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Global Machine Tools Market Surpasses USD 90 Billion in 2023, Driven by 3.05% YoY Growth and Advancements in CNC Technology

10-23-2024 02:52 PM CET | Industry, Real Estate & Construction

Press release from: Makreo Research And Consulting

Global Machine Tools Market Surpasses USD 90 Billion in 2023,

According to Makreo Research, the global machine tool market has experienced significant growth, surpassing USD 90 billion in 2023, with a year-over-year increase of 3.05%. This growth is driven by several factors, including advancements in automation and precision engineering, a growing demand for electric vehicles and renewable energy infrastructure, and heightened investments in manufacturing technologies across various industries. The transition towards Industry 4.0, which focuses on smart manufacturing and digitalization, has also contributed to market expansion by enhancing production efficiency and productivity.

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https://www.makreo.com/report/global-machine-tools-market-size-and-forecast-2019-2028

► Metal Working Machine Tools Market: A Dominant Segment
The Metal Working Machine Tools Market represents a significant portion of the overall machine tools market, primarily due to its two key segments: metal forming and metal cutting, which together accounted for over USD 68 billion in 2023. CNC machine tools dominate this sector, offering superior precision and efficiency vital for modern manufacturing processes that require high-quality outputs. The automation of complex machining tasks reduces labor costs and minimizes human error, making CNC technology increasingly appealing. CNC machines can be programmed for a variety of tasks, enabling manufacturers to quickly adapt to changing production requirements.

In particular, the CNC lathe machines segment is anticipated to play a crucial role in market growth, driven by their capability to produce precise and complex components essential for industries such as automotive and aerospace.

► Key End-User Industries of the Machine Tools Market

Automotive Industry:
• The automotive industry holds the largest share in the global machine tools market in 2023.
• Driven by the need for precision manufacturing of components like engine parts and transmission housings.
• Automotive manufacturers lose USD 2.3 million per hour to unplanned downtime, emphasizing the importance of reliable and efficient machine tools.

Aerospace Industry:
• The aerospace sector constitutes the second-largest share of the machine tools market.
• Growth is fueled by the increasing demand for commercial and military aircraft components, which require high precision and tight tolerances.

Medical Devices & Electrical and Electronics Industry:
• Rising demand for advanced medical technologies and precision manufacturing of implants and surgical instruments drives the market.
• Increasing demand for consumer electronics and the growing adoption of automation in production processes further contribute to market growth.

► Geographical Insights: Asia-Pacific Leads the Machine Tools Market
Geographically, the Asia-Pacific region leads the global machine tool market, accounting for over half of the total share, followed by Europe and North America. Key manufacturers in the industry include China, Germany, Japan, and the United States.

Asia-Pacific Dominance:
• China's extensive manufacturing base and rapid industrialization position it as the largest producer and user of machine tools.
• This growth is supported by an overall manufacturing annual value exceeding USD 9.2 trillion for China, the USA, Japan, and Germany.

North America's Automotive Focus:
• The robust automotive sector in North America, particularly the expanding electric vehicle (EV) market, has driven demand for high-precision machine tools.
• This sector has fostered collaborations among manufacturers to innovate and enhance production capabilities.

Europe's Automation and Precision:
• Europe, home to major manufacturers like DMG MORI, Okuma, and Mazak, has experienced significant growth in automation and precision engineering across industries such as aerospace and medical devices.
• In 2023, Germany produced over Euro 10.633 billion in machine tools, highlighting the region's contribution to market growth. Additionally, Russia emerged as the third-largest consumer of machine tools in Europe, historically being a significant importer with notable increases in recent years.

► French Machine Tools Market: Leading Players
Several notable companies lead the French machine tools market, including:

• Fives: A French engineering group with a strong market presence, bolstered by strategic acquisitions, including the integration of certain machining activities from the Dufieux group (acquired by Fives in 2020).
• Numalliance: Renowned for its expertise in cold-forming wire and tubes, showcasing the global prominence of French machine-tool expertise.
• Realmeca: Known for its high precision in machine tools, aligning with the requirements of advanced manufacturing processes and high-value aerospace and defense markets.
• Redex: Provides precise and robust metalworking solutions.
• Mécanuméric: Demonstrates a commitment to future growth through significant investments aimed at increasing operational capacity and meeting anticipated demand.
• RGI France: Specializes in hard metal machining.
• Somab: Offers a diverse portfolio in the metal-cutting machine tool segment.
• Suteau: Distinguished by its machine tools designed for processing flexible materials, including rubber, foam, cardboard, and leather.
• Thibaut: Specializes in manufacturing machine tools for stone working.

► Key Acquisitions Driving the Global Metal Cutting Tools Market
Recent acquisitions in the metal-cutting tools market have further propelled growth:
• CORE Industrial Partners Acquires Richlind Metal Fabricators
In August 2024, CORE Industrial Partners acquired Richlind Metal Fabricators, a specialist in precision sheet metal fabrication and machining, boosting CGI Automated Manufacturing's capabilities in the metal fabrication sector.

• CORE Industrial Partners Expands Micro Precision Stamping
Also in August 2024, CORE Industrial Partners, through its portfolio company PrecisionX Group, acquired Ditron, Inc., a provider of high-speed micro precision stamping. This acquisition strengthens PrecisionX's ability to produce high-volume, micro-miniature components for various industries.

► Growth Opportunities in the Global Machine Tools Market
The global machine tools market is set for substantial growth, driven by several key opportunities. There is a rising demand for industrial automation and high-volume production in sectors such as automotive and aerospace. Additionally, the integration of advanced technologies like AI and IoT enhances this growth potential. Increased investments in emerging markets and a focus on sustainability are also driving demand for energy-efficient and eco-friendly machine tools, enabling manufacturers to innovate and expand their market presence. Moreover, the growing adoption of additive manufacturing and remanufacturing processes presents new avenues for cost savings and improved product lifecycle management.

Makreo Research has published an extensive report titled "Global Machine Tools Market Size and Forecast (2019-2028) - Analysis by Metal Working Tools (Cutting & Forming), Technology (CNC & Conventional), End-User Applications, and Geography (APAC, Europe, North America)." This report provides a comprehensive examination of the global machine tools market, covering key regions including North America, Europe, and Asia-Pacific. It offers an in-depth review of both current and historical market performance, focusing on regulatory environments in major countries such as China, Japan, South Korea, India, Germany, France, the UK, Italy, the USA, and Canada.

The analysis highlights major market players, including DMG Mori Seiki Co. Ltd., Mazak Corporation, Makino Milling, Trumpf Inc., and JTEKT Corporation, featuring detailed profiles that include mergers, acquisitions, funding histories, and strategic developments. Furthermore, the report examines global, national, and state-level regulations and their implications for the machine tools sector. It also addresses key logistical challenges, demographic trends, and other factors impacting the market. This comprehensive analysis equips stakeholders and industry experts with valuable insights into the evolving dynamics of the global machine tools market, aiding them in navigating this critical and rapidly growing sector.

► Period of Study
2019 - 2023: Past and Present Scenario
2024: Base Year of Study
2024 - 2028: Future Outlook

► Regions and Countries Covered
• Asia-Pacific (APAC): China, Japan, South Korea, India, Taiwan
• Europe: Germany, France, the UK, Italy, Russia
• North America: US, Canada, Mexico

► Competitive Landscape
• Mergers and Acquisitions
• Funding Timeline
• Company Profiles

For more details:
Global Machine Tools Market Size and Forecast (2019-2028)
https://www.makreo.com/report/global-machine-tools-market-size-and-forecast-2019-2028

Similar Related Reports:
North America Machine Tools Market Size and Forecast (2019-2028)
https://www.makreo.com/report/north-america-machine-tools-market-size-and-forecast-2019-2028

Asia-Pacific Machine Tools Market Size and Forecast (2019-2028)
https://www.makreo.com/report/asia-pacific-machine-tools-market-size-and-forecast-2019-2028

Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614

Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com

Makreo Research is a leading market research and consulting firm based in India, specializing in Syndicated Research, Custom Research, Consulting, and Market Surveys. With expertise in navigating complex market dynamics, we empower businesses to achieve success. Our services span a wide range of industries and geographies, including North America, LATAM, Europe, Asia-Pacific, Oceania, MENA, and more.

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