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The machine tools market share is expected to increase by USD 9.7 million from 2023 to 2028, and the market’s growth momentum will accelerate at a CAGR of 1.91%. The market sees substantial adoption of IoT, artificial intelligence, and cloud computing for distant monitoring and remote connectivity. The market landscape depends on the Asian economy, Building and construction sector, Chinese capital markets, Information technology sector, Mining sector, Energy industry. CNC manufacturers play a pivotal role in providing stability and efficiency for complex part manufacturing, while advancements in self-cooling and laser-induced heating enhance machining capabilities. As the industry embraces rapid prototyping and virtual manufacturing, it anticipates continued growth, especially in sectors like automotive, aerospace, and information technology, supported by cutting-edge technologies and cost-saving measures.
The market report also offers information on several market companies, including 600 Group Plc, Allied Machine and Engineering Corp., ALZMETALL GmbH and Co. KG, AMADA Co. Ltd., DMG MORI Co Ltd, DN Solutions Co. Ltd., FALCON MACHINE TOOLS Co. Ltd., FANUC Bulgaria EOOD, FFG European and American Holdings GmbH, General Technology Group Dalian Machine Tool Corp., Georg Fischer Ltd., Haas Automation Inc., Hardinge Inc., Hyundai Wia Corp., JTEKT Corp., Kennametal Inc., Komatsu Ltd., Makino Inc., Okuma Corp., and Otto Bihler Maschinenfabrik GmbH and Co. KG among others.
600 Group Plc - The company is privately held and headquartered in the UK. It is a global company generating USD 53.55 million in revenues and limited information regarding its employee strength is available. Its revenue from the global market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. The company offers machine tools through laser solutions for drilling, marking, cutting and welding.
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The market is witnessing significant growth driven by various industries such as transportation machinery, aerospace, defense firms, and automobile manufacturers. With advancements in technology like CNC machines and robotics, the sector is experiencing a transformation towards smart factories. Innovations in human-machine interaction, cloud computing, and IoT are reshaping manufacturing processes. Additionally, lightweight components and intricate parts are now possible due to advancements in materials and manufacturing techniques. Software integration, distant monitoring, and artificial intelligence play pivotal roles in enhancing efficiency and productivity. Self-cooling mechanisms and laser-induced heating are revolutionizing machining processes, while CNC manufacturers continue to refine their offerings to meet the evolving demands of the market.
The rising industrial automation globally is one of the key factors driving global market growth. Currently, the world needs to reduce manual labor inputs to increase productivity and adopt computerized technologies. Industrial automation is enhancing the bottom line, operational efficiency, and productivity of many companies and manufacturers. Therefore, all around the world, manufacturers are preferring automation for industrial purposes. This is driving the demand for superior machinery and equipment to meet the complicated machining needs necessitated by the use of automatic technologies.
Moreover, even though there was a concern about the condition of the global economy due to an economic slowdown in the US, China, and European countries in 2019, the need for industrial automation is expected to increase in the coming years. Moreover, the rising labor cost in major manufacturing countries, such as China, is triggering new investments in manufacturing plant/factory automation across different economies. The rising investments in manufacturing in emerging economies will create demand for machine tools during the forecast period.
The adoption of 3D printing technology will fuel global market growth. 3D printing, commonly known as additive manufacturing, is a technique of creating a three-dimensional object layer-by-layer by using a PC-created design. 3D printing is an additive system whereby layers of material are built up to create a 3D part. It is the total opposite of subtractive manufacturing processes, where the result or final design is cut from a larger block of material. As a result, 3D printing leads to much less material wastage.
Moreover, in some instances, 3D printing is less costly than subtractive production methods as less raw material is used. One primary advantage is that, because the process is based totally upon computed-aided design (CAD), any product alterations are easy to make besides lowering the manufacturing cost. The main elements driving 3D printing are its low manufacturing cost, faster manufacturing speed, ease of being upgraded, low electricity consumption, and reduced wastage. Hence, the prominent companies in the market tend to focus on the development of 3D printing technology in machine tools, which will increase during the forecast period.
The rising cost pressure from the demand side is the major challenge to global market growth. Nowadays, machine tool manufacturers are facing a tough situation due to heavy cost pressures from a demanding consumer base. Steel is considered to be one of the most crucial and commonly used raw materials in machine tools, where fluctuations in the cost of steel have a direct effect on the global market. The cost of raw materials keeps fluctuating, which is primarily based on a variety of macroeconomic factors, such as inflation, labor cost, and regulatory changes.
Moreover, the major challenge for machine tool manufacturers is to meet the customers' needs with regard to precision and delivery while retaining control over price. In terms of equipment production, the companies that manufacture machine tools for a number of industries are under high strain to control their costs and supply top-notch tools that meet the stringent quality requirements described by OEMs and Tier-1 suppliers. Hence, equipment producers have started exploring strategies to prevent their manufacturing expenses whilst maintaining quality standards. This is anticipated to limit the growth of the market at some stage during the forecast period.
Our In-house experts produce extensive information on the value chain and parent market of the market, which companies can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
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The market share growth in the automotive segment will be significant during the forecast period. The automotive segment is the largest revenue contributor to the global market, owing to the rising adoption of various machine tools to manufacture vehicles and automotive components. On a daily basis, the use of high-precision machine tools is increasing among automotive OEMs due to the rising complexity of contemporary automobile manufacturing, leading to problematic element designs. Cutting tools are highly adopted in the automotive segment for shaping or processing a range of automotive components, which are required to be fixed in vehicles.
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The market is experiencing robust growth, driven by diverse sectors such as transportation machinery, aerospace, and defense firms. With the integration of CNC machines, robotics, and human-machine interaction, the industry is moving towards smart factories and digital transformation. Innovations in laser technology, including Laser EX machines, are revolutionizing metal cutting tools and forming machines, enabling precision engineering and lightweight part production. The market landscape depends on the Sensors, Multi-axis arms and robotics, Electric vehicles, PCs, Tolerances, Intricate components, Laser hardening, Carbon steel materials, Bending, Shearing. Automotive and aerospace sectors benefit from advanced CNC technologies, fueling the demand for precision-engineered components like fuel access panels, landing gears, and turbines.
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Market Scope |
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Report Coverage |
Details |
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Page number |
147 |
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Base year |
2023 |
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Forecast period |
2023-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.58% |
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Market growth 2022-2026 |
USD 9.7 million |
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Market structure |
Fragmented |
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YoY growth (%) |
2.33 |
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Regional analysis |
APAC, Europe, North America, the Middle East and Africa, and South America |
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Performing market contribution |
APAC at 34% |
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Key consumer countries |
US, China, Japan, India, Germany, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
600 Group Plc, Allied Machine & Engineering Corp., ALZMETALL GmbH & Co. KG, AMADA Co. Ltd., DMG MORI Co Ltd, DN Solutions Co. Ltd., FALCON MACHINE TOOLS Co. Ltd., FANUC Bulgaria EOOD, FFG European & American Holdings GmbH, General Technology Group Dalian Machine Tool Corp., Georg Fischer Ltd., Haas Automation Inc., Hardinge Inc., Hyundai Wia Corp., JTEKT Corp., Kennametal Inc., Komatsu Ltd., Makino Inc., Okuma Corp., and Otto Bihler Maschinenfabrik GmbH & Co. KG |
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Market dynamics |
Parent market analysis, market trends, market growth analysis, market research and growth, market growth and forecasting, Market forecasting, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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