The global machine tools market is projected to grow from USD 78.6 Billion in 2023 to USD 104.7 Billion by 2030, registering a CAGR of 4.2%. Companies in the automobile industry are gradually adopting CNC machine tools to produce complex components with more accuracy, efficiency, and stability. Automakers are aggressively putting plans into place to shorten product life cycles, boost product efficiency, and gain a competitive edge. As a result, machine tools that enable quick prototyping and manufacturing complex automobile parts are becoming increasingly necessary. In addition, there's a growing need for machine tools, including CNC technology, to facilitate virtual and flexible manufacturing processes.
By automation, the CNC machine tools segment is estimated to hold a larger market share during the forecast period. There is a high demand for greater efficiency and productivity in industries, so automation is becoming increasingly important. CNC machines, controlled by computers, offer precise and repeatable manufacturing processes, reducing reliance on manual labor and increasing output. This trend is expected to continue, driving demand for CNC machines across various sectors. Moreover, emerging economies are experiencing rapid industrialization, leading to a surge in demand for manufactured goods. As these economies build their manufacturing capabilities, they increasingly turn to CNC machines for their efficiency and accuracy. This is particularly evident in China, India, and Southeast Asia.
Additionally, manufacturers are launching new CNC machine tools. For instance, in January 2023, DMG MORI Co., Ltd. introduced the CTX 350 universal turning machine by combining the CLX 350 and the CTX alpha 500 lathe machine technologies. Such developments will drive the CNC machine tools segment during the forecast period.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=168345068
The turning machines segment is expected to hold prominent market share during the forecast period. The demand for turning machine tools is fueled by many factors, from technological advancements and material versatility to the booming manufacturing sector and the miniaturization trend. Rapid industrialization in developing economies is creating a surge in demand for machine tools, including turning machines, to support domestic manufacturing initiatives. Manufacturers are also launching new advanced machines. For instance, at IMTEX 2023, Lakshmi Machine Works Limited (India) showcased the Gigaturn I, an optimal large-diameter turning center with a maximum turning diameter of 510 mm and a maximum turning length of 640 mm. Such developments will drive the market during the forecast period.
The automotive and transportation segment is estimated to account for the largest share of the market in 2023. Advanced machine tools contribute to higher productivity and cost savings in the automotive industry through automation and efficient production processes. These machine tools ensure consistency in part production. They follow precise instructions, minimizing the likelihood of defects or variations in dimensions. This level of quality control is critical in the automotive industry, where safety and performance standards are stringent. The automotive and transportation industry is experiencing a significant increase in global demand driven by population growth, urbanization, and rising consumer expectations. To meet this ongoing and increasing demand, automotive manufacturers need efficient and scalable production methods, with machine tools being a key component of these processes.
Asia Pacific is projected to account for the largest share of the machine tools market. The Asia Pacific region stands as a powerhouse in the global machine tools market, with several key drivers propelling its growth and prominence. One of the primary factors contributing to the flourishing machine tools market in Asia Pacific is the region’s robust and rapidly expanding manufacturing sector. As countries such as China, India, Japan, and South Korea continue to experience industrialization and economic development, the demand for advanced and efficient machine tools has soared. The automotive, electronics, aerospace, and heavy machinery industries, which are major contributors to the region’s economic output, heavily rely on cutting-edge machine tools for precision manufacturing, leading to a consistent surge in market demand. In addition to domestic demand, Asia Pacific has become a major manufacturing hub for global companies seeking cost-effective, high-quality production capabilities. This has led to increased investments in state-of-the-art machine tools by both local manufacturers and multinational corporations operating in the region. The geographical proximity to key markets and the availability of skilled labor further contribute to the attractiveness of Asia Pacific as a manufacturing base, fostering the continuous expansion of the machine tools market.
Key Market Players
The machine tools market is dominated by established players such as Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), DN Solutions (South Korea), and others. These companies manufacture machine tools and develop new technologies. These companies have set up R&D facilities and offer best-in-class products to their customers.
Request Free Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=168345068