CHICAGO, Feb. 21, 2024 /PRNewswire/ -- Global Machine Tools Market is projected to grow from USD 78.6 billion in 2023 to USD 104.7 billion by 2030, registering a CAGR of 4.2%, according to a new report by MarketsandMarkets. Major machine tool manufacturers across the globe are focusing on critical areas such as reduction in idle time, increase in asset utilization, productivity through quality improvement, process optimization, and better management of productivity through appropriate performance metrics. The increasing demand for precision and high-quality components from key end-user industries like automotive, aerospace, consumer durables, and energy will drive the machine tools market. Digital innovations and profound connectivity represent valuable features. Sensor integration, utilization of artificial intelligence (AI), and the integration of sophisticated simulation features enable advancements in machine performance and overall equipment effectiveness (OEE). New sensors and new ways of communication, controlling, and monitoring enable new opportunities for smart services and new business models in the machine tools market.
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Browse in-depth TOC on "Global Machine Tools Market".
204 - Tables
63 - Figures
262 - Pages
Global Machine Tools Market Scope:
Report Coverage | Details |
Market Size | USD 104.7 billion by 2030 |
Growth Rate | CAGR of 4.2% |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product Type (Milling Machines, Turning Machines, Grinding Machines, EDM), Automation Type (CNC and Conventional), End-User Industry (Automotive, Capital Goods), Sales Channel and Region |
Geographies Covered | Asia Pacific, Europe, North America, and Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing adoption of CNC technology |
Key Market Drivers | Increasing demand for precision and efficiency |
"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 global machine tools industry.
"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 (IoT) and cloud-based platforms allows for data-driven insights, predictive maintenance, and optimized production processes, fuelling 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 catalysed 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.
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Key Market Players:
The major players in Global Machine Tools Companies include Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), DN Solutions (South Korea), and others.
Recent Developments
- In December 2023, DMG MORI partnered with Wilhelm Blessing GmbH & Co. KG and Walter AG for holistic tool solutions, innovative clamping devices, and data-based quality prediction.
- Makino Inc. developed a 5-axis machining center, DA500. It improves the productivity of manufacturing equipment parts that require complex three-dimensional shapes, smooth curved shapes, and high machined surface quality.
- In October 2023, DN Solutions launched 4th-generation vertical machining centres (DNM 4500, DNM 5700, and DNM 6700) with enhanced productivity and reliability. The new DNM Series features thermal displacement compensation as standard to ensure that the machining results never vary regardless of the machine's environment.
- In August 2023, Okuma Corporation partnered with EMUGE-FRANKEN for a technology program. The new partnership strategically combines high-performance cutting tool solutions and applications expertise from EMUGE-FRANKEN with leading machine tool technology from Okuma.
- In June 2023, Makino Inc. introduced a horizontal machining center, a91nx. This horizontal machining centre's spindle line-up can handle various work materials such as cast iron and aluminium.
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