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Machine Tools Market to Exhibit 5.5% CAGR till 2028; Urgent Need for Smart Tools to Optimize Machines and Schedule Maintenance Will Favor Growth

June 10, 2021 | Machinery & Equipment

The global machine tools market size is projected to grow from USD 113.26 billion in 2021 to USD 164.92 billion in 2028. The emergence of smart tools for scheduling maintenance and optimizing machine time is expected to affect growth positively. At the same time, these tools can prevent idle time issues efficiently by enhancing predictive analysis about the overall machine. Fortune Business Insights™ published this information in a report, titled, “Machine Tools Market Size, Share & COVID-19 Impact Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, & Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 111.36 billion in 2020. It is set to exhibit a CAGR of 5.5% during the forecast period between 2021-2028.

XYZ Machine Tools Extends Z-axis by 1000 mm According to Customer’s Requirements

In April 2020, XYZ Machine Tools, a supplier of superior quality tools upgraded and surged the z-axis by 1000 mm at its vertical machinery center. The machine will leave the company’s factory in Devon, England as it is ready for commissioning. As per a company official, “As we deliver machines to our clients according to a standard specification, we are always open to discuss with them if they require any adaptations and modifications to suit their needs. In this case, we have developed a machine with a z-axis capacity from a standard vertical machining center that would have been prohibitive financially or difficult to find anywhere else in the market.”

To get a detailed report summary and research scope of this market, click here:


Increasing Number of Novel Product Launches by Manufacturers to Augment Growth

The high popularity of heterogeneous material manufacturing capability is expected to accelerate the machine tools market growth in the upcoming years. Various CNC manufacturers are constantly planning to include additive manufacturing into their businesses. Okuma, for instance, announced its plans to launch innovative Laser EX machines in the near future. These machines would contain hardening by self-cooling and heating by laser emission. However, the rising expenditures in the manufacturing industry are directly proportional to the sales of this type of tools. This factor may hamper growth.

Development of Technical Capabilities A Vital Strategy of Key Players

Most of the manufacturers present in the global market are trying to broaden their production management systems by engaging in mergers & acquisitions. A few others are striving to improve product efficiency. Some of the others are focusing on collaborating with regional organizations to develop technical capabilities required for numerous manufacturing operations. Hyundai WIA, for instance, has built its new machine tool laboratories in Europe, Changwon, and Uiwang. The company would be able to provide extensive research activities and high-speed technology.

Fortune Business Insights™ presents a list of renowned machine tool manufacturers operating in the global market. They are:

  • Yamazaki Mazak Corporation (Japan)

  • Doosan Machine Tools Co., Ltd. (South Korea)

  • Trumpf (Germany)

  • Amada Machine Tools Co., Ltd (Japan)

  • JTEKT Corporation (Japan)

  • MAG IAS GmbH (Germany)

  • Schuler AG (Germany)

  • Makino (Japan)

  • Hyundai WIA (South Korea)

  • Komatsu Ltd. (Japan)

  • Okuma Corporation (Japan)

  • FANUC Corporation (Japan)

  • Haas Automation Inc. (United States)

  • Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan)

  • BIG KAISER Precision Tooling Inc (United States)

  • Kennametal (United States)

  • Nachi-Fujikoshi Corp (Japan)

  • OSG USA, INC (United States)

  • Sandvik AB (Sweden)

  • Ceratizit S A (Luxembourg)

  • Dewalt (United States)

  • Fraisa SA (Switzerland)

  • Guhring, Inc (United States)

  • Kilowood Cutting Tools (China)

  • Xiamen Golden Egret Special Alloy Co Ltd (China)

  • Zhuzhou Cemented Carbide Cutting Tool Co Ltd (China)

  • Tiangong International Co, Limited (China)

  • Ingersoll Cutting Tool Company (United States)

  • Sumitomo Electric Hartmetall GmbH (Germany)

  • Kyocera Unimerco (Denmark)

  • ISCAR LTD (Israel)

A Notable Industry Development-

  • May 2020: Mazak opened its new direct sales channel in Porto to improve and support Normil, the company’s current distributor. It will help Normil to strengthen the services provided to local users and refine after sales support. The operation will be led by Mr. Armando Gonçalves as he has more than 17 years of experience in the field of machine tools.

Further Report Findings-

  • In 2020, Asia Pacific earned USD 58.83 billion in terms of revenue. It is set to remain at the forefront on account of the high demand for this type of tools from aerospace, construction, manufacturing, and automotive industries. Besides, government initiatives, such as National Electric Mobility Mission Plan, Automotive Mission Plan 2016-26, and Make in India campaigns would bolster growth in this region.

  • Europe is anticipated to exhibit a significant growth backed by the rising usage of these products in Germany, Italy, and Spain. Germany’s machinery and equipment sector stood at USD 251.33 billion in 2018. Also, the presence of multiple renowned automakers, such as BMW, Volkswagen, Jaguar, Porsche, Bentley, Audi, and Mercedes in Europe would aid growth.

  • Based on the application, the precision engineering segment earned 14.9% and 17.4% in terms of the market share in 2020 globally and in China, respectively. This growth is attributable to the rising popularity of laser & optics, sensors, and advanced materials worldwide.

The global market can be segmented in this way:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)


  Technology, Product, Application, Region

By Technology

  • CNC (Computerized Numerical Control)

  • Conventional

By Product

  • Metal Cutting

  • Metal Forming

By Application

  • Automotive

  • General Machinery

  • Precision Engineering

  • Transport Machinery

  • Others (Energy, Electrical and etc.)

By Region

  • North America (By Technology, Product, Application and Country)

    • The US (By Application)

    • Canada (By Application)

  • Europe (By Technology, Product, Application and Country)

    • Germany (By Application)

    • Russia (By Application)

    • Italy (By Application)

    • Rest of Europe

  • Asia Pacific (By Technology, Product, Application and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific

  • The Middle East and Africa (By Technology, Product, Application and Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa

  • Latin America (By Technology, Product, Application and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America

Machine Tools Market
  • PDF
  • 2020
  • 2017-2019
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