Dublin, Sept. 15, 2021 (GLOBE NEWSWIRE) -- The "Global Machine Tools Market 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The global machine tools market held a market value of USD 69,855.2 Million in 2020 and is forecasted to reach USD 95,169.1 Million by the year 2027. The market is expected to register a CAGR of 4.7% during the forecast period. The market volume for machine tools was 4,374.68 thousand tons in 2020.
Machine tools are machines for handling metal or rigid materials. This is usually done by techniques such as boring, cutting, shearing, grinding, and other forms of deformation. Favorable government regulations & policies for the manufacturing sector and increased demand in emerging markets are also expected to boost the market growth. Furthermore, technological advancements regarding machine tools are also anticipated to boost market growth.
Favorable government regulations and policies for the manufacturing sector
Globally, most nations have favorable government regulations and policies to manufacture safe products. For instance, the regulatory framework in India is supported by 3 government institutions - the Ministry of Heavy Industries & Public Enterprises, the Bureau of Indian Standards, and the Ministry of Labour & Employment.
The country also has favorable policies, such as the National Policy on Safety, Health & Environment at Workplace 2009 and National Capital Goods Policy 2016, among others. These help in setting standards & compliance on safety, health & environment. They also help in promoting exports, increase domestic production, technology improvement, mandatory standardization of machines & equipment by adopting ISO, reduce sub-standard imports through standardization, and skill development.
All these factors support the manufacturing sector, hence boosting the market growth.
Increased demand in emerging markets
Demand for machine tools majorly comes from manufacturers of primary and intermediate goods. Primary user industries include capital goods, consumer durables, and automotive. The intermediate goods industries include ball & roll bearings, auto components, and electronic components. A major part of these industries is located in emerging nations such as China and India, among others. This is expected to drive the market growth over the projected period.
The machining centers segment accounts for the largest share of around 20% in the market. The milling machine segment is expected to grow at the fastest CAGR owing to the lucrative expansion of metalworking process industries worldwide, which boosted the demand for milling machines.
The CNC machine tools segment held the largest market share owing to the rising demand from companies in the manufacturing sector for product innovation and productivity improvements. The conventional machine tools segment is also expected to grow at a significant growth rate.
The automotive segment is anticipated to account for the largest market share. Increasing adoption of integration of technologies such as the Internet of Things, robotics, and Artificial Intelligence, among others, in the automotive sector is expected to contribute to the market growth. The industrial segment is anticipated to grow at the fastest CAGR of 4.5%.
The dealers & distributors segment accounted for the largest market share. The presence of numerous dealers and distributors, such as Absolute Machine Tools, Inc. and Ellison Technologies, among others are expected to boost the market growth during the forecast period.
The Asia Pacific region accounted for the largest market share of around 54% in the global market owing to the presence of fast-emerging economies such as China and India, which have initiatives such as Made in China 2025 and Make in India. Furthermore, the expanding construction sector in the region is also expected to boost market growth.
The European region is expected to hold the second-largest market share owing to the increasing demand for machine tools from industries such as oil & energy, automotive, and aerospace & defense, among others. In addition, North America is estimated to witness a significant growth rate.
The cumulative market share of the sixteen major players is near about 31%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in August 2020, the Chiron Group acquired Mecatis SA, a company dealing in small, high-precision machining centers, used in the medical, watchmaking, microengineering, and jewelry industry.
Global Machine Tools Market Overview
Industry Value Chain Analysis
End User (Downstream Buyers)
Largest machine tool manufacturers
Manufacturing Cost Analysis
Labor Cost Analysis
Business Cost Structure Analysis
Porter's Five Forces Analysis
Market Dynamics and Trends
Advances in innovation & technology for machine tools
Increased demand in emerging markets
Performance of alternative products getting better
Market Growth and Outlook
Market Revenue Estimates and Forecast (US$ Mn), 2017-2027
Market Volume Estimates and Forecast (Units), 2017-2027
Covid-19 Impact Assessment on Market Growth Trend
Ace Micromatic Group
AMADA Co., Ltd.
CHIRON Group SE
Dalian Machine Tools Group Corporation
Doosan Machine Tools Co. Ltd.
Electronica Hitech Engineering Pvt. Ltd.
FFG European & American Holdings GmbH
Georg Fischer Ltd
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