General Manufacturing and Others) across seven major regions.
These insights are based on a report on Machine Tools Market by Fact.MR.