The Market Statsville Group (MSG) publishes the new report on the “Machine Tools Market by Tool (Metal Cutting and Metal Forming), by Metal Cutting (Machining Centers, Lathe, Grinding & Polishing, Laser, Electrical Discharge Machines (EDMs), & Other Tools, and Other Metal Cutting Tools), by Metal Forming (Bending & Forming, Pressing, Punching & Shearing, and Other Metal Forming Tools), by Technology (CNC (Metal Cutting and Metal Forming), NON-CNC (Metal Cutting and Metal Forming)), by End-Users (Automotive, Industrial Machinery, Metal Industry, Medical Industry, Electrical & Electronics, Heavy Equipment, Aerospace & Defense, Marine & Offshoring, and Others), by Region – Global Share and Forecast to 2027″.
By 2027, the global machine tools market size is expected to grow USD 119.2 billion from USD 73.5 billion in 2020, at a CAGR of 8.4% during the forecast period. The machine tools industry has always been an investment-driven market. The market across the globe witnessed huge investments owing to the growth in industrialization. In 2019, China was one of the major shareholders in terms of investments in the machine tools market. The country holds close to a 41% share. Motor vehicles remained one of the key machine tools consuming sector. In Europe, the composition of investments in machine tools consuming industries suggests that the motor vehicle sector has emerged as a leader in key countries.
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Global Machine Tools Market Segmentation
The study categorizes the machine tools market based on the tool, metal cutting, metal forming, technology, end-user, and region.
By Tool Outlook (Revenue, USD Million, 2017-2027)
- Metal Cutting
- Metal Forming
By Metal Cutting Outlook (Revenue, USD Million, 2017-2027)
- Machining Centers
- Lathe
- Grinding & Polishing
- Laser, Electrical Discharge Machines (EDMs), & Other Tools
- Other Metal Cutting Tools
By Metal Forming Outlook (Revenue, USD Million, 2017-2027)
- Bending & Forming
- Pressing
- Punching & Shearing
- Other Metal Forming Tools
By Technology Outlook (Revenue, USD Million, 2017-2027)
- CNC
- Metal Cutting
- Metal Forming
- NON-CNC
- Metal Cutting
- Metal Forming
By End-Users Outlook (Revenue, USD Million, 2017-2027)
- Automotive
- Industrial Machinery
- Metal Industry
- Medical Industry
- Electrical & Electronics
- Heavy Equipment
- Aerospace & Defense
- Marine & Offshoring
- Others
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By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
CNC segment is estimated to hold the largest market share during the forecast period, by technology
The market for machine tools based on technology is segmented into two types: CNC and Non-CNC. The CNC segment, by technology, is accounted for the highest market share in 2020. CNC is an essential technology in today’s times. Various machines used in numerous sectors are focused on automation. With Industry 4.0 and smart factory development, manufacturers across the globe prefer CNC machine tools. Modern CNC systems execute both the design and manufacturing of machine components flawlessly and automatically. CNC machine tools offer many advantages, such as precision, timely performance, and significant cost savings.
However, the initial cost of CNCs is higher than conventional machines. Modern factories are focusing on CNC machines nonetheless. However, due to COVID-19, the focus of vendors shifted to regaining profitability rather than innovation. Even then, during the forecast period, premium products are likely to be incorporated in CNCs. Further, the low operating costs, in the long run, will push the demand in developed regions such as the US and Europe.
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The Asia Pacific accounts for the largest market share in the machine tools market 2020
Based on the regions, the global machine tools market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, APAC was the largest revenue contributor to the global machine tools market, accounting for a market share of 46.57%. In APAC as well as globally, China accounted for a major share in the machine tools market. This can be attributed to the growing number of fully automated industrial machinery investments and Y-O-Y growth in government spending toward defense aircraft and equipment in major economies across the region. Furthermore, the Chinese market is significantly dependent on its manufacturing productions, the demand for machine tools is high. Increasing investments in the industrial sector and the constant shift toward urbanization are major macro factors propelling the market during the forecast period.
In addition, Vietnam is one country that offers a high-potential market for machine tools manufacturers. The COVID-19 pandemic weakened the tourism-based economy. In Malaysia, the GDP forecast is likely to decline by over 2% in 2020 owing to the global impact of COVID-19. Investments by important machine tools consuming sectors fell by 0.80% in 2020 before picking up by 5% in 2021. In addition, the machine tools demand is expected to fall by 10% in 2020. However, investments in the Malaysian market will rise in 2021, causing the need to go up proportionally. The machine tools market in APAC will thrive and offer numerous opportunities for vendors catering to the region. Also, vendors can opt for strategic partnerships to boost their market position and capture more demand.
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Doosan Machine Tools Co. Ltd., Makino, JTKET Corporation, Georg Fischer Ltd., Komatsu NTC Ltd., OKUMA Corporation, AMADA Pvt. Ltd., Hyundai WIA, Schuler AG, Chiron Group SE, MAG IAS GmbH, GROB-WERKE GmbH & Co. KG, Haas Automation Inc., Gleason Corporation, Yamazaki Mazak Corporation, DMG MORI, Spinner Machine Tools, Dalian Machine Tools Group Corporation, Electronica Hitech Engineering Pvt. Ltd., Ace Micromatic Group are some of the major players in the global market of machine tools.
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