Press release
Global Machine Tools Market 2024: By Size, Share, CAGR, Trends And Growth Forecast To 2033
Global Machine Tools Market
The machine tools market size is expected to see strong growth in the next few years. It will grow to $122.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to shift towards lightweight materials, global infrastructure projects, medical and healthcare industry requirements, renewable energy sector demands, aerospace and defense sector expansion. Major trends in the forecast period include automation and robotics integration, digitalization and industry 4.0, demand for multi-functionality, sustainable manufacturing practices, adoption of 5-axis machining.
Market Overview -
Machine tools, also referred to as stationary power-driven equipment, are used to shape or create pieces made of metal or other materials. These are used for cutting, boring, grinding, shearing, and also used for deformations.
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The Role Of A Booming Manufacturing Sector In Fueling Machine Tools Market Expansion
The growing manufacturing industry is expected to propel the growth of the machine tools market going forward. Machine tools refer to power devices that are used to process workpieces and act as important equipment in the manufacturing process of mechanical parts. These machines are used for forming, cutting, and joining tools. As a result, growth in the manufacturing industry will increase the demand for machine tools. For instance, in September 2021, according to India Brand Equity Foundation (IBEF), an India-based government agency, 2021 India received $30 billion worth of foreign direct investments which increased to 15% when compared to previous years and in the same year, the government approved the production-linked incentive (PLI) scheme worth $3.53 billion for the manufacturing auto industry and drone industry to boost India's manufacturing capabilities. Therefore, the growing manufacturing industry is driving the growth of the machine tools market.
Competitive Landscape -
Major companies operating in the machine tools market report are Robert Bosch GmbH, The Black & Decker Corporation, Stanley Black & Decker Inc., Techtronic Industries Co Ltd., JTKET Corporation, Makita Corporation, Hilti AG, Hyundai WIA Corporation, TRUMPF Group, EBARA CORPORATION, Georg Fischer AG, Lincoln Electric Holdings Inc., Makino Milling Machine Co Ltd., OKUMA Corporation, GROB-WERKE GmbH u. Co KG, Shenyang Machine Tool Co Ltd., Haas Automation Inc., Falcon Machine Tools Co Ltd., Ace Micromatic Group, Amada Co Ltd., Chiron Group SE, Yamazaki Mazak Corporation, MAG IAS GmbH, MC Machinery Systems Inc., Spinner Tooling Technologies, Doosan Machine Tools Co Ltd., Hitachi Koki Co Ltd., Dalian Machine Tools Group Corporation, Komatsu NTC Ltd., Electronica Hitech Engineering Pvt Ltd., Husqvarna AB, Atlas Copco AB, Sandvik AB, Kennametal Inc., OSG Corporation
Machine Tools Market Transformed By Cutting-Edge Products And Technology Unveilings
New product innovations have emerged as the new key trend gaining popularity in the machine tools market. Major companies operating in the machine tools market focused on new product innovations to sustain their position in the market. For instance, in June 2022, LMW Machine Tool Division, an India-based automation machinery manufacturing company, launched 2 new machines - the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker, and showcased 3 latest machines and machining solutions at INTEC 2022 exhibition held in Coimbatore. The unique features of the JG 50 Vertical Machining Center include very high acceleration of greater than 1G and spindle speed up to 16,000 rpm. LF20C Twin G Twin Turret Chucker has dual spindles and dual turrets which indicate it has 2 CNC Turning Centers combined into one machine.
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Key Segments -
The machine tools market covered in this report is segmented -
1) By Product Type: Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Other Product Types
2) By Automation Type: CNC Machine Tools, Conventional Machine Tools
3) By Sales Channel: Direct, Indirect
4) By Industry: Automotive, Aerospace and Defense, Construction Equipment, Power and Energy, Industrial, Other Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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