Global Machine Tools Industry worth $104.7 billion by 2030

The global machine tools market is projected to grow from USD 78.6 billion in 2023 to USD 104.7 billion by 2030, registering a CAGR of 4.2%. Major machine tool manufacturers across the globe are focusing on critical areas such as reduction in idle time, increase in asset utilization, productivity through quality improvement, process optimization, and better management of productivity through appropriate performance metrics. The increasing demand for precision and high-quality components from key end-user industries like automotive, aerospace, consumer durables, and energy will drive the machine tools market. Digital innovations and profound connectivity represent valuable features. Sensor integration, utilization of artificial intelligence (AI), and the integration of sophisticated simulation features enable advancements in machine performance and overall equipment effectiveness (OEE). New sensors and new ways of communication, controlling, and monitoring enable new opportunities for smart services and new business models in the machine tools market.

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"Automotive and transportation segment is expected to grow at the fastest rate during the forecast period."

By end user industry, the automotive and transportation segment is expected to account for the largest share of the machine tools market during the forecast period. The automotive industry relies heavily on machine tools to manufacture precision components such as engine parts, transmission components, chassis parts, and intricate body panels. These machines ensure high accuracy and repeatability, which are crucial for automotive manufacturing. In addition, the shift towards electric vehicles (EVs) has led to the development of new components and designs that demand precision machining. Machine tools are used extensively in producing electric motors, battery components, and lightweight materials required for EVs.

In addition, rail transportation requires precision-engineered components for trains and locomotives. Machine tools create parts, including axles, wheels, and braking systems, ensuring safety and reliability in rail transport. These factors collectively contribute to the prominence of machine tools in the automotive & transportation industry, making it the largest end user industry segment in the machine tools market.

"CNC machine tools segment to hold largest market share during the forecast period."

By automation, the CNC machine tools segment is estimated to lead the market for machine tools during the forecast period. The adoption of the Industrial Internet of Things (IIoT) and cloud-based platforms allows for data-driven insights, predictive maintenance, and optimized production processes, fueling the demand for smart and connected CNC machines. Industries like aerospace, automotive, and medical devices require high-precision, complex parts, driving the demand for sophisticated CNC machines capable of intricate designs and tight tolerances. These driving factors, individually and collectively, shape the trajectory of the CNC machine tools market.

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"North America to be the prominent growing market for machine tools during the forecast period."

North America has a robust automotive manufacturing sector, a major consumer of machine tools. The region's demand for high-precision machine tools for manufacturing components such as engine parts, transmission systems, and chassis remains high. Manufacturers in the region are collaborating with prominent players to increase their distribution network. For instance, in February 2022, Hyundai WIA Machine America Corp announced that HART Machine Tool has joined their network of exclusive dealers in North America. The machine tools market in North America is expanding due to the need for cost-effective, efficient, high-quality manufacturing processes. This growth is further catalyzed by the escalating demand for factory automation and the continuous technological advancements in manufacturing equipment. North America stands out as a frontrunner in producing cutting-edge aircraft and advanced medical devices, with CNC machines pivotal in elevating precision and productivity within these industries. Countries such as the US, Canada, and Mexico are actively embracing factory automation and the integration of CNC machines to bolster the production of high-quality products with impressive throughput rates.

Key Market Players:

The machine tools market is dominated by established players such as Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), and DN Solutions (South Korea).

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This release was published on openPR.