Machine Tools Market Worth is Poised to Reach US$ 107.75 Billion by 2032

The market for machine tools worldwide had a value of US$ 66.15 billion in 2022, and it is anticipated that it will reach US$ 107.75 billion by 2032, growing at a CAGR of 5%.
The development of the manufacturing sector as well as technological advancements in machine tools like robotic and multi-axis arms are both responsible for the market's expansion. 3% CAGR was recorded in the machine tool market for the historical period of 2017-2021.

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Key Takeaways from the Market Study
• Global machine tools market is expected to create an absolute $ opportunity of more than US$ 26 Bn and is anticipated to expand 1.4X from 2020 through 2030
• Metal cutting machine tools are projected to surpass market valuation of US$ 94 Bn by the end of 2030
• Electrical & Electronics end use segment is anticipated to grow, gaining 171 BPS over the course of forecast duration
• South Asia is projected to grow 1.2X faster than East Asia. However, East Asia is estimated to account for major chunk of demand pie by the end of the forecast period
• Automotive and transportation segment is projected to create an absolute $ opportunity of ~US$ 7.5 Bn between 2020 and 2030

Competitive Landscape:

The global market for machine tools is highly fragmented with the presence of a large number of local and regional players. The industry players are focusing on launching new products as per the dynamic industry needs as a key strategy to strengthen their market footprint and better serve the needs of consumers.

For instance,
Key players in the machine tools market are DMG MORI CO., LTD, Amada Holdings Co., Ltd, AIDA ENGINEERING, LTD., Schuler Group, JTEKT Corporation, Okuma Corporation, Makino Milling Machine Co., Ltd, Hyundai Wia Corporation, Komatsu Limited, TRUMPF Group, GROB-WERKE GmBH & Co. KG, Doosan Machine Tools, Gleason Corporation, Yamazaki Mazak Corporation, Chiron-Werke GmBH & Co. KG, Haas Automation, Inc, United Grinding Group, Dalian Machine Tool Group and Shenyang Machine Tool Co., Ltd

• In September 2022, DMG MORI CO., LTD developed blue laser for LASERTEC machines and has improbved features of the AM assistant. The company is focusing on showcasing solutions for additive manufacturing.
• In 2020, Doosan Machine Tools came up with MP 6500 series product with a high precision vertical machining center for mold machining. This machine features enhanced stability and spindle rigidity to boost user convenience and improved quality
• In 2020, Doosan Machine Tools introduced a new large-sized horizontal turning center. The newly developed product provides machining functions ranging from 2-Axis up to Y-axis machining which are suitable for machining large workpieces
• In 2019, Makino Milling Machine Co., Ltd. has introduced a new Wire EDM machine - U 6 H.E.A.T. Extreme. The new wire coated technology increases rough machining rates up to 300% without increasing manufacturing costs

East Asia to Remain Frontrunner in Machine Tools Market:

East Asia is estimated to hold 2/5th of the overall market value followed by Europe. Growth in industrialization coupled with high automotive demand after the recovery from the COVID-19 pandemic is foreseen to create a surge in consumption for machine tools. Optimistic industrial growth has been witnessed in emerging Asian countries such as China, India, and Indonesia among others.

This will pave way for significant opportunities for the machine tools manufacturers in the Asia Pacific region. Furthermore, China manufactures machine tools at a low cost as compared to the U.S., Germany and Japan.

Key Segments Profiled in the Machine Tools Industry Survey:

• By Product Type :
o Metal Cutting
 Machining Centres & Related
 Laser, EDM, & Related
 Lathes
 Other Metal Cutting Tools
o Metal Forming
 Presses
 Punching & Shearing Machines
 Bending & Forming Machine
 Other Metal Forming

• By End Use :
o Automotive & Transportation
o Electrical & Electronics
o Machinery
o General Manufacturing & Other End Uses

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia
o Middle East & Africa

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Questionnaire answered in the Market outlook Report of Machine tools include:
• What is the key strategy deployed by large players to maximize Machine tools growth?
• What are the main challenges faced by players in the Machine tools Demand?
• With the advent of technological advancement, how will the Machine tools landscape change over the forecast period?
• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Machine tools size?

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This release was published on openPR.