The global Machine Tools market size is expected to be worth around US$ 104.87 billion by 2028, according to a new report by Vision Research Reports.
The global Machine Tools market size was valued at US$ 77.24 billion in 2020 and is anticipated to grow at a CAGR of 4.02% during forecast period 2021 to 2028.
The growing demand for high-speed and efficient machining, particularly from the incumbents of the automotive and aerospace and defense industries bodes well for the growth of the market. Continued advances in manufacturing and processing technologies are also encouraging manufacturing companies to invest in the latest, advanced manufacturing techniques, thereby driving the growth. The rising demand for machine tools equipped with smart controls to facilitate unmanned operations, particularly from the metal processing industry, would play a crucial role in driving market growth.
The growing demand for multi-axis systems is anticipated to emerge as a key trend over the forecast period. Multi-axis systems provide the capability to manufacture extremely complex parts required in the automotive and aerospace and defense industries. Several vendors have started offering innovative 5-axis machining systems. For instance, in November 2018, DMG Mori Co., Ltd. launched two new 5-axis systems, namely DMU 200 Gantry and DMU 340 Gantry, which can be used to machine automotive parts, such as tailgate and shock mount.
The lathe machines segment dominated the market in 2020 with a market share of over 25%. This can be attributed to the rising adoption of lathe machines for applications, such as chamfering, fillet making, turning, and slot cutting. The adoption of lathe machines has been growing lately owing to the capabilities of the latest lathe machines to reduce human intervention and increasing the accuracy of the machining processes.
The laser machines segment is anticipated to exhibit the highest CAGR owing to the potential ability of the laser technology to ensure higher precision and finer cuts on the surface of the workpieces. Laser cutting systems are being used in a myriad of applications, where parts need to be machined with higher precision for better edge quality. A significant advantage of the laser cutting technology is that the laser beam does not wear during the machining process.
The CNC segment dominated the market in 2020 with a market share of more than 80%. This can be attributed to the growing need to reduce the operating costs, manpower, and errors in the components manufactured in industries, such as aerospace & defense, and automotive, among others. The rising levels of venture funding being received by companies developing software for CNC machines bode well for the CNC segment.
The automotive segment accounted for a market share of more than 12% in 2020. This can be attributed to the rise in the adoption of machine tools for the fabrication of transmission housings, engine cylinder heads, gearbox cases, and brake drums, among other automobile components.
The power and energy segment is anticipated to exhibit a significantly high CAGR over the forecast period on account of the rise in the adoption of machine tools for the machining of parts used in windmills, such as blades, rotors, and gearbox housings. The increasing adoption of wire cutting and turning centers from solar panel manufacturers, including Protolabs, for the fabrication of housing and frames also bodes well for the growth of the segment.
The direct sales segment held the largest revenue share of over 60% in 2020 and is expected to expand at a significant CAGR over the forecast period. There are various distributors of machine tools, such as Ellison Technologies and Absolute Machine Tools, Inc.; selling machine tools in the North American region.
The growth of the direct segment can be attributed to companies, including DMG MORI and Georg Fischer, Ltd., among others, which are focusing on the development of the online sales channel. The growing preference for procuring machine tools through e-platforms, such as Alibaba.com and Machine Tools Online, among others, is also driving the growth of the direct segment.
Asia Pacific dominated the market in 2020 with a revenue share of more than 35%. This can be attributed to the initiatives, such as “Make in India” and “Made in China 2025”, being pursued by the governments in the region to encourage indigenous manufacturing. For instance, to boost investments in the manufacturing, the Indian government announced in September 2019 that manufacturing companies incorporated on or after 01 October 2020 will be allowed to pay corporate tax at the rate of 15%.
The North America regional market is anticipated to exhibit the highest CAGR over the forecast period on account of rising demand for machine tools from incumbents of the aerospace and defense, automotive, and oil and energy, among other industries and industry verticals. Aircraft manufacturers in the region are aggressively approaching various market players for the procurement of machine tools. For instance, in November 2018, Georg Fischer Ltd. won a number of orders from the various aircraft manufacturing companies operating in the North American region.
AMADA Co., Ltd.
CHIRON Group SE
Georg Fischer Ltd.
HYUNDAI WIA CORP.
Computer Numerical Control (CNC)
Sales Channel Outlook
Aerospace & Defense
Power & Energy
The Middle East & Africa
The Machine Tools market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Machine Tools market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Machine Tools market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Machine Tools market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Machine Tools market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Machine Tools capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Machine Tools by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Machine Tools market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Machine Tools market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Machine Tools market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Machine Tools industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Machine Tools market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Machine Tools market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Machine Tools market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Machine Tools market. These factors have benefited the growth of the global market for Machine Tools. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Machine Tools. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Machine Tools are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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