The global machine tools market size was valued at USD 78.6 billion in 2023 and is expected to reach USD billion by 2030, at a CAGR of 4.2% during the forecast period 2023-2030. The rising demand for manufactured goods across diverse industries catalyzes the growth and evolution of the global machine tools market. This demand fuels the development of more advanced, efficient, and specialized machine tools capable of meeting the intricate and diverse needs of the modern manufacturing process. As the demand for precision, customization, and high-volume production continues to surge, the machine tools market is propelled forward, fostering innovation and technological advancements.
“Automotive and transportation segment is expected to grow at the fastest rate during the forecast period.”
By end user industry, the automotive and transportation segment is expected to account for the largest share of the machine tools market during the forecast period. The automotive industry relies heavily on machine tools to manufacture precision components such as engine parts, transmission components, chassis parts, and intricate body panels. These machines ensure high accuracy and repeatability, which are crucial for automotive manufacturing. In addition, the shift towards electric vehicles (EVs) has led to the development of new components and designs that demand precision machining. Machine tools are used extensively in producing electric motors, battery components, and lightweight materials required for EVs.
In addition, rail transportation requires precision-engineered components for trains and locomotives. Machine tools create parts, including axles, wheels, and braking systems, ensuring safety and reliability in rail transport. These factors collectively contribute to the prominence of machine tools in the automotive & transportation industry, making it the largest end user industry segment in the machine tools market.
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“CNC machine tools segment to hold largest market share during the forecast period.”
By automation, the CNC machine tools segment is estimated to lead the market for machine tools during the forecast period. The adoption of the Industrial Internet of Things (IIoT) and cloud-based platforms allows for data-driven insights, predictive maintenance, and optimized production processes, fueling the demand for smart and connected CNC machines. Industries like aerospace, automotive, and medical devices require high-precision, complex parts, driving the demand for sophisticated CNC machines capable of intricate designs and tight tolerances. These driving factors, individually and collectively, shape the trajectory of the CNC machine tools market.
“North America to be the prominent growing market for machine tools during the forecast period.”
North America has a robust automotive manufacturing sector, a major consumer of machine tools. The region’s demand for high-precision machine tools for manufacturing components such as engine parts, transmission systems, and chassis remains high. Manufacturers in the region are collaborating with prominent players to increase their distribution network. For instance, in February 2022, Hyundai WIA Machine America Corp announced that HART Machine Tool has joined their network of exclusive dealers in North America. The machine tools market in North America is expanding due to the need for cost-effective, efficient, high-quality manufacturing processes. This growth is further catalyzed by the escalating demand for factory automation and the continuous technological advancements in manufacturing equipment. North America stands out as a frontrunner in producing cutting-edge aircraft and advanced medical devices, with CNC machines pivotal in elevating precision and productivity within these industries. Countries such as the US, Canada, and Mexico are actively embracing factory automation and the integration of CNC machines to bolster the production of high-quality products with impressive throughput rates.
Key Market Players:
The machine tools market is dominated by established players such as Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), and DN Solutions (South Korea).
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