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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Key Trends in the Market
Machine tools refer to tools and equipment that help in grinding, shaping, drilling, and cutting hard materials, including metals. The tools allow the provision of maximum product uniformity as they are operated using numerical control. They enhance the productivity of the operations and aid in minimizing the requirement for human resources.
- The increasing initiatives by various businesses to reduce costs of operation is aiding the United States machine tools market growth. The relatively lower production time and costs of operations of machine tools allows businesses to reduce production costs and increase profit margins.
- The increasing adoption of novel technologies including machine learning and robotics due to growing demand from precision engineering is supporting the market expansion. The advancement in software and hardware components of computer numeric control systems is further supporting the market growth.
- The rising requirement for rapid and cost-efficient production processes is boosting the adoption of additive manufacturing. Additionally, the growing popularity of heterogenous material manufacturing capabilities is bolstering the requirement for machine tools across various sectors in the United States.
United States Machine Tools Market Report Snapshots
United States Machine Tools Market Size
United States Machine Tools Market Trends
United States Machine Tools Companies
*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
The market reached a value of approximately USD 11.68 billion in 2023.
The market is projected to grow at a CAGR of 4.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 16.95 billion by 2032.
The major market drivers include increasing requirement by transportation and automotive sectors due to increasing population and increasing adoption of novel technologies including machine learning and robotics due to growing demand from precision engineering.
The key trends fuelling the growth of the market include growing popularity of additive manufacturing and increasing initiatives by various businesses to reduce costs of operation.
The major regions in the market are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The end uses of machine tools include aerospace and defence, automotive, metal, and electrical and electronics, among others.
The key players in the market are TRUMPF SE + Co. KG, Georg Fischer Ltd., Haas Automation, Inc., Komatsu NTC Ltd., Amada Co., Ltd., Pacific Press Holdings Company (MULTIPRESS Inc.), Bystronic Group, Mitusa Inc., Fenn, and Mate Precision Technologies, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124