Global Machine Tools Market was Valued at US$ 71709.79 Mn in 2019 Growing at a CAGR of 7.33% Over the Forecast Period - says Absolute Markets Insights

PUNE, India, Dec. 17, 2020 /PRNewswire/ --

• The COVID-19 pandemic is expected to positively impact the global machine tools market. Machine tools that are controlled with the help of computers are increasingly used for product manufacturing. This is because the companies are facing considerable shortages when it comes to manpower, especially with the social distancing measures enforced across the globe.

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• The automotive industry accounted for a considerable share in the global machine tools market in 2019. The added focus on automation in the manufacture of automobiles, coupled with the higher demand for both commercial and passenger vehicles has prompted companies to adopt complex machine tools which are based on IoT. These tools can be controlled with the help of smart devices. Furthermore, machine tools that are capable of generating valuable data which drives efficiency are also expected to become popular in the coming years in this market.
• China is expected to show the highest growth during the forecast years in the global machine tools market as far as the countries are concerned. The immense focus on manufacturing in the country which is being backed by government norms that promote local manufacturing is expected to fuel this growth. Also, the popularity of B2B e-commerce platforms is expected to help in the faster distribution and increased penetration of machine tools in China. Shenyang Machine Tools Co.,Ltd.'s machine tools like lathes, cutting machines, etc., are available on Alibaba's platform.

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• Some of the players operating in the global machine tools market are AMADA Co., LTD., CHIRON Group SE, Dalian Machine Tool Group Corporation, DMG MORI. CO., LTD., Doosan Machine Tools, FFG European & American Holdings GmbH, Georg Fischer Ltd., GF Machining Solutions Management SA, GROB-WERKE GmbH & Co. KG, Haas Automation, Inc, Hurco Companies, Inc., HYUNDAI WIA, JOYSUNG, JTEKT Corporation., Komatsu NTC., MAGMACHINES, Makino, Okuma, POWERMATIC, Schuler AG, Shenyang Machine Tools Co.,Ltd., The Lincoln Electric Company, Tormach Inc.,TRUMPF, Yamazaki Mazak Corporation, amongst others.

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