Machine Tools Market Size, Share, and Trends 2024 to 2034

Machine Tools Market Size and Forecast 2024 to 2034

The global machine tools market size accounted for USD 1.87 billion in 2024 and is expected to be worth around USD 4.35 billion by 2034, at a CAGR of 8.8% from 2024 to 2034.

Machine Tools Market Key Takeaways

• Asia Pacific led the global market with the highest market share of 56% in 2023.
• By Type, the lathe machine segment has held the largest market share of 24% in 2023.
• By Application, the automotive segment captured the biggest revenue share in 2023.

Asia Pacific Machine Tools Market Size and Growth 2024 to 2034

The Asia Pacific machine tools market size was estimated at USD 51.97 billion in 2023 and is predicted to be worth around USD 98.65 billion by 2034, at a CAGR of 6.2% from 2024 to 2034.

Asia Pacific is now being perceived as the future destination for universal machine tool market and it is predictable that subsequent few years will be the years of renaissance for all principal Asian machine tool companies. Stake of Asian nations in global production augmented to more than 60% in 2012 and is well on course to accomplishing a more than two-third share at present. Since previous decade, China has conquered the world in complete consumption of machine tools across the world.

Machine Tools Market Growth Factors

• Developing manufacturing sector and technological advancements in machine tools
• Rising demand for metal cutting tools in line with the growing application of metals in plentiful areas
• Progressive shift towards CNC technology
• Growing adoption of electric vehicles demanding advanced machine tools
• Maintenance as well as retrofitting of machine tools
• High end machines primary investment cost

Market Overview

Machine tools are vital and significant equipment employed in manufacturing industry for elementary and precision processing/engineering work. These are characterized with the help of high unit price, long operating life, high involving assembly and technology of number of components and important parts. Machine tools are serving tractors, automobile, bearings, railways, defense, power, and general engineering businesses and crediting suggestively in the development of manufacturing segment.

The machine tools sector bids numerous prospects for investment. Given the present gap between supply and demand, there is a strong necessity for adding capacities in this area. The market is moving towards progressively sophisticated CNC machines, motivated by demand from crucial user sections like aerospace, consumer durables and automobiles among others. Machine tool manufacturers must develop competences to furnish this demand and investments in this area could profit long term paybacks. Machine tool is an integral part of manufacturing industry that directly impacts the economy of the any country. Development in manufacturing industry has led to the demand for automatic machine tools which is anticipated to prosper the growth of CNC machine tools market. Automatic machine tools augment the productivity, eradicate human mistake and are more effectual than traditional machine tools.

Future of Global Machine Tools Market

Increasing focus on the production of the electrical vehicles is expected to fuel growth global machine tools industry in the near future. Heavy investment from the global EV’s as well as automakers, coupled with increasing concerns related to the environmental pollution are expected to drive growth of the electrical vehicles in the near future. Further, the machine tool industry is expected to advancements in the software’s and hardwires in the coming years. Some of the major trends the target industry is anticipated see includes advancements into the CNC software along with Internet of thing (IoT) ready machines and automation in it. Moreover, it will include smart features as well as network. Also, inclusion of the artificial intelligence (AI) to the machine tool is expected to create potential opportunities in the global machine tool industry during the forecast period.

Market Scope

Type Insight

Among different types of machine tools, lathe machines occupied the majority revenue share of 24% of the total market in 2023. This growth is credited to intensifying the implementation of lathe machines for applications including fillet making, turning, chamfering, and slot cutting.

Technology Insight

By technology, the CNC segment led the global market with a market share above 80% in 2023. This is on account of be rising need to decrease the manpower, operating costs, and faults in the components manufactured in sectors including automotive and aerospace & defense among others.

Application Insight

Primary manufacturing sectors such as aerospace and defense, automotive, railways, consumer durable, and capital goods have a huge demand for machine tools. The automotive sector is implementing the integration of technologies like IOT, AI, robotics, and others which will aid the demands of the consumers. Foremost efforts are made for the advancement of engine technologies to cater the fuel efficiency directives and NCAP ratings worldwide. This will complement the re-tooling of the prevailing machining solutions. The progress in several vehicle segments around the world is anticipated to flourish the sales of machine tools.

Machine Tools Market Companies

• Doosan Corporation
• AMADA Co., Ltd.
• CHIRON Group SE
• DMG MORI
• Georg Fischer Ltd.
• HYUNDAI WIA CORP.
• JTEKT
• Okuma Corporation
• Komatsu Ltd.

Recent Developments

• In 2020, the leading player Mazak announced the expansion of its sales channel in the Portuguese industry. This is in accordance to support the company business expansion to get better enhancement.
• Additionally, in 2020, new product range of CNC tuning centers has been introduced by the Hurco. This system offers CPU which allows on screen high resolution graphics.

Major Market Segments Covered

By Type

• Laser Machines
• Lathe Machines
• Milling Machines
• Grinding Machines
• Welding Machines
• Winding Machines
• Others

By Application

• Construction Equipment
• Automotive
• Aerospace & Defense
• Power & Energy
• Industrial
• Others

By Technology

• Computer Numerical Control (CNC)
• Conventional

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa (MEA)
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa