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Machine Tools Global Market Report 2024 Market Report 2024-2033 | Share, Trends, Growth Demand, overview
Machine Tools Global Market Report
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According to The Business Research Company's, The machine tools market size has grown strongly in recent years. It will grow from $92.21 billion in 2023 to $97.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to industrial revolution and manufacturing growth, globalization and industrialization, automotive and aerospace growth, precision engineering and quality standards, military and defense sector demand.
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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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 2024 Key Insights:
• 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 Role Of A Booming Manufacturing Sector In Fueling Machine Tools Market Expansion
• Machine Tools Market Transformed By Cutting-Edge Products And Technology Unveilings
• Asia-Pacific was the largest region in the machine tools market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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