United States Machine Tools Market to Reach US$ 16.2 Billion by 2032, Propelled by Significant Growth in Automotive Industry

March 15, 2023 | Heavy Industry

According to the latest report by IMARC Group, titled “United States 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," the United States machine tools market size reached US$ 11.3 Billion in 2023. Machine tools refer to power-driven equipment used for shaping and forming metals, wood, and other hard materials into precise and complex products. They are commonly used to perform a range of operations, such as drilling, grinding, cutting, forming, abrading, and nibbling. Machine tools are manufactured using high-strength and durable materials, such as cast iron, steel, aluminum, and composites. They are widely used to produce bolts, screws, shafts, cooking utensils, automotive and aircraft components, medical devices, prosthetics, circuit boards, turbine blades, and military equipment. They are safe, cost-effective, and highly efficient devices that enhance productivity, reduce manual labor, and provide high accuracy, precision, and repeatability. 

United States Machine Tools Market Trends:

The significant growth in the automotive industry is one of the primary factors creating a positive outlook for the market. Machine tools are widely used to produce various automotive components, such as engine blocks, transmissions, pistons, body panels, chassis, brake drums, and suspension. In addition to this, the widespread product utilization to produce electric vehicle (EVs) parts, such as motors, drivetrain, and batteries, is acting as another growth-inducing factor. Furthermore, increasing initiatives by the Government of the United States of America to upgrade the existing energy, transportation, and manufacturing infrastructures with advanced automation and robotics is providing an impetus to the market growth. Additionally, the introduction of hybrid machine tools that allow users to perform multiple operations in a single step, which in turn saves time and cost, reduces scrap generation, increases productivity, and provides greater flexibility in the manufacturing process, is positively influencing the market growth. Apart from this, the widespread product adoption in the defense and aerospace industry to produce aircraft parts, missile components, armored vehicles, and firearms is favoring the market growth. Moreover, rising product demand in the healthcare industry to produce medical devices, implants, prosthetics, surgical instruments, catheters, needles, forceps, and retractors, is propelling the market growth. Other factors, including rapid industrialization, increasing investment in the research and development (R&D) of advanced products, and widespread product utilization in the electronics industry, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 16.2 Billion by 2032, exhibiting a CAGR of 3.9% during 2024-2032.

Market Summary:

  • On the basis of tool type, the market has been divided into metal cutting, metal forming, and others.
  • Based on the technology type, the market has been bifurcated into conventional and CNC (computerized numerical control).
  • On the basis of end use industry, the market has been divided into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, and others.
  • On a regional basis, the market has been categorized into Northeast, Midwest, South, and West.
  • The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Scope:

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 Northeast, Midwest, South, West
Customization Scope 10% Free Customization
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United States Machine Tools Market to Reach US$ 16.2 Billion by 2032, Propelled by Significant Growth in Automotive Industry
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