USD 83.16 billion
Machine Tools Market Size, Share, Growth Analysis, By Product Type(Turning Machines (Type {Swiss-type, Multi-spindle}, Universal Turning Machines), Milling Machines (Axis Type {4-axis), By Automation(Computer Numerical Control (CNC), Conventional Machine Tools), By Sales Channel(Direct Sales, Events and Exhibitions, Dealers and Distributors), By End User Industry(Aerospace, Medical, Semiconductor, Automotive and Transportation), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20I2151 |
Region:
Global |
Published Date: July, 2024
Pages:
165
|Tables:
66
|Figures:
75
Machine Tools Market Insights
Machine Tools Market size was valued at USD 88.7 Billion in 2023 and is poised to grow from USD 93.67 Billion in 2024 to USD 144.85 Billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).
The machine tools market is going through a phase of transformation, driven by a doubling of automation and technological innovation. As companies around the world strive to increase the productivity and maintain a competitive advantage, the demand for advanced machinery is on the rise. The automotive industry contributes significantly to this demand, with greater focus on manufacturing precision and the adoption of electric vehicle (EV) production and the aerospace industries.
The high cost of acquisition and the need to continue to invest in the training and skills development pose significant barriers, especially for smaller players and in response. Manufacturers are looking for cheaper solutions, cost savings, such as transferring machine tools or adopting modular systems that allow incremental flexibility etc. The integration of digital technologies is reshaping the market through intelligent manufacturing processes, and it is efficient enough to manage the business. Companies that can meet these challenges and take advantage of the opportunities presented by the emerging technologies can thrive in this competitive market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
lathe machines
Fastest Growth
lathe machines
Growth Rate
5.7% CAGR
Country Share for Asia Pacific Region (%)
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Machine Tools Market Segmental Analysis
The global machine tools market segmentation is based on Product Type, Automation, Sales Channel, End User Industry, and region. Based on Product Type, the market is segmented into Turning Machines (Type {Swiss-type, Multi-spindle}, Universal Turning Machines), Milling Machines (Axis Type {4-axis, 5-axis}, Universal Milling Machines, Machining Centers), Electrical Discharge Machines, Grinding Machines, Metal Cutting, Metal Forming, Others. Based on Automation, the market is segmented into Computer Numerical Control (CNC), and Conventional Machine Tools. Based on the Sales Channel, the market is segmented into Direct Sales, Events and Exhibitions, Dealers and Distributors. Based on the End User Industry, the market is segmented into Aerospace, Medical, Semiconductor, Automotive and Transportation, Capital Goods, Energy and Power, Sheet Metal, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Type
Metal cutting is the dominant segment in the market. Metal cutting machines are used to remove excess material from the workpiece by cutting or grinding. There are various types of metal cutting machines such as drilling machines, work machines, gear cutting machines, lathes, cutting machines. Mechanical cutting machines are widely used in many end-use areas, such as automotive, industrial, metalworking, and aerospace to cut a variety of ferrous and nonferrous metals to produce complete tools with geometry. With growing demand for sophisticated steel applications, the cutting tools are expected to benefit from the market expansion.
Metal machining is the fastest growing segment in the market. Metal machining is used in a variety of industries, such as aerospace, automotive, mechanical, energy, construction, metallurgy, electronics, etc. This segment is further divided into bending machining, printing presses, punching machines and others. Mechanical metallurgy is used in a variety of ways, including spinning, bending, pressing, shaping and forming. The segment is expected to grow with the introduction of press braking devices. Pressbrake steelmaking machines are widely used as sheet-bending tools in industries such as agriculture, aerospace, shipbuilding, automotive, petroleum equipment, etc. Leading manufacturers of metallurgical machinery and equipment are developing cutting-edge technologies to provide the end-user industries with the best possible products.
Analysis by End-Use
The automotive end-use segment accounted for 41.8% of the machine tool consumption in 2023. Machining of automotive parts has grown exponentially although with different manufacturing processes cars play a role in the automotive industry. Machine tools like CNC machine tools & custom machine tools are greatly used in industrial machinery. The four types of machine tools that use CNC machine technology are CNC tools, programmable controllers, machine control units, and data input and output machines. In machine tools that use CNC machines in industrial computerized process control.
Sheet metal is the fastest growing segment in the market. Steel can be used for many large projects, including oil rigs, ships, bridges, small engine parts and even jewelry. Steel companies also use conventional machinery to drill holes in the workpiece. Turning machines, lathe machines and other machines are used in this industry because of their advantages, such as lower cost compared to CNC machines and they are manufactured by high-performance CNC machines work well for small businesses, increasing the demand for steelwork.
Machine Tools Market By Automation
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Machine Tools Market Regional Insights
The machine tools market in North America is expected to grow at a significant CAGR due to various factors such as well-established automotive manufacturers such as General Motors, Nissan, Tesla, Ford, suitable infrastructure for electric vehicles. It is likely to boost the growth of the market, which in turn is likely to boost the growth of the machine tools equipment market during the forecast period. The machine tools market in the U.S. is expected to grow slightly and witness a CAGR of 4.2% during the forecast period. The aerospace industry is a hub for innovative machine tool technology and manufacturing. Thus, the growing aerospace industry will drive the need for automation in the aviation industry. For example, Air India purchased 220 aircraft from Boeing in January 2023. The transaction was completed at a list price of $34.00 billion. Additionally, Mazak sees a general trend of increasing demand for machines with 5-axis capabilities for space cutting.
Asia-Pacific accounted for 55.5% of global machine tools revenue share in 2023. The Asia-Pacific region boasts a strong growth driven by several key factors, such as increasing automotive production and economy upscale systems for tactical and commercial aircraft. The machine tools market in China is estimated to grow at a substantial CAGR of 7.0% during the forecast period. China's machine tools market is experiencing significant growth, driven by advances in manufacturing technology and rising demand across industries, according to the China Association of Automotive Manufacturers (CAAM).
Machine Tools Market By Region
- Largest
- Fastest
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Machine Tools Market Dynamics
Drivers
Improvements in Infrastructure and Technology
- The demand for manufacturing unit automation is driving the growing use of wise manufacturing technologies in production and processing. This is due to advantages along with increased productiveness, productivity and a strong personnel that is easy to manage. Manufacturing and gadget operations will see a paradigm evolve from traditional strategies to flexible machine systems.
Risin Use of Cutting Equipment
- Manufacturers can benefit from operational savings, energy efficiency, enhanced and automated virtual metering, and improved human-machine interfaces using Industry 4.0 solutions. Optimal precautions are essential in construction work and are directly related to the equipment used. The implementation of Industry 4.0 solutions has resulted in real-time quality assurance through the Automated Virtual Metrology (AVM) system. Real-time quality assurance is also expected to increase the use of cutting equipment.
Restraints
High Cost to Prevent Metal Cutting Equipment Operations
- Many manufacturers focus on automation of manufacturing operations in their facilities to reduce labor costs, improve efficiency, and increase process optimization in overall operations; however, the entire process requires purchase, or establishment, and much damage is done to all kinds of machinery.
Higher Risk of Economic Crises
- The severe economic crisis during and after the pandemic has created a significant obstacle to market growth. Furthermore, challenges in cross-border trade in the aftermath of the Ukraine-Russia conflict have exacerbated problems in raw material procurement, as well as increasing market uncertainty and tension.
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Machine Tools Market Competitive Landscape
Leading manufacturers such as the DMG MORI, Mazak, FANUC, Siemens dominate the market offering a wide range of CNC machines, lathes, milling machines, and other advanced technological solutions These companies invest heavily in R&D with products new ones that meet the specific needs of businesses come. In addition, they form strategic partnerships and collaborations to exploit each other’s strengths and expand their markets. A notable example of strategic partnership in the machine tool market is the collaboration between DMG MORI and Microsoft. For 2021, DMG MORI, a leading manufacturer of machine tools, partnered with Microsoft to enhance the digital capabilities of its machine solutions. The purpose of this partnership was to integrate Microsoft’s cloud computing services, specifically Azure IoT, with DMG MORI’s device tools.
Top Players in the Machine Tools Market
- IBM (United States)
- AWS (Amazon Web Services) (United States)
- Oracle (United States)
- Coinbase (United States)
- Fujitsu (Japan)
- Huawei Cloud (China)
- NTT Docomo (Japan)
- Chainalysis (United States)
- Ripple Labs (United States)
- Consensys (United States)
- Gemini (United States)
- Binance (China)
- Ocean Protocol Foundation (Singapore)
- Helium Foundation (United States)
- Kusama (United States)
- Crypto.com (Hong Kong)
- Biconomy (India)
- MakerDAO (United States)
- Chainlink (United States)
- Web3 Foundation (Switzerland)
- Highstreet (United States)
- Parfin (Brazil)
- Ava Labs (United States)
- Pinata (United States)
- Covalent (Canada)
- Polygon Technology (India)
- Alchemy Insights (United States)
- Decentraland (Argentina)
- Daostack (United States)
- Kadena LLC (United States)
- Sapien (United States)
- Storj (United States)
- Brave (United States)
Recent Development
- In April 2024, DMG MORI acquired Kuraki Company Limited to promote expansion. The combined company consists of DMG MORI Precision Boring Co., Ltd.; The rebranding is intended as the KURAKI portfolio of specialized CNC horizontal boring and milling machines is a key component of this acquisition.
- In February 2024, DN SOLUTIONS entered into a strategic agreement with ModuleWorks, a leading software provider in the CAD/CAM industry, marked by investment and collaborative business efforts.
- March 2023: Philips Machine Tools announced a strategic partnership with JFY International to expand its solution portfolio for metalworking customers. JFY International, a member of the TRUMPF group, is a full-service metalworking solutions provider, offering CNC bending, punching, spinning, 2D laser cutting machines, and automation from a single machine to a fully functional line.
Machine Tools Key Market Trends
Integrating IoT into Machine Tools
- One of the most crucial traits inside the device market is the integration of the IoT era. The adoption of IoT permits real time monitoring and manipulation of tools, enhancing the overall performance and decreasing downtime. By connecting device gear to an essential community, producers can acquire and examine gadget overall performance, strength consumption, and maintenance facts. This facts-pushed approach allows for predictive renovation, which incorporates figuring out and addressing capability issues earlier than gadget failure, thereby lowering unplanned downtime and optimizing production.
Rise Of Additive Manufacturing and Hybrid Machine Tools
- Another fundamental trend reshaping the machine tools marketplace is the development of additive production (3-d printing) and hybrid machining tools that combine additive stable manufacturing strategies to allow the production of complex, customized merchandise. This mixture of technologies offers the producers the ability to manufacture parts with complex geometries while preserving the precision of extraction strategies capable of discovering new possibilities in design and production.
Machine Tools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the increasing global population has led to a sharp rise in the demand for private and public transportation. According to the U.S. Department of Transportation, there may be 274 million cars at the roads in the United States with the aid of 2020. This number of cars on the road has brought about a substantial growth within the range of garages and parking masses, as they want to be maintained in secure working conditions.
An increase in the number of garages and service stations, thus demanding a change in the market perception of equipment. These vehicles are typically used in garages and auto repair shops for maintenance and repair to extend their life. Furthermore, machine tools cost less and require less maintenance, making them ideal for small business use.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 84.00 billion |
| Market size value in 2031 | USD 137.17 billion |
| Growth Rate | 5.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Machine Tools Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Machine Tools Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Machine Tools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Machine Tools Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Machine Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Machine Tools Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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