Machine Tools Market Report by Tool Type (Metal Cutting, Metal Forming, Accessories), Technology Type (Conventional, CNC (Computerized Numerical Control), End Use Industry (Automotive, Aerospace and Defense, Electrical and Electronics, Consumer Goods, Precision Engineering, and Others), and Region 2024-2032

Machine Tools Market Report by Tool Type (Metal Cutting, Metal Forming, Accessories), Technology Type (Conventional, CNC (Computerized Numerical Control), End Use Industry (Automotive, Aerospace and Defense, Electrical and Electronics, Consumer Goods, Precision Engineering, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112023A1414
Year End sale Buy Now

Market Overview:

The global machine tools market size reached US$ 100.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 146.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032. The increasing preferences for lightweight vehicles, rising demand for commercial aircraft, and the growing traction of Industry 4.0 represent some of the key factors driving the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 100.8 Billion
Market Forecast in 2032
US$ 146.9 Billion
Market Growth Rate 2024-2032 4.1%


Continuous Technological Advancements Stimulating Market Growth

The integration of artificial intelligence (AI) and robotics in machine tools improves monitoring, productivity, tracking and overall equipment effectiveness. It also helps in performing tasks, such as loading and unloading workpieces, tool changing and in-process measurements and reduces manual intervention, enhances productivity, and ensures consistent quality.

global Machine Tools Market Report

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented due to the presence of a large number of global and regional players. The volume of new entrants is low in the machine tools industry due to low product differentiation, high capital investments, and high exit barriers.

What are Machine Tools?

Machine tools are devices used in the manufacturing industry to shape various materials into precise forms. They include various equipment, such as lathes, milling machines, drilling machines, grinding machines, and computer numerical control (CNC) machines. They perform specific operations, such as cutting, drilling, shaping, and grinding, to transform raw materials into finished products, which help enhance product uniformity and reduce the human interaction required in different steps of the process. They provide high precision, repeatability, and efficiency in the manufacturing process that enables the creation of complex and customized parts.

COVID-19 Impact:

The COVID-19 pandemic outbreak has caused a significant impact on the machine tools industry and imposed unprecedented challenges on numerous countries. Manufacturing plants were forced to shut down or operate at reduced capacity, causing delays in production and project cancellations. The machine tools industry, which heavily relies on international trade and collaboration, faced challenges in sourcing raw materials and components from different countries. Borders were closed, and transportation networks were disrupted, causing significant delays and increasing costs. The closure of manufacturing facilities and reduced orders from industries, such as automotive, aerospace, and construction, further exacerbated the situation. Moreover, the pandemic led to a decline in investment in new machinery and equipment as companies prioritized cost-cutting measures and focused on conserving cash flow. Many businesses face financial constraints, which makes it difficult for them to invest in capital-intensive assets like machine tools. The machine tools industry also witnessed a shift in customer behavior and preferences. With remote work becoming the new norm, virtual meetings and digital collaboration tools gained prominence. This reduced the need for physical machine tool inspections and demonstrations, affecting sales and customer interactions. However, the pandemic also acted as a catalyst for innovation and digitalization within the machine tools industry. Companies accelerated their adoption of automation, robotics, and digital manufacturing technologies to enhance productivity, reduce dependency on human labor, and ensure business continuity during future disruptions.

Machine Tools Market Trends:

Machine tools find application in the automotive industry for manufacturing components, such as engine blocks, cylinder heads, crankshafts, camshafts, gears, and other precision components. This, coupled with the increasing preferences for luxury, lightweight, and autonomous vehicles on account of rapid urbanization and inflating income levels, represents one of the major factors impelling the market growth around the world. Moreover, machine tools are employed in the aerospace and defense industry to produce turbine blades, aircraft structural components, landing gear, engine parts, and other critical components that require high precision and reliability. This, along with the growing demand for commercial aircraft, military equipment, and space exploration, is influencing the market positively. In addition, the increasing adoption of CNC machines in the medical industry for producing sophisticated surgical instruments and tiny screws is contributing to the market growth. Apart from this, the rising trend of industrial automation, the growing traction of Industry 4.0, and the increasing demand for precision manufacturing are some of the other factors creating a positive outlook for the market.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global machine tools market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on tool type, technology type and end use industry.

Tool Type Insights:

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample

  • Metal Cutting
  • Metal Forming
  • Accessories
     

The report has provided a detailed breakup and analysis of the machine tools market based on the tool type. This includes metal cutting, metal forming, and accessories. According to the report, metal cutting represented the largest segment. The increasing demand for water jet machines for cutting metals, such as titanium, steel, aluminum, and brass, is bolstering the market growth. In addition, rising demand for lightweight vehicles is influencing the market positively.

Technology Type Insights:

  • Conventional
  • CNC (Computerized Numerical Control)
     

A detailed breakup and analysis of the machine tools market based on the technology type has also been provided in the report. This includes conventional and CNC (computerized numerical control). According to the report, CNC (computerized numerical control) accounted for the largest market share as it is used in various industries with various metal and plastic parts, often in complex shapes. It is an advanced machine tool that operates using programmed commands and computers to enhance productivity. It offers high productivity, scalability and cost-effectiveness, ensures design retention, requires less maintenance, increases safety, and improves machining accuracy.

End Use Industry Insights:

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

A detailed breakup and analysis of the machine tools market based on the end use industry has also been provided in the report. This includes automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, and others. According to the report, automotive accounted for the largest market share on account of the rising demand for new, fuel-efficient, and technologically advanced vehicles equipped with more safety features. Moreover, the increasing use of machine tools for various applications in the automotive industry, such as CNC milling, rack and pinion system machining, turning, and drilling, is contributing to the market growth.

Regional Insights:

 

 
 

To get more information on the regional analysis of this market, Request Sample

  • Asia Pacific
  • Europe
  • North America
  • Middle East and Africa
  • Latin America
     

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. According to the report, Asia Pacific was the largest market for machine tools. The increasing manufacturing activities in various industries, such as automotive, aerospace and, electrical and electronics represents one of the key factors driving the Asia Pacific machine tools market. Furthermore, the rising trend of industrial automation and the growing demand for precision manufacturing is influencing the market positively in the region. Apart from this, the increasing exploration activities for new oil and gas fields and the rising use of modern design and simulation engineering software by numerous leading players is contributing to the market growth in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global machine tools market. Some of the companies covered in the report 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
     

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Tool Type, Technology Type, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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 and Schuler
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the machine tools market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global machine tools market.
  • The study maps the leading, as well as the fastest-growing, regional markets.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the machine tools industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global machine tools market was valued at US$ 100.8 Billion in 2023.

We expect the global machine tools market to exhibit a CAGR of 4.1% during 2024-2032.

The emerging trend of automation, along with the growing utilization of machine tools to increase the overall productivity and improve the efficiency of various products, is primarily driving the global machine tools market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for machine tools.

Based on the tool type, the global machine tools market can be bifurcated into metal cutting, metal forming, and accessories. Currently, metal cutting holds the majority of the total market share.

Based on the technology type, the global machine tools market has been segmented into conventional and CNC (Computerized Numerical Control), where CNC (Computerized Numerical Control) currently exhibits a clear dominance in the market.

Based on the end use industry, the global machine tools market can be divided into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, and others. Currently, automotive accounts for the largest market share.

On a regional level, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global machine tools market 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.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Machine Tools Market Report by Tool Type (Metal Cutting, Metal Forming, Accessories), Technology Type (Conventional, CNC (Computerized Numerical Control), End Use Industry (Automotive, Aerospace and Defense, Electrical and Electronics, Consumer Goods, Precision Engineering, and Others), and Region 2024-2032
Purchase options Year End sale



Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More