The global machine tools market is projected to grow at a CAGR 2.59% rate during the forecast period. The growing manufacturing industry and technological advancements in machine tools, such as multi axis and robotic arm, are some of the major factors driving the growth of the machine tool industry globally.
Milling machines are expected to be the largest segment. Milling machines are predominantly used in the metal cutting process across several industries. The promising expansion of metalworking process industries worldwide has triggered the demand for the milling machines. Milling machines are highly versatile and can perform a variety of functions, such as filleting, turning, chamfering, drilling, gear cutting, etc. These machines can also perform multiple cuts using multiple cutters.
CNC machine tools are expected to dominate the market. The increasing demand from the manufacturing companies for productivity improvements and product innovation is expected to drive the market. Growth in the manufacturing sector has led to a rapid increase in demand specifically for the increasingly sophisticated CNC machines. Automation of machine tools leads to enhanced productivity, time saving, and elimination of human errors. The new age CAD/CAM CNC machines are compact in size are equipped with automatic tool changers along with multi axis machining technology and can carry out the entire machining process using a single machine.
Automotive and Transportation industry is expected to lead the market. Primary industry users like automotive, aerospace and defense, railways, capital goods, and consumer durable sectors have a high demand for machine tools. The automotive industry is adopting the integration of technologies such as AI, IOT, robotics, etc., which will serve the demands of the end users. Major efforts are made to upgrade engine technologies to meet the fuel efficiency mandates and NCAP rating globally.
Asia Pacific is expected to dominate the market due to the increase in the number of metal cutting process industries across the region. The region is home for most of the leading machine tool manufacturers and is anticipated to dominate the market. China is one of the major consumers of machine tools and is driving the market in Asia Pacific. There has been substantial growth and investment in the automotive industry, oil and gas, and railways in the Asia Pacific region.
Key players include Doosan Machine Tools Co. Ltd. (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan), JTKET Corporation (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), among others.
Key Questions addressed by the report
· What is the global market scenario of the machine tool industry? The regions considered are EU, NA,APAC, Brazil, Russia
· What is the market split by product type (Milling, Drilling, Turning, Grinding, EDM)?
· What are the key market trends impacting the growth of the machine tool industry?
· What is the machine tools market size and the growth rate?
· What are the key factors driving the global machine tools industry?
· What are the challenges to the growth of the machine tools market?
· Who are the key manufacturers of machine tools industry?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Executive Summary
4. Market Dynamics
4.1.1.Growth of Industries That Produce End Products and Components Using Machine Tools
4.1.2.Rise of Electric Vehicles Changing the Demand for the Machine Tool Industry
4.1.3.Retrofitting and Maintenance of Machine Tools
4.2.1.Initial Investment Cost of High-End Machines
4.3.1.Retrofitting and Maintenance of Machine Tools
5. Global Machine Tools Market, By Product Type
5.1. Milling Machines
5.2. Drilling Machines
5.3. Turning Machines
5.4. Grinding Machines
5.5. Electrical Discharge Machines
6. Global Machine Tools Market, By Automation
6.1. CNC Machine Tools
6.2. Conventional Machine Tools
7. Global Machine Tools Market, By Industry Segment
7.1. Automotive and Transportation
7.2. Sheet Metals
7.3. Capital Goods
8. Global Machine Tools Market, By Sales Channel
8.1. Direct Sales
8.2. Events and Exhibitions
8.3. Dealers and Distributors
9. Global Machine Tools Market, By Region
9.1. North America
9.3. Asia Pacific
10. Company Profiles
10.5. GF Machining Solutions
10.6. DMG MORI
10.9. Hyundai WIA
10.10. Schuler AG
10.11. Chiron Group SE
10.12. MAG IAS GmbH
10.13. Haas Automation
10.14. Dalian Machine Tools Group Corporation
10.15. Electronica Hitech Engineering Pvt. Ltd.
*Company introduction, financial information, recent developments, SWOT analysis
11. Conclusion and Recommendations
12.2. Related Reports