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The machine tools market share is expected to increase by USD 24.32 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.58%.
The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by end-user (automotive, industrial machinery, precision engineering, transportation, and others) and geography (APAC, Europe, North America, the Middle East and Africa, and South America).
The machine tools market report also offers information on several market vendors, 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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Technavio categorizes the global machine tools market as a part of the global industrial machinery market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global machine tools market. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Machine Tools Market Driver
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. 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.
Key Machine Tools Market Trend
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. 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 vendors in the market tend to focus on the development of 3D printing technology in machine tools, which will increase during the forecast period.
Key Machine Tools Market Challenge
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. 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 vendors 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.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Our In-house experts produce extensive information on the value chain and parent market of the machine tools market, which vendors 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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34% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the machine tools market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Rising industrial automation globally will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, most industrial operations were affected by the outbreak of the COVID-19 pandemic. China, India, Indonesia, and Bangladesh were some countries that were among the worst affected by the pandemic. In March 2020, many end-user industries, such as automotive, transportation, and aerospace, announced the temporary shutting down of their operations. However, after the initiation of mass vaccination drives in 2021, the demand for machine tools is expected to rise, owing to the gradual reopening of end-user industries and the strategies adopted by them to recover from the COVID-19 pandemic's impact.
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The machine tools 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.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
China Machine Tools market - The market share will grow at a CAGR of 6.50% during 2014-2019.
Germany Machine Tools market - The market share will grow at a CAGR of close to 5.10% until 2019.
Japan Machine Tools market - The market share will post a CAGR of more than 6% during the forecast period.
South Korea Machine Tools market - The market share will grow at a CAGR of 6.13 percent over the period 2014-2019.
Netherlands Machine Tools market - The market size will grow by USD 64.46 million during 2019-2023.
US Machine Tools market - The market share will grow at a CAGR of above 4% during the forecast period.
Machine Tools Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.58% |
Market growth 2022-2026 |
USD 24.32 million |
Market structure |
Fragmented |
YoY growth (%) |
2.33 |
Regional analysis |
APAC, Europe, North America, the Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key consumer countries |
US, China, Japan, India, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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 |
Market dynamics |
Parent market analysis, 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. |
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 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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