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Prominent Machine Tools Market Trend for 2025: 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 th
Machine Tools
Advancements in the manufacturing sector are predicted to fuel the expansion of the machine tools marketplace. Machine tools are power-driven devices utilized for the handling of workpieces and are crucial to the production process of mechanical components. They are employed for forming, cutting, and coupling tools. Consequently, an upturn in the manufacturing sector will escalate the need for machine tools. For example, the Australian Bureau of Statistics, a statistical agency based in Australia, noted that in May 2024, manufacturing industries in Australia recorded a rise in EBITDA to 51,574 in 2022, up from 50,446 in 2021. Hence, the burgeoning manufacturing sector is contributing to the progress of the machine tools market.
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What is the projected compound annual growth rate (CAGR) of the machine tools market from 2025 to 2034, and what factors influence it?
In recent years, there has been a significant increase in the size of the machine tools market. It is projected to expand from $96.5 billion in 2024 to $101.51 billion in 2025, representing a compound annual growth rate (CAGR) of 5.2%. Factors contributing to this growth during the historical period include advancements in industrial revolution and manufacturing, globalisation and industrialisation, as well as developments in the automotive and aerospace sectors. Other factors include the demand for precision engineering and adherence to quality standards, alongside the military and defense sector demand.
Expectations are high for substantial expansion in the machine tools market in the coming years, with projections indicating a rise to $129.94 billion in 2029 thanks to a compound annual growth rate (CAGR) of 6.4%. This expected growth during the forecast period can be credited to the trend towards lighter weight materials, worldwide infrastructure initiatives, needs in the medical and healthcare industries, the renewable energy sector, and the development of the aerospace and defense sectors. Key trends during the forecast period are set to include the integration of automation and robotics, digitalization, and the Industry 4.0 revolution, the call for multifunctionality, the practice of sustainable manufacturing, and the adoption of 5-axis machining.
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How are the latest trends influencing the growth of the machine tools market?
The emergence of innovative new products has become the latest trend attracting attention in the machine tools sector. Firms leading the machine tools market have been focusing on innovation to maintain their market stance. For example, in June 2022, LMW Machine Tool Division, a company from India that specializes in manufacturing automation machinery, introduced two new machines - the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker, and displayed three state-of-the-art machines and machining methods at the INTEC 2022 event in Coimbatore. The JG 50 Vertical Machining Center stands out due to its extremely high acceleration that surpasses 1G and a spindle speed reaching up to 16,000 rpm. Furthermore, the LF20C Twin G Twin Turret Chucker comes with two spindles and turrets, signifying a combination of two CNC Turning Centers in a single machine.
What are the major segments of the machine tools market and their role in driving growth?
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
Subsegments:
1) By Milling Machines: Vertical Milling Machines, Horizontal Milling Machines, CNC Milling Machines
2) By Drilling Machines: Bench Drills, Radial Drills, CNC Drilling Machines
3) By Turning Machines: CNC Lathes, Manual Lathes, Swiss-Type Lathes
4) By Grinding Machines: Surface Grinders, Cylindrical Grinders, Tool and Cutter Grinders
5) By Electrical Discharge Machines: Wire EDM Machines, Sinker EDM Machines
6) By Other Product Types: Laser Cutting Machines, Waterjet Cutting Machines, Fabrication Machines
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Which regions are key players in the growth of the machine tools market?
Asia-Pacific was the largest region in the machine tools market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the machine tools market?
Major companies operating in the machine tools market include Amada Co. Ltd., DMG Mori Co. Ltd., Yamazaki Mazak Corporation, Haas Automation Inc., Okuma Corporation, GF Machining Solutions, Makino Milling Machine Co. Ltd., JTEKT Corporation, Komatsu Ltd., TRUMPF GmbH + Co. KG, Hyundai WIA Corporation, FANUC Corporation, Doosan Machine Tools Co. Ltd., Mitsubishi Heavy Industries Ltd., Hurco Companies Inc., Schuler Group GmbH, Gleason Corporation, EMAG GmbH & Co. KG, Starrag Group Holding AG, MAG IAS GmbH, Hardinge Inc., Dalian Machine Tool Group Corporation, Haco Group, Tsugami Corporation, Haas Schleifmaschinen GmbH, INDEX-Werke GmbH & Co. KG, Fives Group, LMT Group, Kitamura Machinery Co. Ltd., Chiron Group
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What Is Covered In The Machine Tools Global Market Report?
•Market Size Forecast: Examine the machine tools market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the machine tools market for a structured understanding.
•Key Players Overview: Analyze major players in the machine tools market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the machine tools market.
•Segment Contributions: Evaluate how different segments drive overall growth in the machine tools market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the machine tools market.
•Industry Challenges: Identify potential risks and obstacles affecting the machine tools market.
•Competitive Landscape: Review strategic developments in the machine tools market, including expansions, agreements, and new product launches.
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