According to the latest report by IMARC Group, titled "Global Machine Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global machine tools market reached a value of US$ 91 Billion in 2021. Machine tools refer to power-driven equipment used to shape or form rigid metals to reduce excess material. Metal cutting, forming and working are some of the commonly available types of machine tools. They consist of ball screws, drilling units, grinding wheels, angle heads, balancing machines, fluid chillers, multi-spindle heads and tapping units. Machine tools are widely used to perform various operations, including abrading, cutting, grinding, drilling, forming, shearing, boring and nibbling. They assist in enhancing product uniformity, reliability, accuracy, and efficiency, reducing human interaction, and increasing production and cost-effectiveness. As a result, machine tools find extensive applications across automotive, marine, aerospace, precision engineering and electronics industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Machine Tools Market Trends:
The significant growth in the automotive industry is creating a positive outlook for the market. Machine tools are widely used in this industry due to the increasing demand for lightweight vehicles and in the manufacturing of various parts, such as gearboxes, disc brakes and engine parts. Moreover, the widespread adoption of computer numerical control (CNC) machines in the medical industry for producing sophisticated surgical instruments and tiny screws is favoring the market growth. Apart from this, various technological advancements, such as the integration of artificial intelligence (AI) and robotics in machine tools to improve monitoring, productivity, tracking and overall equipment effectiveness, are providing a considerable boost to the market growth. Additionally, the rising demand for automatic machines due to their numerous benefits, such as eliminating human error, and enhancing productivity and efficiency, is positively impacting the market growth. Other factors, including the increasing demand for metal cutting tools due to widespread utilization of metal in various industries, extensive research and development (R&D) activities and the rising product demand in the defense and aerospace sector, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach US$ 123 Billion by 2027, growing at a CAGR of 4.91% during 2022-2027.
- On the basis of the tool type, the market has been classified into metal cutting, metal forming and accessories.
- Based on the technology type, the market has been bifurcated into conventional and CNC (computerized numerical control)
- On the basis of the end-use industry, the market has been segregated into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering and others.
- Based on region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Allied Machine & Engineering, AMADA Holdings, Dalian Machine Tool Group, DMG MORI, FALCON Machine Tools, 600 Group, Yamazaki Mazak, Trumpf, Komatsu, JTEKT, Doosan Machine Tools, Okuma, HYUNDAI WIA, Makino, Schuler, etc.
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