US Machine Tools Market Size 2024-2028
The US machine tools market size is forecast to increase by USD 5.02 billion at a CAGR of 5.24% between 2023 and 2028. The machine tools market in the US is experiencing significant growth, driven by the increasing demand for metal parts in major end-user industries such as automotive, aerospace, and precision manufacturing. General Motors, a key player in the automotive sector, is investing heavily in electric vehicles, leading to a demand for CNC machines to produce components for these vehicles. Furthermore, the growing market for high-speed steel-cutting tools is fueling the market's expansion. Additionally, the integration of advanced technologies like artificial intelligence and the Internet of Things (IoT) in machine tools is transforming the industry, enabling predictive maintenance and optimized production processes. Moreover, safety concerns while operating machine tools remain a critical factor, leading to the development of innovative safety features and regulations. Overall, the US machine tools market is poised for growth, with key trends including the increasing adoption of 3D printing technology and the continued focus on precision manufacturing.
The machine tools market in the US is experiencing significant growth due to the increasing demand from various industries, including electric vehicles and automobile manufacturers. General Motors and other automobile giants are investing heavily in advanced manufacturing technologies like CNC machines and AI-powered systems to enhance production efficiency and precision. The integration of IoT and real-time monitoring in machine tools enables automation, decision-making, and improved performance. The aerospace industry is another major contributor to the market's growth, with a focus on precision manufacturing through CNC, CAD, and CAM. The adoption of 3D printing technology is also increasing, providing cost-effective and customized solutions for metal and mining industries.
Precision drilling, cutting, planning, and surface finishing are essential processes in various sectors, driving the demand for advanced machine tools. Electronics, healthcare, and medical devices industries are also investing in machine tools to improve their manufacturing processes. MTConnect protocol is gaining popularity for seamless communication between machines and systems, enabling better integration and interoperability. The market is expected to grow further with the increasing adoption of advanced technologies like AI and automation.
Market Segmentation
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- End-user
- Automotive
- Industrial machinery
- Precision engineering
- Transportation
- Others
- Technology
- Computer numerical control (CNC) machine tools
- Conventional machine tools
- Type
- Metal cutting
- Metal forming
By End-user Insights
The Automotive segment is estimated to witness significant growth during the forecast period. Machine tools are essential in the US manufacturing sector, particularly in industries that require metal cutting and forming, such as automotive and aircraft manufacturing. Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) systems are widely used in these industries to create precise designs and manufacture components with high accuracy. The automotive industry is a significant user of machine tools, utilizing them for various applications, including fuel delivery systems, airbag components, and metal gaskets. Laser systems are commonly used for cutting and shaping materials like metal, plastic, and composites in the production of automotive parts. The increasing demand for precision, efficiency, and automation in manufacturing processes is driving the use of machine tools in the automotive industry.
Moreover, machine tools enable tasks such as cutting, drilling, milling, and shaping, which are crucial in the manufacturing of automotive components. The construction industry also relies on machine tools for metal forming and fabrication of structural components. Overall, machine tools play a vital role in manufacturing industries, facilitating the production of high-quality components for various end-use sectors.
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The automotive segment was valued at USD 6.22 billion in 2018 and showed a gradual increase during the forecast period.
Our market researchers analyzed the data with 2023 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.
Market Driver
The rise in demand for metal parts in major end-user industries is the key driver of the market. The machine tools market in the US experiences significant growth due to the increasing demand from industries such as automotive aerospace and defense. Metals are the primary raw materials in these sectors, as they are easily shaped to meet specific application requirements. The automotive industry utilizes various metal parts, including brackets, enclosures, flange plate assemblies, and intricate specialty components. The shift towards electric vehicles by major players like General Motors further boosts the demand for precision manufacturing processes using CNC machines and advanced technologies such as artificial intelligence and IoT. The aerospace industry also relies heavily on machine tools for manufacturing complex components with high precision. Overall, the US machine tools market is poised for expansion due to the growing investments in these key industries.
Market Trends
The growing market for high-speed steel-cutting tools is the upcoming trend in the market. Machine tools, specifically high-speed steel (HSS) metal-cutting tools, play a crucial role in various industries such as automotive, aerospace, shipbuilding, die mold and part manufacturing, tool rooms, heavy industries, electrical and electronics, healthcare, oil and gas, and energy. These tools are essential for precision manufacturing, enabling companies to produce high-quality end products efficiently. In the automotive sector, for instance, General Motors and others utilize CNC machines powered by artificial intelligence and IoT to manufacture electric vehicle components. The integration of advanced technologies like AI and IoT in machine tools enhances productivity and reduces lead times.
Moreover, in the aerospace industry, HSS metal-cutting tools are used to manufacture complex parts with high precision. The adoption of these tools is driven by the global market trend towards delivering high-quality products in a cost-effective and timely manner. Industries worldwide rely on these tools for milling, drilling, tapping, reaming, counter-boring, broaching, and gear-cutting applications, thereby streamlining their manufacturing processes.
Market Challenge
Rising safety concerns while operating machine tools is a key challenge affecting the market growth. The Machine Tools industry in the US is experiencing significant growth due to advancements in technologies such as Electric Vehicles, Artificial Intelligence, and the Internet of Things (IoT). Key players like General Motors are integrating CNC machines and 3D printing into their manufacturing processes to enhance precision and efficiency. However, safety concerns pose a challenge to the market's expansion. Workplace accidents and injuries caused by machine tool malfunctions, operator errors, inadequate training, and lack of safety protocols can result in legal liabilities, medical expenses, and lost productivity. These risks may deter manufacturers from investing in new machine tools or expanding operations.
However, the aerospace sector, in particular, places a high priority on safety due to the potential for catastrophic consequences. Therefore, ensuring worker safety through rigorous training, regular equipment maintenance, and adherence to safety standards is crucial for the Machine Tools market's continued growth in the US.
Exclusive Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
DMG MORI Co. Ltd. - The company offers machine tools such as turning, milling, lasertec, additive manufacturing, and grinding.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Allied Machine and Engineering Corp.
- AMADA Co. Ltd.
- DN Solutions Co. Ltd.
- Fair Friend Enterprise Group
- FALCON MACHINE TOOLS Co. Ltd.
- FANUC Corp.
- Georg Fischer Ltd.
- Haas Automation Inc.
- Hardinge Inc.
- Hyundai Motor Co.
- IMC International Metalworking Companies B.V.
- Kennametal Inc.
- The Lincoln Electric Co.
- Makino Milling Machine Co. Ltd.
- Mitsubishi Corp.
- Okuma Corp.
- Otto Bihler Maschinenfabrik GmbH and Co. KG
- Sandvik AB
- TRUMPF SE Co. KG
- Yamazaki Mazak Corp.
- IMCO Carbide Tool Inc.
- Komatsu Ltd.
- OSG USA Inc.
- JTEKT Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The machine tools market in the US is witnessing significant growth due to the increasing demand for high-precision machines in various industries. The adoption of advanced technologies such as artificial intelligence (AI) and IoT in machine tools is revolutionizing manufacturing processes, leading to smart manufacturing and digital transformation. The aerospace industry is a major contributor to this market, with a focus on precision manufacturing for lightweight parts and components. CNC machines, including vertical machining centers, horizontal machining centers, vertical milling machines, and high-precision machine tools, are increasingly being used in this sector. The automotive industry is also driving the demand for machine tools, with a shift towards electrification and the production of automotive components requiring high-precision manufacturing.
Moreover, the construction industry is another key end-user, with a growing emphasis on automation and real-time monitoring for increased efficiency and decision-making capabilities. The market for conventional CNC tools, including turning machines, grinding machines, milling machines, eroding machines, bending machines, presses, and punching machines, is also experiencing growth. The integration of technology such as CAD, CAM, MTConnect, and automation systems is enabling more efficient and precise manufacturing processes across various industries. The mining and metal industries are also adopting machine tools for drilling, cutting, planning, surface finishing, and other metal-forming processes to increase productivity and reduce costs. Overall, the US machine tools market is expected to grow significantly in the coming years, driven by the increasing demand for high-precision machines and the adoption of advanced technologies in various industries.
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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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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
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Market Growth 2024-2028 |
USD 5.02 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.73 |
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Key companies profiled |
Allied Machine and Engineering Corp., AMADA Co. Ltd., DMG MORI Co. Ltd., DN Solutions Co. Ltd., Fair Friend Enterprise Group, FALCON MACHINE TOOLS Co. Ltd., FANUC Corp., Georg Fischer Ltd., Haas Automation Inc., Hardinge Inc., Hyundai Motor Co., IMC International Metalworking Companies B.V., Kennametal Inc., The Lincoln Electric Co., Makino Milling Machine Co. Ltd., Mitsubishi Corp., Okuma Corp., Otto Bihler Maschinenfabrik GmbH and Co. KG, Sandvik AB, TRUMPF SE Co. KG, Yamazaki Mazak Corp., IMCO Carbide Tool Inc., Komatsu Ltd., OSG USA Inc., and JTEKT Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market 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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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
- Growth of the market across US
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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