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: SR112024A1414
Buy Now

Machine Tools Market Size:

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 market is experiencing steady growth driven by the rising demand for precision engineering in various sectors such as automotive, aerospace, and electronics, technological advancements in CNC and digital manufacturing technologies, and the shift towards smart manufacturing and Industry 4.0.

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%

Machine Tools Market Analysis:

  • Market Growth and Size: The global market is experiencing robust growth, driven by increasing demand across various industries. This growth is attributed to the expansion of manufacturing sectors in developing countries and the rising trend of automation in manufacturing processes, contributing to a significant increase in market size.
  • Technological Advancements: Technological innovation remains a pivotal factor in the market's expansion, with advancements in automation, IoT, and AI integration leading the way. These innovations enhance precision and efficiency in machine tools, catering to the evolving demands of industries such as automotive, aerospace, and defense, and driving the adoption of high-tech CNC machines.
  • Industry Applications: The market serves a wide range of industries, with notable applications in automotive, aerospace, defense, and electronics sectors. The demand in these sectors is primarily driven by the need for precision manufacturing and efficient production processes, influencing the market's versatility and adaptability to various industrial requirements.
  • Key Market Trends: A significant trend in the market is the increasing adoption of automation and smart manufacturing practices. The shift towards Industry 4.0, emphasizing digitalization and connectivity in manufacturing, is also shaping market dynamics, with a growing focus on smart, connected machine tools.
  • Geographical Trends: Geographically, the market is witnessing substantial growth in developing countries such as China, India, and Brazil, attributed to their expanding manufacturing sectors, government initiatives, and the influx of foreign direct investment. These regions are becoming key players in the global supply chain, influencing global market trends.
  • Competitive Landscape: The competitive landscape of the market is characterized by the presence of both established players and emerging companies. Competition is intense, with companies focusing on technological innovation, strategic partnerships, and expanding their global footprint to gain a competitive edge.
  • Challenges and Opportunities: The market faces challenges such as the need for continuous technological upgrades and the high initial cost of advanced machine tools. However, these challenges also present opportunities for market players to innovate and develop cost-effective, efficient solutions, catering to the evolving needs of diverse industries.
     

global Machine Tools Market Report

Machine Tools Market Trends:

Technological Advancements and Innovation

The global market is significantly driven by continuous technological advancements and innovations. These advancements include the integration of automation, IoT (Internet of Things), and AI (Artificial Intelligence) in machine tools, leading to enhanced precision, efficiency, and productivity in manufacturing processes. This evolution is particularly crucial in industries such as automotive, aerospace, and defense, where precision and efficiency are paramount. Furthermore, the development of advanced materials necessitates the use of sophisticated machine tools capable of handling complex tasks. The market is witnessing a growing demand for CNC (Computer Numerical Control) machines, which offer higher precision and flexibility compared to conventional machines. This shift towards more technologically advanced machine tools is facilitating the production of complex and high-quality products, thereby driving market growth.

Increase in Manufacturing Activities in Developing Countries

The expansion of manufacturing sectors in developing countries is a major factor propelling the global machine tools market. Nations such as China, India, and Brazil are experiencing significant industrial growth, fueled by government initiatives, lower labor costs, and the establishment of manufacturing hubs. This growth is attributed to the rising domestic demand and the global outsourcing of manufacturing activities to these regions. The automotive and electronics industries, in particular, are witnessing substantial growth in these countries, necessitating the adoption of advanced machine tools. The influx of foreign direct investment (FDI) in these regions, aimed at leveraging the lower production costs and growing markets, is also a key driver. This factor enhances the local economies and contributes to the global supply chain, thereby augmenting the demand for machine tools.

Rising Demand for Automation in Manufacturing

The global market is increasingly influenced by the rising demand for automation in manufacturing processes. Automation is becoming essential for manufacturers seeking to improve productivity, reduce operational costs, and maintain competitiveness in the global market. In addition, the integration of machine tools with automated systems such as robotics and AI-driven solutions enables faster production times, consistent quality, and minimal human error. This demand is particularly evident in sectors such as automotive, aerospace, and consumer electronics, where precision and efficiency are crucial. Along with this, the growing trend towards Industry 4.0, which emphasizes the digitalization of manufacturing processes, further fuels the demand for automated machine tools. Companies are investing in smart and connected machine tools that can optimize production processes, offer predictive maintenance, and provide real-time data analysis, thus driving market growth.

Machine Tools Industry Segmentation:

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

Breakup by Tool Type:

Machine Tools Market

  • Metal Cutting
  • Metal Forming
  • Accessories
     

Metal Cutting accounts for the majority of the market share

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 metal cutting tools segment represents the largest share of the market. This segment includes tools such as lathes, milling machines, drilling machines, and grinding machines, which are essential in manufacturing processes for precision cutting, shaping, and sizing of metals. The demand for metal cutting tools is particularly high in industries such as automotive, aerospace, and machinery manufacturing, where precision and efficiency are crucial. Additionally, the technological advancements in this segment, especially in CNC technology and automation are enhancing the capabilities of metal cutting tools, making them more efficient, accurate, and versatile.

The metal forming tools segment is another crucial part of the machine tools market, encompassing equipment such as presses, bending machines, forging machines, and stamping machines. These tools are used to deform metal workpieces into desired shapes without removing any material, making them essential in sectors such as automotive body assembly, sheet metal fabrication, and construction. While this segment is smaller compared to metal cutting, it plays a vital role in industries where large-scale and high-strength metal forming is required.

Accessories and auxiliary equipment segment includes various accessories and auxiliary equipment that enhance the functionality and efficiency of machine tools. Items such as workholding devices, cutting tools, tool holders, and measuring devices fall into this category. These components are vital for the precise and efficient operation of machine tools. The demand for accessories is closely tied to the overall use of machine tools in various industries, with advancements in the primary segments (metal cutting and metal forming) often dictating the development and innovation within this segment.

Breakup by Technology Type:

  • Conventional
  • CNC (Computerized Numerical Control)
     

CNC (Computerized Numerical Control) holds the largest share in the industry

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.

The CNC technology segment holds the largest share of the machine tools market, reflecting its pivotal role in modern manufacturing. CNC machine tools are highly prized for their precision, efficiency, and flexibility, making them indispensable in industries that require complex and precise operations, such as aerospace, automotive, and medical device manufacturing. These machines are controlled by computer programs, allowing for highly accurate and repeatable operations. The increased adoption of CNC technology is largely driven by the growing need for automation, enhanced production speed, and the ability to produce intricate designs with minimal human intervention.

Conventional machine tools continue to have a significant presence in the market. This segment includes manually operated machines such as traditional lathes, milling machines, and grinders. These tools are often preferred in situations where the cost of CNC machines cannot be justified, such as in small-scale production or for simpler tasks. They are also prevalent in educational settings for training purposes and in workshops where the high precision and automation of CNC equipment are not necessary.

Breakup by End Use Industry:

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

Automotive represents the leading market segment 

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.

The automotive sector stands as the largest segment in the end-use industry for the machine tools market. This dominance is attributed to the extensive use of machine tools in virtually every aspect of automobile manufacturing, from engine components to intricate body parts. The precision and efficiency provided by advanced machine tools, especially CNC machines, are critical in meeting the stringent quality and safety standards of the automotive industry. Additionally, the ongoing evolution in automotive technologies, including the shift towards electric vehicles and the integration of advanced materials, continues to drive the demand for innovative and specialized machine tools.

In the aerospace and defense industry, the application of machine tools is vital for manufacturing highly precise and complex components. This sector demands machine tools that can handle advanced materials such as titanium and composites, essential for creating lightweight and durable aerospace components. The precision engineering required in this segment places a high value on advanced CNC technology, capable of producing components with extremely tight tolerances.

The electrical and electronics industry is another key segment of the machine tools market. This sector requires high-precision tools for the production of small and intricate components used in a wide range of electronic products, from consumer gadgets to industrial equipment. The miniaturization trend in electronics necessitates machine tools that can operate with high accuracy and at micro dimensions.

Machine tools in the consumer goods sector are employed in the production of a variety of products, including household appliances, sporting goods, and personal care items. This segment requires a diverse range of machine tools, from those capable of handling large-scale production to those suitable for creating detailed and aesthetic designs.

The precision engineering segment encompasses the production of components requiring high accuracy for industries such as medical devices, optical instruments, and semiconductors. Machine tools in this sector are characterized by their ability to achieve extremely tight tolerances and fine surface finishes.

Other segment includes a variety of other industries such as construction, energy, and shipbuilding, where machine tools are used for various applications. These industries often require specialized machine tools designed to handle large and heavy materials, or those capable of performing specific tasks unique to the particular industry.

Breakup by Region:

Machine Tools Market

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

Asia Pacific leads the market, accounting for the largest machine tools market share

The market research 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 Asia Pacific region leads the global machine tools market, primarily due to the rapid industrialization and growth of manufacturing sectors in countries such as China, India, and Japan. This region benefits from a combination of factors such as low labor costs, increasing foreign investments, and supportive government policies aimed at enhancing manufacturing. The automotive and electronics industries, in particular, are significant contributors to the market's growth in this region.

In North America, the machine tools market is driven by the advanced manufacturing sectors in the United States and Canada. The region is known for its technological prowess, with a strong focus on automation and innovation in manufacturing processes. The aerospace and defense industries, alongside automotive manufacturing, are key contributors to the market in this region. Additionally, the presence of major machine tool manufacturers and the adoption of Industry 4.0 technologies further bolster the market growth in North America.

Europe's machine tools market is characterized by its high level of technological advancement and a strong industrial base, particularly in countries including Germany, Italy, and the UK. The region's focus on precision engineering and the presence of several leading automotive and aerospace manufacturers underpin the demand for advanced machine tools.

The Latin American market for machine tools is growing, driven by the expanding industrial sectors in countries such as Brazil and Mexico. This growth is supported by investments in manufacturing infrastructure and the gradual shift towards more advanced manufacturing techniques. The automotive and construction industries are significant contributors to the market in this region.

The Middle East and Africa region, while smaller in comparison to other regions, is experiencing growth in the market. This growth is attributed to the diversification of economies, especially in the Gulf countries, moving away from oil dependency to embrace manufacturing and industrialization. The construction and infrastructure sectors are primary drivers for the demand for machine tools in this region.

Leading Key Players in the Machine Tools Industry:

In the competitive landscape of the global market, key players are actively engaging in strategies to strengthen their market positions and cater to the evolving industrial demands. These strategies include investing in research and development to innovate and integrate advanced technologies such as AI, IoT, and automation into their products. Companies are also focusing on expanding their global footprint through mergers, acquisitions, and partnerships, facilitating access to new markets and enhancing their product portfolios. Additionally, there is a significant emphasis on manufacturing process optimization to improve efficiency and reduce costs. These initiatives are complemented by efforts to provide customized solutions and services to meet the specific needs of diverse industries, ranging from automotive to aerospace, ensuring that they stay ahead in a rapidly evolving and highly competitive market.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the 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
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News: 

  • August 09, 2023: Trumpf announced a partnership as an associate partner with PlanQK. Through the use of Q.ANT's experience with photonic quantum technology, the collaboration seeks to enhance the quantum computing community.
  • April 05, 2023: DMG MORI established a Somerville, Massachusetts, technology center. According to the corporation, it will serve as a center for clients globally to conduct research and development on digitizing products and processes.
  • January 20, 2023: Yamazaki Mazak announced plans to build a new plant in India. It intends to improve production operations and service support at sites near its clients in order to assist the growth of the global manufacturing sector.

Machine Tools Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Tool Type
  • Technology Type
  • End Use Industry
  • Region
Tool Types Covered Metal Cutting, Metal Forming, Accessories
Technology Types Covered Conventional, CNC (Computerized Numerical Control)
End Use Industries Covered Automotive, Aerospace and Defense, Electrical and Electronics, Consumer Goods, Precision Engineering, Others
Regions 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, Schuler, etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
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 industry 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 report 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 assists 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.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides 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




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