Machine Tools Market by End-user and Geography - Forecast and Analysis 2022-2026

Published: Sep 2022 Pages: 147 SKU: IRTNTR40760

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. 

What will the Machine Tools Market Size be During the Forecast Period?

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Parent Market Analysis

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. 

Machine Tools Market: Key Drivers, Trends, and Challenges

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.

Machine Tools Market Value Chain Analysis

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. 

Which are the Key Regions for Machine Tools Market?

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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.

What are the Revenue-generating End-user Segments in the Machine Tools Market?

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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. 

You may be interested in the regional reports:

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

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What are the Key Data Covered in this Machine Tools Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive market growth during the next five years
  • Precise estimation of the machine tools market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • The growth of the machine tools industry across APAC, Europe, North America, the Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of machine tools market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Automotive - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Automotive - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Automotive - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Automotive - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Automotive - Year-over-year growth 2021-2026 (%)
    • 5.4 Industrial machinery - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Industrial machinery - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Industrial machinery - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Industrial machinery - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Industrial machinery - Year-over-year growth 2021-2026 (%)
    • 5.5 Precision engineering - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Precision engineering - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Precision engineering - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Precision engineering - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Precision engineering - Year-over-year growth 2021-2026 (%)
    • 5.6 Transportation - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Transportation - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Transportation - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Transportation - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Transportation - Year-over-year growth 2021-2026 (%)
    • 5.7 Others - Market size and forecast 2021-2026
      • Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.8 Market opportunity by End-user
      • Exhibit 48: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 50: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 51: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 52: Chart on Geographic comparison
      • Exhibit 53: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 70: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 78: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 Japan - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 90: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 91: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 92: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 93: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 France - Market size and forecast 2021-2026
      • Exhibit 94: Chart on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 95: Data Table on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 96: Chart on France - Year-over-year growth 2021-2026 (%)
      • Exhibit 97: Data Table on France - Year-over-year growth 2021-2026 (%)
    • 7.14 Market opportunity by geography
      • Exhibit 98: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 99: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 100: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 101: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 102: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 103: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 104: Matrix on vendor position and classification
            • 10.3 600 Group Plc
              • Exhibit 105: 600 Group Plc - Overview
              • Exhibit 106: 600 Group Plc - Business segments
              • Exhibit 107: 600 Group Plc - Key offerings
              • Exhibit 108: 600 Group Plc - Segment focus
            • 10.4 Allied Machine and Engineering Corp.
              • Exhibit 109: Allied Machine and Engineering Corp. - Overview
              • Exhibit 110: Allied Machine and Engineering Corp. - Product / Service
              • Exhibit 111: Allied Machine and Engineering Corp. - Key offerings
            • 10.5 ALZMETALL GmbH and Co. KG
              • Exhibit 112: ALZMETALL GmbH and Co. KG - Overview
              • Exhibit 113: ALZMETALL GmbH and Co. KG - Product / Service
              • Exhibit 114: ALZMETALL GmbH and Co. KG - Key offerings
            • 10.6 AMADA Co. Ltd.
              • Exhibit 115: AMADA Co. Ltd. - Overview
              • Exhibit 116: AMADA Co. Ltd. - Business segments
              • Exhibit 117: AMADA Co. Ltd. - Key news
              • Exhibit 118: AMADA Co. Ltd. - Key offerings
              • Exhibit 119: AMADA Co. Ltd. - Segment focus
            • 10.7 DMG MORI Co Ltd
              • Exhibit 120: DMG MORI Co Ltd - Overview
              • Exhibit 121: DMG MORI Co Ltd - Business segments
              • Exhibit 122: DMG MORI Co Ltd - Key offerings
              • Exhibit 123: DMG MORI Co Ltd - Segment focus
            • 10.8 DN Solutions Co. Ltd.
              • Exhibit 124: DN Solutions Co. Ltd. - Overview
              • Exhibit 125: DN Solutions Co. Ltd. - Product / Service
              • Exhibit 126: DN Solutions Co. Ltd. - Key offerings
            • 10.9 FALCON MACHINE TOOLS Co. Ltd.
              • Exhibit 127: FALCON MACHINE TOOLS Co. Ltd. - Overview
              • Exhibit 128: FALCON MACHINE TOOLS Co. Ltd. - Product / Service
              • Exhibit 129: FALCON MACHINE TOOLS Co. Ltd. - Key offerings
            • 10.10 FANUC Bulgaria EOOD
              • Exhibit 130: FANUC Bulgaria EOOD - Overview
              • Exhibit 131: FANUC Bulgaria EOOD - Product / Service
              • Exhibit 132: FANUC Bulgaria EOOD - Key offerings
            • 10.11 General Technology Group Dalian Machine Tool Corp.
              • Exhibit 133: General Technology Group Dalian Machine Tool Corp. - Overview
              • Exhibit 134: General Technology Group Dalian Machine Tool Corp. - Product / Service
              • Exhibit 135: General Technology Group Dalian Machine Tool Corp. - Key offerings
            • 10.12 Georg Fischer Ltd.
              • Exhibit 136: Georg Fischer Ltd. - Overview
              • Exhibit 137: Georg Fischer Ltd. - Business segments
              • Exhibit 138: Georg Fischer Ltd. - Key offerings
              • Exhibit 139: Georg Fischer Ltd. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 140: Inclusions checklist
                • Exhibit 141: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 142: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 143: Research methodology
                • Exhibit 144: Validation techniques employed for market sizing
                • Exhibit 145: Information sources
              • 11.5 List of abbreviations
                • Exhibit 146: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  INFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases

                  DATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts

                  REPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape

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                  Key Questions Answered

                  • What are the key global market and the regional market share?
                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?

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