Machine Tools Market Size & Growth Report to 2030

The global machine tools market size is expected to register a significant CAGR of around 6% during the forecast period from 2023 to 2030. The market is driven by factors such as industrial automation, manufacturing and industrial growth, technological advancements, demand for precision and customization, replacement and upgradation, infrastructure development, focus on energy efficiency, emerging markets, after-sales services, and cost reduction. These factors contribute to the increasing demand for advanced machine tools that can enhance productivity, accuracy, and efficiency in various manufacturing sectors. Additionally, the need for customization, energy efficiency, and reliable after-sales support further fuels the market. As industries expand, adopt automation, and seek efficient production processes, the demand for advanced machine tools continues to rise.

Market Snapshot:

Market Drivers:

• Industrial Automation: The increasing adoption of industrial automation in various manufacturing sectors drives the demand for advanced machine tools. Automation improves productivity, efficiency, and precision, leading to higher demand for machine tools that can integrate with automated systems.
• Manufacturing and Industrial Growth: The growth of manufacturing industries, such as automotive, aerospace, electronics, and general manufacturing, drives the demand for machine tools. As these industries expand, there is a need for advanced machining and processing capabilities to meet the production requirements.
• Technological Advancements: Ongoing technological advancements in machine tools, such as CNC systems, robotics, additive manufacturing, and advanced tooling, enhance productivity, accuracy, and flexibility. Manufacturers seek advanced machine tools to improve their operations and stay competitive in the market.
• Demand for Precision and Customization: With increasing customer demands for precision-engineered components and customized products, manufacturers require machine tools that can deliver high accuracy and handle complex machining processes. This drives the demand for advanced CNC machine tools and multi-axis systems.
• Replacement and Upgradation: Machine tools have a lifespan, and over time, older machines may become outdated or less efficient. Manufacturers often replace or upgrade their existing machine tools to improve productivity, incorporate new technologies, and meet changing market demands.
• Infrastructure Development: Infrastructure development projects, such as construction and transportation, drive the demand for machine tools for applications like drilling, milling, and shaping. The growth of infrastructure sectors in emerging economies contributes to market expansion.
• Focus on Energy Efficiency: With increasing concerns about energy consumption and environmental sustainability, there is a growing demand for energy-efficient machine tools. Manufacturers are investing in energy-efficient technologies and equipment, driving the adoption of advanced machine tools with reduced power consumption.
• Emerging Markets: Growing industrialization and manufacturing activities in emerging markets, especially in Asia Pacific, Latin America, and the Middle East, contribute to the expansion of the machine tools market. These regions offer significant growth opportunities due to increasing investments and favorable government initiatives.
• After-sales Services: The availability of comprehensive after-sales services, including technical support, maintenance, and training, is an important factor driving the machine tools market. Manufacturers and suppliers that provide reliable and prompt services attract customers and foster long-term relationships.
• Cost Reduction and Efficiency Enhancement: Machine tools play a crucial role in cost reduction and efficiency enhancement for manufacturers. By investing in advanced machine tools, manufacturers can optimize production processes, reduce waste, and improve overall operational efficiency.

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Market Insights:

The global machine tools market is bifurcated into product type, technology, application, end-use industry, and geography. on the basis of product type, the market is further segmented into machining centers, turning machines, grinding machines, milling machines, drilling machines, electrical discharge machines (EDM), and others. The dominant segment in the machine tools market is machining centers. Machining centers offer a comprehensive solution for multiple machining operations in a single setup, making them highly efficient and versatile. They are extensively used in various industries, including automotive, aerospace, and general manufacturing, where complex and precise machining of components is required. Machining centers enable manufacturers to streamline their production processes, reduce setup time, and improve overall productivity. With their ability to handle diverse machining tasks, such as milling, drilling, and tapping, machining centers have become a preferred choice for industries seeking enhanced efficiency and accuracy. The demand for machining centers is driven by their exceptional capabilities and the growing need for advanced machining solutions in the manufacturing sector.

Machining Centers: Machining centers are versatile machine tools that combine milling, drilling, and tapping operations in a single setup. They offer high precision and productivity, making them ideal for complex machining tasks. The demand for machining centers is driven by industries such as automotive, aerospace, and general manufacturing that require efficient and accurate machining of components.

Turning Machines: Turning machines, also known as lathes, are used for the removal of material by rotating a workpiece against a cutting tool. They are widely utilized for cylindrical or conical parts and offer excellent precision and surface finish. Turning machines find applications in industries such as automotive, aerospace, and general manufacturing where precise shaping and finishing of components are crucial.

Grinding Machines: Grinding machines are utilized for abrasive machining processes to achieve high-quality surface finishes and precise dimensions. They are used for grinding, honing, and polishing various materials, including metal, ceramics, and composites. Grinding machines are essential in industries such as automotive, aerospace, and tool manufacturing where fine surface finishes and tight tolerances are required.

Milling Machines: Milling machines are employed for removing material using rotary cutters to create complex shapes and profiles. They are capable of performing a wide range of operations, including face milling, slotting, and contouring. Milling machines find applications in industries such as automotive, aerospace, and general manufacturing where versatility and high precision are needed.

Drilling Machines: Drilling machines are used to create holes in workpieces using rotating drill bits. They are crucial in industries such as construction, automotive, and metal fabrication. Drilling machines vary in size and capabilities, ranging from portable handheld drills to large-scale industrial drilling machines.

Electrical Discharge Machines (EDM): EDM machines use electrical discharges for precision machining of conductive materials. They employ spark erosion to remove material and create intricate shapes. EDM machines are commonly used in industries such as mold and die production, aerospace, and electronics manufacturing.

Others: This category encompasses machine tools that are not specifically categorized under the aforementioned types. It may include sawing machines, bending machines, and other specialized machine tools catering to specific industry requirements.

The machine tools market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Product Type:

• Machining Centers
• Turning Machines
• Grinding Machines
• Milling Machines
• Drilling Machines
• Electrical Discharge Machines (EDM)
• Others

By Technology:

• Conventional Machine Tools
• Computer Numerical Control (CNC) Machine Tools
• Hybrid Machine Tools (combining conventional and CNC technologies)
• Others

By Application:

• Metal Cutting
• Metal Forming
• Industrial 3D Printing
• Tooling And Fixtures
• Others

By End-Use Industry:

• Automotive
• Aerospace and defense
• General manufacturing
• Electronics and electrical
• Energy
• Construction
• Medical devices
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

The dominant region in the machine tools market is Asia Pacific. Asia Pacific has emerged as a major manufacturing hub, driven by countries like China, Japan, South Korea, and India. The region’s dominance can be attributed to several factors. The Asia Pacific has a strong presence of industries such as automotive, aerospace, electronics, and general manufacturing, which are major users of machine tools. These industries have witnessed significant growth in the region, fueling the demand for machine tools. Furthermore, the countries like China and Japan are known for their advanced manufacturing capabilities and technological expertise. They have a well-established infrastructure to support the machine tools market and provide a competitive edge in terms of production efficiency and quality.

Asia Pacific offers cost advantages, including lower labor and production costs, making it an attractive destination for manufacturing. This has led to the establishment of manufacturing facilities by multinational companies in the region, further driving the demand for machine tools. Additionally, government initiatives and investments in infrastructure development, industrial automation, and technological advancements have contributed to the growth of the machine tools market in Asia Pacific.

Competitive Assessment

Some of the major market players operating in the global machine tools market are DMG Mori, Amada Holdings, Trumpf, Makino, Haas Automation, and Mazak. Companies are exploring markets by expansion, new investment, the introduction of new services, new product launch, and collaboration as their preferred strategies. For instance:

• DMG Mori: In 2021, DMG Mori introduced the DMU 200 Gantry, a new gantry-type 5-axis machining center designed for large workpieces and high precision machining.
• Mazak: Mazak launched the INTEGREX i-400ST Multi-Tasking Machine, featuring enhanced productivity and advanced cutting capabilities for complex machining operations.
• Haas Automation: Haas introduced the UMC-1600-H, a high-speed 5-axis universal machining center, expanding its range of multi-axis machining solutions.
• Okuma Corporation: Okuma unveiled the MB-80V, a vertical machining center with a powerful spindle and high-rigidity structure for efficient heavy-duty cutting.
• Doosan Machine Tools: Doosan launched the DVF 5000, a vertical 5-axis machining center offering high precision and flexibility for multi-sided machining.

Key Companies:

• DMG Mori
• Amada Holdings
• Trumpf
• Makino
• Haas Automation
• Mazak
• Okuma Corporation
• Doosan Machine Tools
• JTEKT Corporation (TOYODA)
• GF Machining Solutions
• Schuler AG
• Chiron Group
• Yamazaki Mazak Corporation
• Hurco Companies, Inc.

Key Questions Answered by Machine Tools Market Report

• Global machine tools market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Machine tools submarket forecasts from 2023-2030 covering the market by product type, technology, application, end-use industry, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level machine tools markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market