The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The machine tools market size has exhibited robust growth recently, increasing from $92.21 billion in 2023 to $97.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%.  This growth in the historical period is attributed to the industrial revolution and the subsequent expansion of manufacturing capabilities, globalization trends, particularly in industrialization efforts, the growth of the automotive and aerospace sectors, the demand for precision engineering and adherence to quality standards, and the requirements of the military and defense sectors. Looking forward, the machine tools market is expected to continue its growth trajectory, projected to expand to $122.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.  The anticipated growth in the forecast period is driven by a shift towards lightweight materials, global infrastructure projects stimulating demand, the requirements of the medical and healthcare industries, the expansion of the renewable energy sector, and the continued growth of the aerospace and defense sectors. Major trends expected in the forecast period include the integration of automation and robotics, the digitalization of manufacturing processes following industry 4.0 principles, the demand for multifunctional capabilities, the adoption of sustainable manufacturing practices, and the increasing incorporation of 5-axis machining technologies.

The growing manufacturing industry is anticipated to drive the expansion of the machine tools market in the coming years. Machine tools, which are power devices utilized in processing workpieces, play a crucial role in manufacturing mechanical parts. These machines are instrumental in forming, cutting, and joining tools, thus making them indispensable in the manufacturing process. This growth trajectory is evidenced by recent developments such as India’s surge in foreign direct investments (FDI) amounting to $30 billion in September 2021, marking a 15% increase compared to previous years. Moreover, the Indian government’s approval of the production-linked incentive (PLI) scheme worth $3.53 billion for the automotive and drone industries underscores efforts to bolster the nation’s manufacturing capabilities. Consequently, the burgeoning manufacturing sector stands as a primary driver behind the surge in the machine tools market, with notable implications for industry stakeholders. The market size projections for 2023, 2024, and 2028 affirm the sector’s promising growth trajectory.

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What Are The Key Trends That Influence Machine Tools Market Share Analysis?

New product innovations have emerged as the new key trend gaining popularity in the machine tools market. Major companies operating in the machine tools market focused on new product innovations to sustain their position in the market. For instance, in June 2022, LMW Machine Tool Division, an India-based automation machinery manufacturing company, launched 2 new machines – the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker, and showcased 3 latest machines and machining solutions at INTEC 2022 exhibition held in Coimbatore. The unique features of the JG 50 Vertical Machining Center include very high acceleration of greater than 1G and spindle speed up to 16,000 rpm. LF20C Twin G Twin Turret Chucker has dual spindles and dual turrets which indicate it has 2 CNC Turning Centers combined into one machine.

Which Market Players Are Driving Growth In The Machine Tools Market?

Major companies operating in the machine tools market report are Robert Bosch GmbH, The Black & Decker Corporation, Stanley Black & Decker Inc., Techtronic Industries Co Ltd., JTKET Corporation, Makita Corporation, Hilti AG, Hyundai WIA Corporation, TRUMPF Group, EBARA CORPORATION, Georg Fischer AG, Lincoln Electric Holdings Inc., Makino Milling Machine Co Ltd., OKUMA Corporation, GROB-WERKE GmbH u. Co KG, Shenyang Machine Tool Co Ltd., Haas Automation Inc., Falcon Machine Tools Co Ltd., Ace Micromatic Group, Amada Co Ltd., Chiron Group SE, Yamazaki Mazak Corporation, MAG IAS GmbH, MC Machinery Systems Inc., Spinner Tooling Technologies, Doosan Machine Tools Co Ltd., Hitachi Koki Co Ltd., Dalian Machine Tools Group Corporation, Komatsu NTC Ltd., Electronica Hitech Engineering Pvt Ltd., Husqvarna AB, Atlas Copco AB, Sandvik AB, Kennametal Inc., OSG Corporation

How Is The Global Machine Tools Market Segmented?

The machine tools market covered in this report is segmented –

1) By Product Type: Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Other Product Types
2) By Automation Type: CNC Machine Tools, Conventional Machine Tools
3) By Sales Channel: Direct, Indirect
4) By Industry: Automotive, Aerospace and Defense, Construction Equipment, Power and Energy, Industrial, Other Industries

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The Machine Tools Global Market Report 2024 provides an overview of the machine toolsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The machine tools market forecast analyzes machine tools market size, machine tools market share, leading competitor and their market positions.

The Table Of Content For The Machine Tools Market Include

1. Machine Tools Market Executive Summary
2. Machine Tools Market Segments
3. Machine Tools Market Size And Template Market Growth Rate
4.  Key Machine Tools Market Trends
5. Major Machine Tools Market Drivers
……
25. Key Mergers And Acquisitions In The Machine Tools Market
26. Top Machine Tools Companies
27. Machine Tools Market Opportunities And Strategies
28. Machine Tools Market, Conclusions And Recommendations
29. Appendix

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