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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Machining Centres Market Analysis by Region
North America leads the market due to the heavy demand for machining centres from automotive industry
The market is segmented by region, with Asia-Pacific being the largest market share holder. The region is expected to continue its dominance due to the growing demand from industries such as automotive, aerospace, and construction. North American region in machining centres market report is also expected to drive the demand for machining centres due to the increasing demand from the prefabricated metals industry. Europe is also contributing to the market growth owing to the rising demand from various industries, including automobiles, electrical engineering, and electronics. The regional markets use machining centres due the need for high precision machinery and the increasing popularity of multi-faceted tools.
Machining Centres Market Report Snapshots
Machining Centres Market Growth
Machining Centres Market Trends
Machining Centres Market Share
Machining Centres Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the machining centres market reached an approximate value of USD 26.05 billion.
The market is expected to grow at a CAGR of 7.44% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 40.18 billion by 2032.
The major drivers of the market include the increasing deployment of machining centres in the oil and gas sector, rising application of the product across the construction industry, and growing expansion of the automotive industry.
Key trends aiding market expansion include the growing research and development activities in the aerospace and defence sector, increasing shift towards automation in various end-use industries, and heightened digitalisation in households.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Horizontal machining centre is expected to lead the market due to the increasing application of product in complex industrial tasks.
Automotive, aerospace, construction and agriculture, fluid power, and oil and energy, among others are the major applications of the product.
Machining centres are important in the automotive industry to manufacture critical car components. In this regard, the automotive industry, due to the rising sale of passenger and commercial vehicles, is a major industry in the market.
Key players in the market are JTEKT Corporation, FANUC Corporation, Yamazaki Mazak Corporation, FFG European and American Holdings GmbH, Makino Milling Machine Co., Ltd., and Okuma Corporation, among others.
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