Global Machine Tools Market

According to a research report "Global Machine Tools Market by Product Type (Milling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machine, Machining Centers), Automation Type (CNC and Conventional), End-User Industry, Sales Channel, and Region - Global Forecast to 2030" published by MarketsandMarkets, the global machine tools market is projected to grow from USD 80.35 billion from 2024 to USD 103.72 billion by 2030, at a CAGR of 4.3%.

Browse 204 market data Tables and 63 Figures spread through 262 Pages and in-depth TOC on "Global Machine Tools Market by Product Type (Milling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machine, Machining Centers), Automation Type (CNC and Conventional), End-User Industry, Sales Channel, and Region - Global Forecast to 2030"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/machine-tools-market-168345068.html

The increasing demand for manufactured goods across various industries is driving the growth and advancement of the machine tools market. This demand encourages the development of more advanced, efficient, and specialized machine tools to meet the complex and diverse requirements of modern manufacturing processes. As the need for precision, customization, and high-volume production grows, the machine tools market continues to expand, promoting innovation and technological progress.

The machining center segment is estimated to hold the second-largest share of the machine tools market during the forecast period.

Machining centers hold the second-largest market share in the machine tools market due to their versatility and efficiency across various industries. In the automotive sector, they are indispensable for producing complex engine components, transmission parts, and molds, offering high precision and repeatability. The aerospace industry relies on machining centers for crafting intricate turbine blades, structural parts, and aerospace-grade alloys with tight tolerances. Additionally, the electronics industry uses them for manufacturing compact and precise components, such as connectors and casings. Due to their versatility and capacity to hold a large number of tools in the tool changer, machining centers can perform a wide range of mechanical operations, including milling, boring, threading, drilling, etc. Manufacturers are launching new advanced machining centers catering to the market demand. For instance, in October 2023, DN Solutions (South Korea) launched 4th-generation vertical machining centers (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.

Automotive and transportation segment is expected to grow at the fastest rate during the forecast period.

The automotive & transportation sector is rapidly evolving, particularly in manufacturing, where advanced technologies drive significant enhancements. Automotive manufacturers invest in system upgrades, integrate inspection capabilities, and leverage connectivity to streamline production, resulting in superior, cost-effective, and time-efficient products. The automotive industry is highly competitive, and as a result, innovative and advanced manufacturing technologies have been developed to meet market demands. Notably, there is a global surge in demand for machine tools in this sector due to their crucial role in optimizing manufacturing efficiency. In the automotive industry, machine tools find extensive use in crafting an array of essential components, ranging from die molds to powertrains, pistons, camshafts, turbochargers, and aluminum wheels. Machine tools excel in scenarios demanding high productivity and minimal downtime for large production runs, ensuring the timely fabrication of critical components within tight schedules. Therefore, various types of CNC machines are used in the automotive & transportation industry depending upon the product to be manufactured, such as milling machines, lathe machines, grinding machines, 5-axis machines, and multi-tasking machines.

“North America is expected to hold significant market share during the forecast period.”

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 catalyzed 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. In addition, the significant growth in machine tool consumption in sectors such as automotive, aerospace, and energy is fueling the growth of the machine tool market in the region. Key regional players in the machine tools market, including Haas Automation, Inc., Hurco Companies Inc., and Hardinge, Inc., have consistently demonstrated their commitment to innovation by continuously enhancing their product portfolios with advanced solutions. For instance, in September 2024, at IMTEX Expo, Okuma unveiled three new CNC machine tools,all three machines will be presented with Okuma’s newly optimized sleek machine design and equipped with Okuma’s new OSP-P500 CNC control, Such developments are expected to propel the market growth in the forecast period.

Key Players

The major players in the machine tools market include Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), and DN Solutions (South Korea). These companies manufacture machine tools and develop new technologies. These companies have set up R&D facilities and offer best-in-class products to their customers.

Don’t miss out on business opportunities in Future of Machine Tools Industry. Speak to our analyst and gain crucial market insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.

Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

In addition, MarketsandMarkets SalesIQ enables sales teams to identify high-priority accounts and uncover hidden opportunities, helping them build more pipeline and win more deals with precision.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter , LinkedIn and Facebook .

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Visit Our Website: https://www.marketsandmarkets.com/