Machine Tools Market Outlook, Industry Analysis, Scope, and Research Report

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.

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.

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.

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:

• 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:

• 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:

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.