Machine Tools Market Growth Accelerates: Strategic Forecast Predicts $125.54 Billion by 2029

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What Will the Machine Tools Industry Market Size Be by 2025?
In recent times, there has been a moderate growth in the size of the machine tools market. The market, which was worth $96.5 billion in 2024, is projected to increase to $99.87 billion in 2025, translating to a compound annual growth rate (CAGR) of 3.5%. This historical growth trend has been influenced by factors such as the industrial revolution and manufacturing expansion, further globalization and industrialization, as well as the growth of the automotive and aerospace sectors. Additionally, the rise in precision engineering and the standard of quality, along with the demand stemming from the military and defense sector, have contributed significantly to this market growth.

What's the Long-Term Growth Forecast for the Machine Tools Market Size Through 2029?
The market for machine tools is anticipated to experience substantial growth in the coming years, expected to reach a value of $125.54 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 5.9%. This projected growth over the forecast period can be linked to a move towards lightweight materials, global infrastructure undertakings, the needs of the medical and healare sectors, demand from the renewable energy sector, and the expansion of the aerospace and defense sectors. Within the forecast period, key trends are expected to comprise integration of automation and robotics, digitalization and industry 4.0, the need for multi-functionality, the implementation of sustainable manufacturing methods, and the adoption of 5-axis machining.

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What Are the Key Growth Drivers Fueling the Machine Tools Market Expansion?
Anticipated expansion in the manufacturing sector is set to stimulate the growth of the machine tools market. Machine tools, which are essentially power devices used for modifying workpieces, play a significant role in creating mechanical parts through forming, cutting, and joining operations. Consequently, an upsurge in manufacturing activity corresponds to increased demand for these machine tools. To illustrate, the Australian Bureau of Statistics, a national statistical agency based in Australia, reported that in May 2024, there was a rise in EBITDA to 51,574 in 2022, from 50,446 the previous year within the Australian manufacturing industries. Hence, it can be inferred that the expanding manufacturing sector is a key factor propelling the machine tools market's growth.

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What Are the Key Trends Driving Machine Tools Market Growth?
Product innovation has become a noticeable trend in the machine tools sector. Major firms in the market have been focusing on creating new products to maintain their standing. An example is LMW Machine Tool Division, an Indian automation machinery producer, who launched the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker in June 2022. These new machines were also featured along with three other latest machines at the INTEC 2022 exhibition in Coimbatore. The JG 50 Vertical Machining Center boasts of exceptional features like an exceedingly high acceleration that exceeds 1G and spindle speed that reaches up to 16,000 rpm. On the other hand, the LF20C Twin G Twin Turret Chucker features dual spindles and turrets- a clear indication that it's essentially two CNC Turning Centers fused into one machine.

How Is the Machine Tools Market Segmented?
The machine toolsmarket 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 Companies Are Leading the Charge in Machine Tools Market Innovation?
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

Which Regions Are Leading the Global Machine Tools Market in Revenue?
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.

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