Machine Tools Market Size, Share, Analysis, Report 2024- ...

Global Machine Tools Market Outlook

The global machine tools market size reached a value of almost USD 134.91 billion in the year 2023. The industry is further expected to grow at a CAGR of 5.4% between 2024 and 2032 to reach a value of almost USD 216.34 billion by 2032.

 

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The global machine tools market is driven by automated and high-precision equipment. The Asia Pacific region is the leading regional market in the industry globally. A major trend driving the industry includes the growing automation of tasks varying from material handling to tool changing. The emphasis has also shifted toward the creation of interconnected systems and user-friendly software that facilitate users to include additional characteristics and specifications in the final product.

 

Properties and Applications

Machine tools are the stationary, power-driven equipment used for cutting or forming metals or any other hard materials. They usually shape the workpiece by eliminating the extra material and help in performing operations like drilling, abrading, grinding, and nibbling. The advanced and modern machine tools are numerically, or computer-controlled, which improves the product uniformity and decreases the human interaction required in the process. At present, an extensive range of the product are present in the market, extending from small workbench mounted instruments to large devices.

 

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The market is segmented on the basis of tool type into:

• Metal Cutting
• Metal Forming
• Accessories

At present, metal cutting tools are the leading segment within the market.

On the basis of technology type, the market is bifurcated into:

• Conventional
• CNC

Out of these, CNC exhibits the most preferred technology.

On the basis of end-use industry, the market is divided into:

• Automotive
• Aerospace and Defence
• Electrical and Electronics
• Consumer Goods
• Precision Engineering
• Others

Among these, the automotive sector holds the majority of the total market share.

The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

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Market Analysis

 

The global machine tools market is driven by the extensive applications of the product within industries such as automotive, electronics, aerospace, and precision engineering. This can be ascribed to the fact that machine tools are used in the manufacturing of durable goods and other machines. The market is further aided by the rapid development in these industries. Further, the initiation of advanced processes such as ultrasonics, high-pressure water jets, lasers, and plasma streams in machine tool applications has helped in increasing the speed and precision of the machining process. In addition to this, consumers are shifting toward automated higher-end technologies with improved performance, accuracy, and stability. These factors are expected to influence the market growth positively.

 

Competitive Landscape

 

The report gives a detailed analysis of the following key players in the global machine tools market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Allied Machine & Engineering Corp. 
• General Technology Group Dalian Machine Tool Corporation  
• DMG MORI
• Falcon Machine Tools Co., Ltd.  
• AMADA Co., Ltd.
• Mazak Corporation
• TRUMPF
• Doosan Machine Tools, Co. Ltd.
• Okuma America Corporation
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. 

 

REPORT FEATURES DETAILS Base Year 2023 Historical Period 2018-2023 Forecast Period 2024-2032 Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Tool Type, Technology Type, End Use, Region Breakup by Tool Type Metal Cutting, Metal Forming, Accessories Breakup by Technology Type Conventional, CNC Breakup by End Use Automotive, Aerospace and Defence, Electrical and Electronics, Consumer Goods, Precision Engineering, Others Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications Companies Covered Allied Machine & Engineering Corp., General Technology Group Dalian Machine
Tool Corporation, DMG MORI, Falcon Machine Tools Co., Ltd., AMADA Co., Ltd.,
Mazak Corporation, TRUMPF, Doosan Machine Tools, Co. Ltd., Okuma America Corporation, Others Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs. Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

Market Overview:

The United States machine tools market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

Machine tools operate using numerical control, which helps in achieving maximum product uniformity. These tools assist in cutting, shaping, forming, drilling, grinding, abrading, and nibbling metals or other hard materials. They also aid in minimizing human efforts required during cutting and enhancing the overall productivity.

The escalating demand for fabricated metals in the United States represents one of the key factors stimulating the market growth. Moreover, a significant demand for electric vehicles (EVs), autonomous cars and self-driven trucks is increasing the utilization of machine tools in the country. Apart from this, advancements in hardware and software components of computer numerical control (CNC) machines, coupled with the introduction of multi-axis and robotic arms, are driving the market growth. Furthermore, the setting up of various manufacturing plants is providing lucrative opportunities to players in the United States.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the United States machine tools market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on tool type, technology type and end use industry.

Breakup by Tool Type:

• Metal Cutting
• Metal Forming
• Accessories
   

Breakup by Technology Type:

• Conventional
• CNC (Computerized Numerical Control)
   

Breakup by End Use Industry:

• Automotive
• Aerospace and Defense
• Electrical and Electronics
• Consumer Goods
• Precision Engineering
• Others
   

Breakup by Region:

• Northeast
• Midwest
• South
• West
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details Base Year of the Analysis 2022 Historical Period 2017-2022 Forecast Period 2023-2028 Units US$ Billion Segment Coverage Tool Type, Technology Type, End Use Industry, Region Region Covered Northeast, Midwest, South, West Customization Scope 10% Free Customization Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699 Post-Sale Analyst Support 10-12 Weeks Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)