Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Machine Tools Market Outlook

The global machine tools market size reached a value of almost USD 134.91 billion in the year 2023. The industry is further expected to grow at a CAGR of 5.4% between 2024 and 2032 to reach a value of almost USD 216.34 billion by 2032.

Global Machine Tools Market

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The global machine tools market is driven by automated and high-precision equipment. The Asia Pacific region is the leading regional market in the industry globally. A major trend driving the industry includes the growing automation of tasks varying from material handling to tool changing. The emphasis has also shifted toward the creation of interconnected systems and user-friendly software that facilitate users to include additional characteristics and specifications in the final product.

Properties and Applications

Machine tools are the stationary, power-driven equipment used for cutting or forming metals or any other hard materials. They usually shape the workpiece by eliminating the extra material and help in performing operations like drilling, abrading, grinding, and nibbling. The advanced and modern machine tools are numerically, or computer-controlled, which improves the product uniformity and decreases the human interaction required in the process. At present, an extensive range of the product are present in the market, extending from small workbench mounted instruments to large devices.

Machine Tools Market by End Use

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The market is segmented on the basis of tool type into:

  • Metal Cutting
  • Metal Forming
  • Accessories

At present, metal cutting tools are the leading segment within the market.

On the basis of technology type, the market is bifurcated into:

  • Conventional
  • CNC

Out of these, CNC exhibits the most preferred technology.

On the basis of end-use industry, the market is divided into:

  • Automotive
  • Aerospace and Defence
  • Electrical and Electronics
  • Consumer Goods
  • Precision Engineering
  • Others

Among these, the automotive sector holds the majority of the total market share.

The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Machine Tools Market by Region

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Market Analysis 

The global machine tools market is driven by the extensive applications of the product within industries such as automotive, electronics, aerospace, and precision engineering. This can be ascribed to the fact that machine tools are used in the manufacturing of durable goods and other machines. The market is further aided by the rapid development in these industries. Further, the initiation of advanced processes such as ultrasonics, high-pressure water jets, lasers, and plasma streams in machine tool applications has helped in increasing the speed and precision of the machining process. In addition to this, consumers are shifting toward automated higher-end technologies with improved performance, accuracy, and stability. These factors are expected to influence the market growth positively.

Competitive Landscape 

The report gives a detailed analysis of the following key players in the global machine tools market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Allied Machine & Engineering Corp. 
  • General Technology Group Dalian Machine Tool Corporation  
  • DMG MORI
  • Falcon Machine Tools Co., Ltd.  
  • AMADA Co., Ltd.
  • Mazak Corporation
  • TRUMPF
  • Doosan Machine Tools, Co. Ltd.
  • Okuma America Corporation
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Tool Type
  • Technology Type
  • End Use
  • Region
Breakup by Tool Type
  • Metal Cutting
  • Metal Forming
  • Accessories
Breakup by Technology Type
  • Conventional
  • CNC
Breakup by End Use
  • Automotive
  • Aerospace and Defence
  • Electrical and Electronics
  • Consumer Goods
  • Precision Engineering
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Allied Machine & Engineering Corp. 
  • General Technology Group Dalian Machine Tool Corporation  
  • DMG MORI
  • Falcon Machine Tools Co., Ltd.  
  • AMADA Co., Ltd.
  • Mazak Corporation
  • TRUMPF
  • Doosan Machine Tools, Co. Ltd.
  • Okuma America Corporation
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global machine tools market attained a value of nearly USD 134.91 billion.

The market is projected to grow at a CAGR of 5.40% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 216.34 billion by 2032. 

The major drivers of the market are the growing demand for high-precision and automated equipment, rapid urbanisation and industrialisation,  and growing technological advancements.

The key  trends guiding the growth of the market include the development of interconnected systems and the growing shift towards automation.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Metal cutting, metal forming, and accessories are the different tool types in the market. 

The various end uses of the product are automotive, aerospace and defence, electrical and electronics, consumer goods, and precision engineering, among others.

The major players in the global machine tools market are Allied Machine & Engineering Corp., General Technology Group Dalian Machine Tool Corporation, DMG MORI, Falcon Machine Tools Co., Ltd., AMADA Co., Ltd., Mazak Corporation, TRUMPF, Doosan Machine Tools, Co. Ltd., and Okuma America Corporation, among others.

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