The global machine tools market size is predicted to reach USD 158.06 billion by 2026. One of the key drivers enabling the growth of the market is the increasing demand for machine tools in automotive industry, says Fortune Business Insights in a report, titled “Machine Tools Market Size, Share & Industry Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026” the market size stood at USD 106.60 billion in 2018 and is projected to rise at a CAGR of 4.9% from 2019 to 2026.
The increasing government initiatives and policies will fuel demand for smart factories in the foreseeable future. According to the research studies, smart factories reached approximately USD 246 billion in 2018 and are further expected to exhibit high growth during the forecast period. Moreover, increasing focus on industry 4.0 will further augment the machine tools market growth. For instance, UK government invested USD 7.70 billion in industry 4.0 R&D to support manufacturing transformation through digitally-enabled technologies including virtual reality and IoT (Internet of Things).
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Key Segments in the Machine Tools Market
- Technology: Under the segment, the market is segmented into Conventional and CNC (Computerized Numerical Control). CNC segment is expected to account for maximum share in the market owing to the increasing demand from automation processes among various industries. As CNC machine tools has improved precision and short lead time. This factor will further fuel demand in automation production processes. Furthermore, the increasing focus of key players towards the development of CNC systems to cater to the demand of various industries. For instance, in 2015, Doosan Machine Tools launched D300 a next-generation CNC model. In addition, growing dependability on robotics will further boost the machine tools market trends.
- Product: Under the segment, the market is segmented into metal cutting and metal forming. Metal cutting segment will experience high growth rate during the forecast period. The increasing demand for Metal cutting machine tools in the automotive and construction industry will fuel demand of the segment. The increasing demand for commercial spaces and residential housing has contributed positively to the construction industry, which, in, turn is expected to boost the market. In addition, the increasing aerospace industry will contribute significantly to the market growth.
- Application: Under the segment, the market is segmented into automotive, general machinery, precision engineering, transport machinery and others. Automotive segment is expected to hold a lion’s share in the market owning to the application of different tools in the automotive manufacturing sector. For instance, engine locks, piston rods, wheels, and gearbox cases manufacturing requires the process of milling. Furthermore, the increasing demand for disc brakes and manufacturing of specific-product will further fuel demand for machine tools in the automotive industry. Precision engineering is expected to exhibit healthy growth in the forthcoming year due to increasing demand for high accuracy in complex product manufacturing. Moreover, the increasing requirement for machine tools from semiconductors, medical technology, and marine industry will further fuel demand for precision engineering. In addition, the escalating opportunities in advanced materials, sensors, laser & optics will further boost the growth of the precision engineering industry.
- Geography: Under the segment, the market is segment into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific was valued at USD 56.84 billion in 2018 and is expected to grow significantly during the forecast period. The increasing demand from various industries such as automotive, manufacturing, construction, aerospace is resulting in the growth of market in Asia Pacific. The increasing government initiatives for manufacturing sector will further create growth opportunities for the market. For instance, the ‘Make in India’ campaign encourages FDI (foreign direct investments) and tax benefits for the manufacturing sector in India. Moreover, the Automotive Mission Plan 2016-26 and the National Electric Mobility Mission Plan will further accelerate the growth of the market.
Some of the Major Companies Present in the Machine Tools Market are:
- Yamazaki Mazak Corporation
- Doosan Machine Tools Co., Ltd.
- Amada Machine Tools Co., Ltd
- JTEKT Corporation
- MAG IAS GmbH
- Schuler AG
- Hyundai WIA
- Komatsu Ltd.
- Okuma Corporation
Recent Developments in the Machine Tools Market are Mentioned Below:
- May 2019: Doosan Machine Tools launched 80 Machine Tools on display in which 38 were either new or upgraded models in Doosan International Machine Tool Fair.
- November 2019: TDT Machine Tools Ltd partnered with CMZ UK Ltd. to offer high-specification lathe machines across central region of the UK. This partnership is expected to result in the enhancement of TDT Machine Tools Ltd. product portfolio.
The Global Machine Tools Market is Segmented into:
Value (USD billion)
- CNC (Computerized Numerical Control)
- Metal Cutting
- Metal Forming
- General Machinery
- Precision Engineering
- Transport Machinery
- Others (Energy, Electrical and etc.)
- North America (U.S. and Canada)
- Europe (Germany, UK, Russia, Italy, and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)