Machine Tools Market to Reach USD 189.44 Billion by 2032 Owing to Rapid Technological Advancements and Increased Automation Across Industries | Report by SNS Insider

Oct 16, 2024

“The Machine Tools Market is growing due to the relentless pursuit of precision and efficiency in manufacturing processes, driven by rising automation, smart manufacturing practices, and evolving industry demands.”

Austin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The Machine Tools Market Share was estimated at USD 106.55 billion in 2023 and is expected to reach USD 189.44 billion by 2032 at a CAGR of 6.65% during the forecast period of 2024-2032.

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Machine Tools in the Evolving Automotive and Aerospace Industries

The major driver for the machine tools market is the increasing demand from the automotive and aerospace industries, both of which depend heavily on advanced machine tools to produce high-precision components necessary for maintaining quality, safety, and performance standards. In the automotive sector, global vehicle production reached approximately 92 million units in 2022, with electric vehicle (EV) sales comprising over 14%. As EV production continues to grow, so does the demand for specialized machine tools designed for handling components such as battery packs, electric drivetrains, and lightweight materials like aluminum. CNC machines are critical in achieving the precision required for these parts, with the automotive industry utilizing about 25% of machine tools worldwide.

Similarly, the aerospace industry depends on machine tools for manufacturing complex components. In 2023, global air travel demand surged by over 30% compared to the previous year, resulting in an increase in aircraft production. This rise has driven a higher demand for advanced machine tools capable of fabricating components from materials like titanium and carbon composites, which are essential for modern, fuel-efficient aircraft. Known for its strict quality requirements, the aerospace sector demands ultra-precise machining capabilities, often pushing the technological limits of machine tools.

Key Players

Some of the major key players of Machine Tools Market

Amada Machine Tools Co., Ltd. (Laser Cutting Machines, Punching Machines)

CHIRON GROUP SE (Vertical Machining Centers, Horizontal Machining Centers)

DMG MORI CO., LTD. (CNC Lathes, CNC Milling Machines)

DN Solutions (Lathes, Machining Centers)

Georg Fischer Ltd. (Injection Molding Machines, CNC Machining Centers)

HYUNDAI WIA CORP (CNC Lathes, Machining Centers)

JTEKT Corporation (Ball Screws, Bearings)

Komatsu Ltd. (Excavators, CNC Machine Tools)

Makino (Vertical Machining Centers, Wire EDM Machines)

Okuma Corporation (CNC Lathes, CNC Machining Centers)

Hurco Companies, Inc. (CNC Machines, 5-Axis Machining Centers)

FANUC Corporation (Robots, CNC Control Systems)

Haas Automation, Inc. (CNC Lathes, CNC Vertical Machining Centers)

Mazak Corporation (Multi-Tasking Machines, Laser Cutting Machines)

Siemens AG (Drive Systems, CNC Controls)

Toshiba Machine Co., Ltd. (Injection Molding Machines, CNC Lathes)

Kia Motors Corporation (Automated Machining Systems, Robotic Solutions)

Mitsubishi Electric Corporation (CNC Controls, Laser Cutting Machines)

Yasda Precision Tools Co., Ltd. (High-Precision Machining Centers)

Biesse Group (Woodworking Machines, Stone Processing Machines)

List of Suppliers

DMG Mori

Mazak

Haas Automation

Okuma Corporation

Makino

Fanuc

Siemens

Hurco Companies, Inc.

Doosan Machine Tools

Emag GmbH & Co. KG

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Segmentation: Dominance of Metal Cutting and CNC Technologies in 2023

By Type: The metal cutting type segment dominated the market, accounting for over 77.4% in 2023. This section contains different types of machines including machining centers, turning machines, grinding machines, milling machines, and eroding machines. These machines play a crucial role in eliminating extra material from workpieces and molding them to adhere to specific requirements. Metal cutting machines, such as drilling, gear cutting, lathe, and grinding machines, are crucial instruments in sectors like automotive, aerospace, and manufacturing. They are commonly utilized to improve productivity, accuracy, and effectiveness in metalworking procedures.

By Technology: The CNC segment had the largest market share of 86.2% in 2023, highlighting its important role in contemporary manufacturing. CNC machines, controlled by accurate computer programming, are crucial for manufacturing complex and high-grade parts. They can be used in various applications such as milling machines, lathes, and laser cutters due to their versatility. The growing need for automation and accuracy in sectors like automotive, aerospace, and electronics has driven their implementation. CNC machines are vital for intricate manufacturing jobs due to their advanced precision, lower labor expenses, and increased production rates.

Key Regional Development: Asia Pacific Leads Machine Tool Market

The Asia Pacific region dominated the market share over 55.80% in 2023. This control is mostly a result of the growing automotive industry and higher spending on defense and commercial aircraft production. Machine tools are in high demand because automotive components must meet strict quality and safety standards, highlighting the importance of precision.

North America is set to experience significant growth as a result of the growth of the electric vehicle (EV) industry. The strong demand for machine tools in vehicle manufacturing is driven by factors like the presence of top automakers such as General Motors, Nissan, Tesla, and Ford, as well as the region's advanced infrastructure for EV production.

Future Growth of the Market

Factor

Description

Technological Advancements

Accelerating automation and smart manufacturing lead to innovative solutions that enhance productivity and efficiency.

Increased Demand for EVs

The shift towards electric vehicles (EVs) creates a need for specialized machine tools for components like battery packs and electric drivetrains.

Aerospace Industry Growth

Rising global air travel demand drives the need for advanced machine tools to fabricate complex parts from lightweight materials such as carbon composites and titanium.

Industry 4.0 and IoT Integration

Adoption of smart technologies facilitates real-time monitoring and control, improving operational efficiency and production rates.

Emphasis on Sustainability

Growing focus on eco-friendly manufacturing practices requires energy-efficient machine tools that minimize waste during production.

Emerging Markets

Industrialization and modernization in regions like Southeast Asia, Latin America, and Africa create opportunities for machine tool suppliers as demand for high-quality tools rises.

Recent Development

In 2024: The DMU 50 offers increased precision and flexibility with its 5-axis simultaneous machining capabilities. It features advanced CNC technology for enhanced productivity and a user-friendly interface that streamlines the operation process.

In 2024: Haas Automation launched the VF-2SSYT Vertical Machining Center, designed for high-speed cutting with a powerful spindle and increased travel. It features advanced cooling systems for optimal performance and a 24-station tool changer to enhance efficiency.

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BENEFITS:

1 No. Of Pages: 320 Pages Report

2 Regions/Countries:

North America (3 Countries)

Europe (~15 Countries)

Asia Pacific (~10 Countries)

Latin America (~5 Countries)

Middle East & Africa (~5 Countries) (Include Israel)

3 ME Sheet: Market Estimation in Excel Format

4 Company Analysis:

Major 16 companies covered in final report.

Additional 5 companies will be covered as per client demand complimentary.

5 Statistical Insights and Trends Reporting:

Vehicle Production and Sales Volumes, 2020-2032, by Region

Emission Standards Compliance, by Region

Vehicle Technology Adoption, by Region

Consumer Preferences, by Region

6 Buying Options

Single User License: USD 3350

Enterprise User License: USD 5350

Excel Data Sheet: USD 2350

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Total Addressable Market (TAM) Assessment

Competitive Benchmarking and Market Share Gain

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