Machine Tool Market Size
The Machine Tool Market was worth about $92.3 billion in 2023 and is expected to increase at a rate of 6.9% per year from 2024 to 2032. Machine tools are very important to the automotive sector since they make parts for cars. As the automotive industry moves toward electric vehicles (EVs) and self-driving cars, there is a rising need for innovative machining solutions that can work with new materials and designs.
The demand for machine tools is going through the roof because of the pressure for quick industrialization and infrastructural growth in fast-growing economies like China, India, and Southeast Asia. These places are becoming important centers for making and using these tools. In the aerospace and defense industries, machine tools are also quite important since they need to be able to cut materials like titanium and composites very precisely. The necessity for super-precise machine tools keeps expanding as aircraft parts get more complicated and smaller. Another area that needs specialist machine tools is medical technology. There is a significant need for tools that can make tiny, precisely carved pieces as medical procedures get more accurate and simplified.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Machine Tool Market Size in 2023 | USD 92.34 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 6.9% |
| 2032 Value Projection | USD 165.1 Billion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 310 |
| Tables, Charts & Figures | 300 |
| Segments covered | Machine Type, Operating Technology, Application, End-Use, Distribution Channel, Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Machine tools frequently require a lot of money up front, which can be a problem for small and medium-sized businesses (SMEs) and new competitors in the market, especially in developing nations. This financial barrier makes it harder for them to get into the market. Additionally, trained workers who know how to program, operate, and maintain sophisticated machine tools are needed for their operation and upkeep. But there aren't enough experienced people in many areas, which makes it hard for advanced machine tools to be widely used and used well.
Industries like automotive, aerospace, and construction, which are all cyclical, are very important to the machine tool sector. Changes or drops in these industries can cause less demand for machine tools, which can affect market stability and growth. Also, strict environmental rules are making it more and more necessary for machine tool makers to follow sustainability criteria, such using less energy and making less pollution. Manufacturers may have to spend more money and deal with more complicated operations in order to follow these rules.
Machine Tool Market Trends
Several technological advances are also helping the global machine tool sector grow. New technologies in the digital world, like AI, machine learning, and robotics, are opening up new opportunities for the machine tool sector to grow. The market is seeing more and more demand for flexible manufacturing solutions that can quickly meet different client needs, which gives companies an edge over their competitors.
Machine Tool Market Analysis
The cutting machine industry is predicted to make about USD 62.7 billion in 2023 and USD 119.4 billion by 2032, depending on the type of machine. Cutting machine tools may work with a wide range of materials, including metals, polymers, and composites. Forming machine tools, on the other hand, are usually limited to certain materials and shapes. Cutting machine tools are great for sectors that need exact specifications since they are very good at shaping parts. They can do a lot of different things, such drilling, milling, turning, and laser cutting, thus they may be used for a lot of different production processes.
The automobile industry relies significantly on cutting machine tools to make parts for cars, especially as more and more people buy electric vehicles (EVs) and use lighter materials. This tendency makes people want superior cutting technology that can work with new materials and complicated designs. Additionally, the growth of Industry 4.0 technologies is pushing for increased automation in manufacturing. This means that cutting machine tools need to be able to work with automated systems without any problems to increase productivity and efficiency.
The automobile segment had a large market share of about 32% in 2023, based on how it was used. The automobile sector is the first to use new technology and materials to make cars safer, more efficient, and better at what they do. This includes using advanced machining methods and materials that need complex machine machines. Vehicles have a lot of complicated parts produced from different materials, such as metals, plastics, and composites. This means that manufacturing needs machine tools that can produce parts with a lot of accuracy and dependability.
Imagine a huge, complicated machine that makes cars. Each part must be created with care and delivered at the proper time for it to work well. That's when machine tools come in. They're like the really sharp tools that make the components and pieces that go into our autos. To keep the assembly lines running, they need to be quick and correct. Also, since everyone wants their automobiles to be a little different these days, machine tools need to be able to manage all of those changes without any trouble. To sum up, machine tools are the most important part of creating cars. We wouldn't have the elegant cars we do now if it weren't for them.
Asia PacificAsia Pacific dominated the machine tool market with a significant market share of around 46% in 2023 and is predicted to witness over 8% CAGR through 2032. The region's expanding economy, particularly in China, India, Japan, and South Korea, has driven up demand for machine tools in a variety of industries. The market in China was valued at USD 14.8 billion in 2023.
Asia Pacific's machine tool market is driven by extensive industrialization and ongoing infrastructure development, which generate substantial demand for these tools. Rapid industrial growth across many countries in the region drives increased investments in manufacturing sectors. This surge necessitates advanced machine tools that can enhance productivity, precision, and efficiency in production processes. The automotive and aerospace industries in Asia Pacific are expanding swiftly, creating a heightened demand for high-precision machine tools. These tools are crucial for manufacturing components such as engine parts, airframes, and electronics, significantly boosting consumption in the region.
North AmericaThe machine tool market in North America was valued at USD 23.5 billion and is projected to reach at USD 38.5 billion in 2032. The region is known for its advanced manufacturing capabilities, specifically in end-use industries like aerospace, automotive, electronics and medical devices. These industries significantly require high-precision machine tools for manufacturing complex components and assemblies.
The US held around 87% in North America machine tool market. The country is a hub for technological innovation, driving the adoption of cutting-edge machine tool technologies. This includes advancements in CNC (Computer Numerical Control) systems, robotics, additive manufacturing (3D printing), and smart manufacturing solutions.
Machine Tool Market Share
With a few important players fighting for market share. AMADA MACHINERY CO., LTD., DMG MORI CO., LTD., Makino Inc., JTEKT Machinery Americas Corporation, and OKUMA AMERICA CORPORATION were some of the most important companies in this market. In 2023, they should have about 10% of the worldwide market. A lot of people are at the market. But over the world, people are more likely to buy high-quality, branded goods.
Machine Tool Market Share
Major key players profiled in the machine tool industry report include
- AMADA MACHINERY CO., LTD.
- Amera-Seiki
- CHIRON Group SE
- Dalian Machine Tool Co., Ltd.
- DATRON AG
- DMG MORI CO., LTD.
- DN SOLUTIONS
- Georg Fischer Ltd.
- Haas Automation, Inc
- Hurco
- HYUNDAI WIA
- JTEKT Machinery Americas Corporation
- Komatsu NTC.
- Makino Inc.
- OKUMA AMERICA CORPORATION
Machine Tool Industry News
- In February 2023, AMADA MACHINERY CO., LTD. started the “Amada Global Innovation Center (AGIC)”. The AGIC was newly established to solve the numerous issues faced by customers around the world. AGIC is equipped with a diverse range of environments and functions. This includes the Innovation LABO, which is a laboratory space specifically for customers, and the Innovation SITE. This is a place for co-creating the future of metalworking.
- In October 2023, AMADA MACHINERY CO., LTD. announced the three-dimensional laser integrated system. This system is equipped with a blue laser and fiber laser for high-speed, high-quality cutting, welding, and layered manufacturing. This machine will also be exhibited at the “Amada Global Innovation Center” within the AMADA Head Office in Isehara, Kanagawa during November.
- In July 2023, DMG MORI CO., LTD. presented the new Machining Transformation framework consisting of innovative technologies and solutions that will define the future of manufacturing in Hannover. The company demonstrated holistic production concepts and state-of-the-art machine tools in all fields of technology from universal and production turning to 5-axis machining centers and turn & mill centers to additive manufacturing.
This machine tool market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Volume (Million Units) from 2018 to 2032, for the following segments
Market, By Machine Type
- Cutting Machine
- Milling Machines
- Turning Machines
- Grinding Machines
- Drilling Machines
- Others (Threading, Filling, etc.)
- Forming Machine
- Presses
- Bending Machines
- Punching Machines
- Others (Rolling, Forging, etc.)
- Cutting Machine
- Milling Machines
- Turning Machines
- Grinding Machines
- Drilling Machines
- Others (Threading, Filling, etc.)
​Market, By Operating Technology
- Computer Numerical Control (CNC)
- Conventional
Market, By Application
- Metalworking
- Woodworking
- Plastic Manufacturing
- Others (Ceramics & glass fabrication, composites working, etc.)
Market, By End Use
- Aerospace & Defense
- Automotive
- Energy & Power
- Electronics & Semiconductor
- Building & Construction
- Others (Healthcare, marine, etc.)
Market, By Distribution Channel
- Direct Sales
- Indirect Sales
The above information is provided for the following regions and countries
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Indonesia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy