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The investments in process automation and the demand for high quality end products with improved precision are driving the demand for the machine tool industry
The global machine tools market is projected to grow from USD 77.0 billion in 2019 to USD 98.3 billion in 2027 at a CAGR of 3.2% during the forecasted period. Major driving factors for the growth of the machine tool industry are the increasing investments in process automation, high growth in vehicle production, and the growing demand for high precision fabricated components and products.
Milling machines segment is expected to be the fastest growing during the forecast period
Milling machine segments is expected to grow rapidly during the forecast period owing to their wide use in metal cutting applications across several industries. The promising expansion of the metal working industry and a notable rise in facilities globally have boosted the demand for the milling machines. These machines can also be used for performing multiple cuts simultaneously using multiple cutters. These advantages make milling machines ideal for machining metal parts.
Direct Sales segment is projected to be the fastest growing sales channel during the forecast period
Direct sales is selling directly to consumers away from a static commercial or physical location. Sales representatives are the face of the company, and they work close to the target markets. Customers buy the machines by seeing the demo of the prototype. The major advantage in this type of selling is that there are no revenues that need to be shared with the reseller or channel partner. There is little or no dependency for the machine tool manufacturers over the sales process.
Asia Pacific is the largest market for machine tools, followed by Europe
The market in the Asia Pacific region will be mostly dominated by China. This is mainly due to the demand for durable goods, large amounts of vehicle production, investments in aerospace and defense products, etc. A large portion of the conventional machine tools will get replaced with CNC machines in developing countries like India and China adding new market gains.
Japan is the world's fourth largest national market for machine tools. The demand for the machine tools is expected to rebound with the release of new and advanced products ranges from top manufacturers. Machine tools manufacturers in Japan are expected to build new plants and upgrade existing factory setup because of the growing sales opportunitiesboth domestic and international.
Indian machine tool industry is working towards developing new technologies to bridge the existing technology gap. Indian manufacturers are adopting strategies such as investments in RD, acquisitions, and collaboration with key players to produce highend machines.
By Company Type: Machine Tool Manufacturers 60%, OEMs 20%, Tier I 20%
By Designation: C level 60%, D Level 30%, Others 10%
By Region: North America 20%, Europe 30%, Asia Pacific 40%, RoW 10%
Note: **Others includes sales, marketing, and product managers.
*Tier I are machine tools suppliers to OEMs; OEMs are vehicle manufacturers, locomotive manufacturers, etc.
The machine tools market is dominated by a few global players. The key players in the market are Doosan Machine Tools Co. Ltd. Japan, AMADA Pvt. Ltd. Japan, Makino Japan, JTKET Corporation Japan, Georg Fischer Ltd. Switzerland, Komatsu NTC Ltd. Japan, OKUMA Corporation Japan, Hyundai WIA South Korea, Schuler AG Germany, Chiron Group SE Germany, MAG IAS GmbH Germany, GROBWERKE GmbH Co. KG Germany, Haas Automation Inc. USA, Gleason Corporation USA, Spinner Machine Tools Germany, Dalian Machine Tools Group Corporation China, Yamazaki Mazak Corporation Japan, DMG MORI Germany, Electronica Hitech Engineering Pvt. Ltd. India, Ace Micromatic Group India.
The study includes an indepth competitive analysis of these key players in the global machine tools market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies adopted by the key players.
The global machine tools market has been segmented by product type Milling machines, Drilling machines, Turning machines, Grinding machines, Electrical discharge machines, by automation CNC machine tools, conventional machine tools, by industry segment Automotive and transportation, Sheet metals, Capital goods, Energy, by sales channel Events and exhibitions, Dealers and distributors and by region Asia Pacific [China, Japan, South Korea, India], Europe [UK, Germany, France, Spain, Switzerland, Turkey, UK, and Italy], and North America [US, Canada, and Mexico], and Rest of the world [Brazil, Russia]
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
Market Size, by product type category: The report offers indepth market sizing and forecast up to 2027 in terms of value, by machine tools product type milling machines, drilling machines, turning machines, grinding machines, electrical discharge machines.
Market Size, by Automation: The report offers indepth market sizing and forecast up to 2027 in terms of value, by automation CNC Machine tools, conventional machine tools.
The report provides competitive leadership mapping that profiles key players as visionary leaders, innovators, dynamic differentiators, and emerging companies.
Market Development: The report provides comprehensive information about lucrative emerging markets for machine tools market across regions.
Product Development/Innovation: The report gives detailed insights into RD activities, upcoming technologies, and new product launches in the machine tools market.
Original Article: Global Machine Tools Market by Product Type Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Automation Type, Industry Segment, Sales Channel, and Region Global Forecast to 2027 [Published by MarketNEXT ARTICLE
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