The global machine tool market is forecasted to reach US$67.9 billion in 2024, growing at a CAGR of 6.06% for the period spanning 2020-2024. The factors such as accelerating industrialization, increasing shipments of 5G smartphones, rapid urbanization, increasing electric vehicle deployment and improving consumer confidence are expected to drive the market. However, growth of the industry would be challenged by high maintenance cost, stiff competition and US-China trade war. Few notable trends include increasing laser machine tool sector, emergence of hybrid technology, surging adoption of IoT in machine tool and growing turnkey project demand in Japan.
In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the machine tools orders have decreased rapidly.
The machine tools which are operated by a worker turning a handle are used mainly in developing markets. Numerical Control (NC) machine tools that perform automatic operations based on numerical control using a computer are already widespread in developed markets, including Japan, Europe, and the U.S. (NC machine tools account for over 90% of machine tool production value in Japan).
The fastest growing market is China due to strong demand for CNC machining center, lathes & grinding machines; growth in installation of energy grids, growing demand for highly advanced & comprehensive metal cutting machines, rising defence & aerospace industry, increasing technological advancements and rapid urbanization in country.
Scope of the report:
The report provides a comprehensive analysis of the global machine tool market on the basis of segments i.e. metal cutting & metal forming and applications i.e. automotive, general machinery, precision engineering and transport machinery.
The major country markets i.e. China, US, Germany, UK and Japan have been analysed.
The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
The competitive landscape of the market, along with the company profiles of leading players i.e. TRUMPF GmbH + Co. KG, DMG Mori Seiki Co., Ltd., Amada Co. Ltd, JTEKT Corporation, Okuma Corporation and The Bühler Group are also presented in detail.
Key Target Audience:
Machine Tool Manufacturers
Raw Material Suppliers
Government Bodies & Regulating Authorities