Machine Tools Market Size Worth $166.65 Billion By 2032 | CAGR: 6.4%

The global Machine Tools market size is expected to reach USD 166.65 billion by 2032, according to a new study by Polaris Market Research. The report “Machine Tools Market Share, Size, Trends, Industry Analysis Report, By Type (Metal Forming, Metal Cutting); By Technology; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Machine tools play a crucial and essential role in the manufacturing industry, facilitating fundamental and precision processing/engineering tasks. They are distinguished by their high unit price, extended operational lifespan, intricate assembly, and incorporation of numerous components and essential parts. Machine tools find application in various sectors such as tractors, automobiles, bearings, railways, defense, power, and general engineering, significantly contributing to the advancement of the manufacturing segment.

The machine tools sector presents numerous investment opportunities, particularly considering the current gap between supply and demand, necessitating the expansion of capacities in this domain. The market is trending towards increasingly sophisticated CNC machines, driven by demand from crucial user segments such as aerospace, consumer durables, and automobiles, among others. Manufacturers of machine tools need to enhance their capabilities to meet this demand, and investments in this sector could yield long-term benefits. Machine tools are integral to the manufacturing industry, directly influencing the economy of any country. The growth in the manufacturing industry has generated a demand for automated machine tools, which is expected to drive the expansion of the CNC machine tools market. Automated machine tools enhance productivity, eliminate human errors, and prove more efficient than traditional machine tools.

The emergence of the coronavirus disease has had a profound impact on the global economy. Lockdown situations compelled many key players in the global machine tools market to shut down their manufacturing facilities. Consequently, the production and sales of automotive products came to a halt, directly affecting the target market industry. Major industries, including automotive and energy, were adversely affected due to disruptions in the supply chain and global lockdowns. However, the COVID-19 situation is gradually resolving, and many industries have resumed their operations at full capacity. Additionally, key suppliers in the target market are returning to work to fulfill previous orders while adhering to government regulations.

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Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Machine Tools devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Machine Toolss throughout the forecast period.

Machine Tools Market Report Highlights

• In 2022, the Metal Cutting segment dominated the revenue share. Metal cutting machines are essential in eliminating excess material from workpieces through cutting or grinding processes. This category includes a variety of machines like drilling machines, machining centers, gear cutting machines, lathe machines, and grinding machines. Widely utilized in automotive, mechanical engineering, metalworking, and aerospace industries, these machines are instrumental in crafting finished tools with the desired geometry by cutting various ferrous and non-ferrous metals.
• During the forecast period, the Computer Numerical Control (CNC) segment claimed the largest market share. The adoption of CNCs, spanning lathes, milling machines, laser cutters, punch presses, press brakes, abrasive jet cutters, and other industrial tools, has experienced significant growth in tandem with advancements in computer technology.
• In 2022, Asia Pacific emerged as the leading market. The Asian economy is undergoing a substantial growth surge driven by rapid urbanization, increased government investments, and heightened consumer spending. This economic momentum is fueling significant infrastructure development, particularly within the construction industry. Key countries such as China, India, and Japan, as emerging economies, play a crucial role in propelling advancements in the oil & gas, automotive, aviation, and building & construction sectors within the region.
• The Asia-Pacific region accounted for the fastest growth in the Machine Tools Market due to local vendors' active development of technologically advanced and competitively priced Machine Toolss. It focuses on addressing the market's needs that have contributed to increased market share. The availability of high-quality and affordable stents from local vendors has been a key driver of growth in the region.
• The global key market players include Amada Machine Tools, Amera Seiki, CHIRON GROUP, DMTG Corporation, Datron AG, DMG MORI, DN Solutions, Georg Fischer Ltd., Haas Automation, Hurco Companies, HYUNDAI WIA CORP, JTEKT Corporation, Komatsu Ltd, Makino, Okuma Corporation.

Polaris Market Research has segmented the Machine Tools market report based on type, technology, end-use, and region:

Machine Tools, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Metal Forming
  • Presses
  • Bending Machines
  • Punching Machines
  • Others

• Metal Cutting

• Turning Machines
• Milling Machines
• Eroding Machines
• Machining Centers
• Grinding Machines
• Others

Machine Tools, technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Conventional
• Computer Numerical Control (CNC)

Machine Tools, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Aerospace
• Mechanical Engineering
• Metal Working
• Electrical Industry
• Automotive

Machine Tools, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Machine Tools Market Report Scope