Global Machine Tools Market Report and Forecast 2024-2032

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. 

Key Highlights of the Report