Machine Tool Market Size, Share, Growth, Trends, and Forecast 2030

Industry Perspective:

The global machine tool market size was worth USD 77.90 billion in 2021 and is estimated to grow to USD 92.47 billion by 2028, with a compound annual growth rate (CAGR) of approximately 2.90% over the forecast period. The report analyzes the machine tool market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the machine tool market.

Request Free Sample

Machine Tool Market: Overview

Machine tools are quite flexible and can carry out several tasks, including filleting, turning, chamfering, drilling, and gear cutting. Machine tools are the instruments used for handling machining metal or other hard materials. They also contain a few cuttings and shaping tools. Machine tools, to put it simply, are devices that make people's jobs easier. All machine tools have some method of limiting the workpiece and the guided movement for the components. Machine tools are driven by electricity or hydraulics rather than human muscles. Machine tool manufacturers focus on producing products with minimal maintenance requirements. There are essentially two types of machine tools: CNC and conventional. Due to their great efficiency, productivity, and precision, CNC machine tools are now favored by consumers or end users more than other types of equipment. One of the popular product types for cutting metal is the milling machine.

A milling machine is capable of a wide range of operations, including turning, chamfering, cutting gears, and filleting. Additionally, the rise of the global metalworking process sectors has stimulated a need for milling machines, which in turn has fueled the global machine tool market's expansion. The need for automated machine tools has increased due to the expansion of the manufacturing industry, and this demand is anticipated to drive the market for CNC machine tools. On the other hand, high-end machine investment costs and trade restrictions between nations are anticipated to limit market expansion. In the next years, the machine tool market is expected to face challenges due to the high maintenance costs of this equipment.

COVID-19 Impact:

Nearly every continent on earth has been affected by the terrifying COVID-19 epidemic. The pandemic has significantly influenced the imports and exports of machine tools in several important nations. Prominent manufacturers are simultaneously deciding how best to address a potential interruption to the supply chain in the global machine tools industry. It is anticipated that the external shock caused by this worldwide pandemic would accelerate the current downward trend in demand for machine tools. Due to limited sales activity in several countries throughout the world, machine tool makers suffered income losses. The pandemic significantly negatively impacted the machine tools industry's main market, the automotive and auto component industry. Global supply chains have faced considerable hurdles as a result of the epidemic.

Request Free Sample

Key Insights

• The global machine tool market value is predicted to grow at a CAGR of 2.9% over the forecast period.
• The machine tool market was worth USD 77.90 billion in 2021 and is estimated to grow to USD 92.47 billion by 2028.
• One of the key factors driving the expansion of the machine tool market is the demand for industrial automation. The market benefits from the rise in demand for high productivity, high quality, and short cycle times.
• The main drivers of this market are technological advancement, better training facilities, and rapid industrial development, particularly in emerging economies. The market is comprehensively evaluated in the study on the global machine tools market.
• Based on industry segment, the automotive & transportation category is anticipated to account for the majority of value during the projected period across all industry segments.
• The Asia Pacific leads the global machine tool market.

Machine Tool Market: Growth Drivers

Increasing use of hybrid machine tools and additive manufacturing is driving the market growth

A growth in additive manufacturing is driving the global machine tool market. Businesses are using additive manufacturing more frequently as they embrace efficient and quick production methods. The market is also anticipated to grow as a consequence of the growing need for the capacity to generate heterogeneous materials. As a result, the manufacturers of CNC materials aim to include additive manufacturing in their operations.

Machine Tool Market: Restraints

Market expansion is being hampered by social and economic uncertainty

Changes in the status of the global economy are impeding the market. The amount spent in the industrial sector is directly correlated with the sales of these tools. Therefore, a slowdown in the global economy is anticipated to directly impact the income of machine tools. The significant use of machinery in the industry means that changes in the automobile sector also greatly influence the machine tools sector. However, the developments in the automobile industry's capital spending greatly influence market revenue. Unexpected shifts in a nation's political, social, or economic conditions can also have an effect on the development of the market's income.

Machine Tool Market: Opportunity

The fully automatic CNC machine tools include tool changers that let them perform several jobs with only one machine

The characteristics of CNC machine tools improve their demand and positively impact the expansion of the global machine tools market. The demand for machine tools is anticipated to increase due to the expansion of existing production facilities and the construction of new factories in a number of end-use industries, including the automotive, railroad, aerospace, and defense sectors. This factor is expected to accelerate the market growth for machine tools throughout the course of the assessment period. Fixed and heavy-duty machine tool MRO (maintenance, repair, and operations) presents growth opportunities in terms of producing more sales revenue for machine tool vendors.

Machine Tool Market: Challenges

Industries that produce capital goods are vulnerable to global economic downturns

The capital goods industry is sensitive to global economic downturns. This is especially true for the machine tool sector, rendering it susceptible to changes in the economy because machine tools are primarily employed to generate other capital goods. Most machine tool market builders cited the current economic slowdown brought on by the epidemic and other negative repercussions as their major obstacles. Also, global economic growth slowed due to increased economic uncertainty brought on by geopolitical developments like the US-China trade war and Brexit. The industry for machine tools and the export of machine tools were impacted by import tariffs on machinery, metal components, and raw materials. At the same time, the market faced competition from an increasing number of low-quality category rivals, mostly from China.

Machine Tool Market: Segmentation

The global machine tool market is segregated on the basis of product type, automation type, industry segment, sales channel, and region.

Milling machines is expected to provide the largest sales revenue

Based on product type, the market is segmented into milling machines, drilling machines, grinding machines, and electrical discharge. Milling machines are primarily employed in the metal cutting process in many different sectors. The global development of sectors that deal with metalworking processes has sparked the need for milling machines. Milling machines are quite adaptable and can carry out a wide range of tasks, including filleting, turning, chamfering, drilling, and cutting gears. These devices are also capable of making several cuts with different cutters. These benefits make milling machines perfect for the railway, aerospace, and automobile sectors.

The global market is anticipated to be dominated by CNC machine tools

The market is divided into computerized numerical control (CNC) and conventional based on the type of automation. Of the two, CNC has the largest market share. Additionally, there is a daily rise in demand for CNC. The need for CNC is growing as additional manufacturing sectors, such as automotive, railroads, aerospace, etc., acquire impetus. The main factors boosting the development of this market are the demand for automation to shorten cycle times and improve product correctness. Modern CNCs are far more sophisticated and smaller. The entire machining procedure may be completed on a single machine.

Recent Developments

• August 2020: Huro unveiled a new line of CNC turning centers that can accommodate any turret station's live tooling. With its multi-core CPU, the new CNC system can display high-resolution images on the screen that are equivalent to those on Hurco's machining center control.
• May 2020: By establishing a new sales channel, Mazak Corporation is concentrating on growing its presence in the Portuguese market. The new sales team will be situated in Porto and will serve Normil, Mazak's distributor.

Machine Tool Market: Report Scope

Machine Tool Market: Regional Landscape

The expansion of industries that use metal cutting technology is projected to support Asia-Pacific dominate in the global market

Due to a growth in the number of industries involved in the metal cutting process throughout the area, Asia Pacific is predicted to dominate the global machine tools market. Most of the top machine tool makers are based in this area, which is expected to dominate the market. One of the biggest users of machine tools and the market leader in Asia Pacific is China. In the Asia Pacific, there has been significant expansion and investment in the automobile, oil, gas, and rail sectors. This region is home to major firms including DMG Mori, OKUMA Corporation, and Yamazaki Mazak Corporation.

Competitive Landscape

Some of the main competitors dominating the global machine tool market include- AMADA Co., Ltd., CHIRON Group SE, DMG MORI, Doosan Corporation, Georg Fischer Ltd., HYUNDAI WIA CORP., JTEKT Corporation, Komatsu Ltd., Makino, Okuma Corporation.

Global machine tool market is segmented as follows:

By Product Type

• Milling Machines
• Drilling Machines
• Grinding Machines
• Electrical Discharge Machines

By Automation Type

• CNC Machine Tools
• Conventional Machine Tools

By Industry Segment

• Automotive and Transportation
• Sheet Metals
• Capital Goods
• Energy

By Sales Channel

• Events and Exhibitions
• Dealers and Distributors

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa