Machine Tools Market Size to Reach Revenues of around USD 122 Billion by 2026 - Arizton
CHICAGO, Feb. 2, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global machine tools market report.
The global machine tools market is expected to grow at a CAGR of 8.5% during the period 2020−2026.
Key Highlights Offered in the Report:
- Automotive industry, industrial machinery, and metals industry were the major end-users of machine tools accounting for over 60% of the total market share in terms of consumption.
- The automotive sector is one of the major shareholders among end-user industries in the machine tools market and has witnessed the hardest hit due to COVID-19. The demand for automotive vehicles went down by more than 10% globally.
- Metal cutting tools dominated the market holding over 70% of the total market share both in terms of production and consumption in 2020.
- In 2020, APAC was the largest revenue contributor to the global machine tools market, accounting for a market share of over 46% by consumption value and 51% by production value in 2020. In APAC as well as globally, China accounted for a major share in the machine tools market.
- North America will continue its steady growth after 2021 during the forecast period. APAC will dominate the market and is expected to witness strong traction in demand for machine tools during the forecast period.
- CNC machines accounted for around 62% share in the global machine tools market and is expected to grow at a significant CAGR of over 9% as compared to around 7% for non-CNC machines.
- International players are currently dominating the market. However, several regional and foreign players with small market shares also have a presence in the market. New companies are catching up with established vendors and are expected to erode the market share of established vendors during the forecast period.
- Since the market is shifting from conventional to long-term & cost-effective solutions, vendors can focus on the alignment of their product development with end-user-specific demand.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by tool type, technology, end-user, and geography
- Competitive Landscape – 4 key vendors and 19 other vendors
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Machine Tools Market – Segmentation
- Metal cutting tools have a higher machine tools market share with over two-thirds of the sales contribution. The sales of these devices are high in critical industries, including aerospace, defense, automotive, and shipbuilding. They are also observing an application in non-electrical sectors, which have crucial components incorporated using high precision machine tools.
- Owing to the rise in automation, shift toward digitalization, and the advent of industry 4.0, the demand for automated machine tools has witnessed significant growth in the last few years. Computer numerical control (CNC) machines hold over 60% of the market share and are expected to witness substantial growth during the forecast period.
- The machine tools market demand is expected to increase due to expansion and increased investments by private and public players in automotive, industrial equipment, metal industries in Europe, APAC, and North America. Thus, the demand for machine tools in various industrial applications is anticipated to grow.
Machine Tools Market by Tool Type
- Metal Cutting
- Machining Center
- Lathe
- Grinding Polishing
- Laser, EDMs, and Other Tools
- Others
- Metal Forming
- Bending & Forming
- Pressing
- Punching & Shearing
- Others
Machine Tools Market by Technology
- CNC
- Metal Cutting
- Metal Forming
- Non-CNC
- Metal Cutting
- Metal Forming
Machine Tools Market by End-users
- Automotive
- Industrial Machinery
- Metal industry
- Electrical & Electronics
- Medical Industry
- Heavy Equipment
- Aerospace & Defense
- Marine & Offshoring
- Others
Machine Tools Market – Dynamics
These regions require a technology leap in terms of manufacturing. Another evident trend from history is that countries that have attained a significant gain in GDP per capita over the span of a few decades are those that adopted structural shifts in the manufacturing & production sector, i.e., shifting over time from low technology sectors to high technology manufacturing. Japan and South Korea are key examples. In these economies, while low-tech industries typically dominate the low-income levels, offering large scale employment, productivity gains are majorly enabled by the high-tech industry, being majorly advocated by government and institutional reforms to escape the middle-income trap, which can substantially drive the market for machine tools in the coming years.
Key Drivers and Trends fueling Market Growth:
- Emphasis on Industry 4.0
- Rise in Investments
- Growth in Machine Tools Consuming Industries
- Rise in Infrastructure Development
Machine Tools Market – Geography
In 2020, APAC was the largest revenue contributor to the global machine tools market, accounting for a market share of over 46% by consumption value and around 51% by production value. In APAC as well as globally, China accounted for a major share in the machine tools market. This can be attributed to the increasing number of investments in fully automated industrial machinery and Y-O-Y growth in government spending toward defense aircraft and equipment in major economies across the region. In addition, since the Chinese market is significantly dependent on its manufacturing industries, the demand for machine tools is high. Rising investments in the industrial sector and the constant shift toward urbanization are major macro factors propelling the market during the forecast period.
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Machine Tools Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Switzerland
- APAC
- China
- Japan
- South Korea
- India
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East
Major Vendors
- Doosan
- AMADA Group
- Makino Milling Machine Co. Ltd.
- JTEKT
Other Prominent Vendors
- GF Machining Solutions
- DMG Mori Seiki Co.
- Komatsu
- OKUMA Corporation
- HYUNDAI WIA
- Schuler AG
- CHIRON Group SE
- 600 Group PLC
- Falcon Machine Tools Co. Ltd.
- MAG IAS GMBH
- GROB-WERKE GmbH & Co. KG
- Spinner Precision Machine-Tools
- Haas Automation Inc.
- Gleason Corporation
- Dalian Machine Tool Group Corporation
- Yamazaki Mazak Corporation
- Electronica Hitech Machine Tools Pvt. Ltd.
- Ace Micromatic Group
- TRUMPF GmbH + Co. KG
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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