United States Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

United States Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112024A2664
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Market Overview:

The United States machine tools market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

Machine tools operate using numerical control, which helps in achieving maximum product uniformity. These tools assist in cutting, shaping, forming, drilling, grinding, abrading, and nibbling metals or other hard materials. They also aid in minimizing human efforts required during cutting and enhancing the overall productivity.

The escalating demand for fabricated metals in the United States represents one of the key factors stimulating the market growth. Moreover, a significant demand for electric vehicles (EVs), autonomous cars and self-driven trucks is increasing the utilization of machine tools in the country. Apart from this, advancements in hardware and software components of computer numerical control (CNC) machines, coupled with the introduction of multi-axis and robotic arms, are driving the market growth. Furthermore, the setting up of various manufacturing plants is providing lucrative opportunities to players in the United States.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the United States machine tools market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on tool type, technology type and end use industry.

Breakup by Tool Type:

  • Metal Cutting
  • Metal Forming
  • Accessories
     

Breakup by Technology Type:

  • Conventional
  • CNC (Computerized Numerical Control)
     

Breakup by End Use Industry:

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

Breakup by Region:

  • Northeast
  • Midwest
  • South
  • West
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Tool Type, Technology Type, End Use Industry, Region
Region Covered Northeast, Midwest, South, West
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
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 Questions Answered in This Report

The United States machine tools market was valued at US$ 10.8 Billion in 2022.

We expect the United States machine tools market to exhibit a CAGR of 4.5% during 2023-2028.

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 United States machine tools market.

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

Based on the tool type, the United States 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 United States 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 United States 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 Northeast, Midwest, South, and West.

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United States Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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