Machine tools market worth $ 119.2 billion by 2027
Market Statsville Group (MSG) Releases New Report on “Machine tools market by tool (metal cutting and forming), by metal cutting (machining centers, lathe, grinding and polishing, laser, electric discharge machines (EDM) and other tools and other metal cutting tools), by forming metals (bending and forming, Pressing, punching and shearing and other metal forming tools), by technology (CNC (metal cutting and forming), NON-CNC (metal cutting and forming)), by end users (automotive , industrial machinery, metallurgical industry, medical industry, electricity and electronics, heavy equipment, aerospace and defense, marine and offshoring, and others), by region – global share and forecast to 2027 ″. By 2027, the global machine tools market size is expected to grow by $ 119.2 billion, from $ 73.5 billion in 2020, at a CAGR of 8.4% during the forecast period. The machine tool industry has always been an investment driven market. The market across the world has seen huge investments due to the growth of industrialization. In 2019, China was a major shareholder in terms of investments in the machine tool market. The country holds nearly 41%. Motor vehicles continued to be a major consumer of machine tools. In Europe, the composition of investments in machine tool-consuming industries suggests that the automotive sector has emerged as a leader in key countries.
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Global segmentation of the machine tools market
The study categorizes the machine tools market on the basis of tool, metal cutting, metal forming, technology, end user, and region.
By Outlook Tool (Revenue, Million USD, 2017-2027)
- Metal cutting
- Metal forming
By Metal Cutting Outlook (Revenue, Million USD, 2017-2027)
- Machining centers
- Grinding and polishing
- Laser, electric discharge machines (EDM) and other tools
- Other metal cutting tools
By Metal Forming Outlook (Revenue, Million USD, 2017-2027)
- Folding and forming
- Punching and shearing
- Other metal forming tools
By Technology Outlook (Revenue, USD Million, 2017-2027)
- Metal cutting
- Metal forming
- Metal cutting
- Metal forming
By End-User Outlook (Revenue, USD Million, 2017-2027)
- Industrial machinery
- Metallurgical industry
- Medical industry
- Electricity and electronics
- Heavy equipment
- Aerospace and Defense
- Marine and offshoring
Outlook by Region (Sales, USD Million, 2017-2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, rest of Asia-Pacific)
- Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The CNC segment is estimated to have the largest market share during the forecast period, by technology
The technology-based machine tool market is segmented into two types: CNC and non-CNC. The CNC segment, by technology, represents the highest market share in 2020. CNC is a critical technology at present. Various machines used in many industries focus on automation. With Industry 4.0 and the development of smart factories, manufacturers all over the world prefer CNC machine tools. Modern CNC systems perform both the design and manufacture of machine components flawlessly and automatically. CNC machine tools offer many advantages, such as precision, fast performance and significant cost savings.
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However, the initial cost of CNCs is higher than that of conventional machines. Modern factories, however, focus on CNC machines. However, due to COVID-19, the focus of suppliers has shifted to restoring profitability rather than innovation. Even then, during the forecast period, high-end products are likely to be integrated into CNCs. In addition, low operating costs, in the long run, will drive demand in developed regions such as the United States and Europe.
Asia-Pacific accounts for largest market share in machine tools market 2020
Based on regions, the global machine tools market has been segmented into North America, Asia Pacific, Europe, South America, Middle East and Africa. In 2020, APAC was the largest contributor to the global machine tools market revenue, accounting for a market share of 46.57%. In APAC as in the world, China held a large share of the machine tool market. This can be attributed to the growing number of investments in fully automated industrial machinery and the year-over-year growth in government spending on aircraft and defense equipment in the region’s major economies. In addition, the Chinese market being highly dependent on its manufacturing production, the demand for machine tools is strong. The increase in investments in the industrial sector and the constant move towards urbanization are major macroeconomic factors propelling the market during the forecast period.
In addition, Vietnam is a country that offers a high potential market for machine tool manufacturers. The COVID-19 pandemic has weakened the tourism-based economy. In Malaysia, GDP forecasts are expected to decline by more than 2% in 2020 due to the global impact of COVID-19. Investments in the major machine tool consuming sectors fell by 0.80% in 2020 before recovering by 5% in 2021. In addition, demand for machine tools is expected to decline by 10% in 2020. However, investments in the Malaysian market will increase in 2021, causing the need to increase proportionately. The Asia-Pacific machine tool market will thrive and provide many opportunities for suppliers in the region. In addition, suppliers can opt for strategic partnerships to strengthen their market position and capture more demand.
Doosan Machine Tools Co. Ltd., Makino, JTKET Corporation, Georg Fischer Ltd., Komatsu NTC Ltd., OKUMA Corporation, AMADA Pvt. Ltd., Hyundai WIA, Schuler AG, Chiron Group SE, MAG IAS GmbH, GROB-WERKE GmbH & Co. KG, Haas Automation Inc., Gleason Corporation, Yamazaki Mazak Corporation, DMG MORI, Spinner Machine Tools, Dalian Machine Tools Group Corporation , Electronica Hitech Engineering Pvt. Ltd., Ace Micromatic Group are among the major players in the global machine tools market.
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