Machine Tools Industry Overview
The global machine tools market size was estimated at USD 92.78 billion in 2023 and is anticipated to grow at a CAGR of 5.8% from 2024 to 2030. The market growth is attributed to advancements in technologies for machine tools, such as multi-axis arms & robotics, as well as the growth in the manufacturing industry. Apart from this, the growing focus on augmenting productivity and reducing downtime is further promoting market growth.
The presence of well-established automobile manufacturers such as General Motors, Nissan, Tesla, and Ford, suitable infrastructures for producing electric vehicles, and high disposable income are expected to fuel the growth of the electric vehicle market in North America over the forecast period, which in turn is likely to augment the market growth of machine tools during the projected timeframe. Furthermore, the growing demand for automotive components from the region has increased the demand for the market in North America.
Gather more insights about the market drivers, restrains and growth of the Machine Tools Market
The companies operating in the market are focusing on implementing the latest technologies to bring in features such as connectivity of the computers to CNC machines and software that allows distant monitoring of the machines through PCs. Companies operating in the market are offering enhanced technologies such as artificial intelligence and IoT in their products and seeking partnership strategies to enhance their offerings.
Machine tools are used across various industries and industry verticals, including automobile and aerospace, to manufacture various components with precision and speed while ensuring adequate flexibility. Aerospace companies use CNC machine tools to manufacture parts such as fuel access panels, landing gears, engine mounts, turbines, and wheels, as well as lightweight parts with tight tolerances.
Reducing operating costs has been a major challenge for business owners worldwide. Moreover, it has been observed that it is relatively easy to lower the manufacturing costs than to increase the price of the end product to increase profit margins in the manufacturing industry. Time is one of the key factors considered during manufacturing, and the number of jobs produced in the stipulated amount of time determines the productivity of the plant. The machining time required for each component is one of the factors considered when considering reducing the operating cost of a unit. The latest machines are equipped with 3D printing, CAD, CAM, and CNC technologies to allow manufacturers to reduce machining time significantly. The strong emphasis on reducing operating costs is driving the demand for the market.
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- The global 3D printing market size was valued at USD 20.37 billion in 2023 and is expected to register a CAGR of 23.5% from 2024 to 2030.
- The global electric vehicle market size was estimated at USD 1,070.77 billion in 2023 and is anticipated to grow at a CAGR of 33.6% from 2024 to 2030.
Machine Tools Market Segmentation
Grand View Research has segmented the global machine tools market based on type, technology, end-use, and region:
Machine Tools Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Metal Cutting
- Machining Centers
- Turning Machines
- Grinding Machines
- Milling Machines
- Eroding machines
- Others
- Metal Forming
- Bending Machines
- Presses
- Punching Machines
- Others
Machine Tools Technology Outlook (Revenue, USD Billion, 2018 - 2030)
- Computer Numerical Control (CNC)
- Conventional
Machine Tools End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Automotive
- Mechanical Engineering
- Metal Working
- Aerospace
- Electrical industry
- Others
Machine Tools Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Switzerland
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
Key Companies profiled:
- Amada Machine Tools Co., Ltd.
- CHIRON GROUP SE
- DMG MORI. CO., LTD.
- DN Solutions
- Georg Fischer Ltd.
- HYUNDAI WIA CORP
- JTEKT Corporation
- Komatsu Ltd
- Makino
- Okuma Corporation
- Hurco Companies, Inc.
- Dalian Machine Tool Group (DMTG) Corporation
- Amera Seiki
- Haas Automation, Inc
- Datron AG
Key Machine Tools Company Insights
Some of the key players operating in the market include Amada Machine Tools Co., Ltd. and DMG MORI. CO., LTD., and Georg Fischer Ltd.
- Amada Machine Tools Co., Ltd. operates through its four major divisions, namely sheet metal, cutting and grinding, micro welding, and press automation solutions. Sheet Metal division is an integration of cutting, drilling, bending, and welding processes and provides sheet metal fabrication machines. Major products under the steel metal division are fiber laser machines with 3-axis linear drive technology and a high-accuracy bending robot system.
- DMG MORI. CO., LTD. is engaged in the designing and sale of machine tools such as 5-axis/multi-axis machines, machining centers, lathes, multi-axis machines, ultrasonic machines, milling machines, and laser metal depositions. The company offers CNC machines through its member, namely Taiyo Koki, which specializes in grinding machines such as vertical grinding machines. It also offers cutting-edge machine tools that support a wide range of industries such as automotive, die and mold, aerospace, semiconductor, and medical sectors.
CHIRON GROUP SE, DN Solutions, and Makino are some of the emerging market participants in the market.
- CHIRON Group SE is a technology company that specializes in providing mill-turn and CNC vertical milling machining centers and manufacturing solutions. The company has a global presence, with development and production sites, service and sales subsidiaries, and sales agencies across the world. CHIRON Group SE operates through brands such as CHIRON, STAMA, retrofit brand CMS, and FACTORY5 associated with the new machines. CHIRON and STAMA offer a wide range of CNC machine centers for the complete machining of components. CHIRON offers various product lines, from the compact 08 series through the 25 series, designed for large components. It provides high speed for drilling, milling, countersinking, turning, tapping, reaming, and sawing processes.
- Makino specializes in providing horizontal and vertical machining centers, Numerical Control (NC) machines, laser machines, and Electrical Discharge Machines (EDM). Makino offers its solutions through four categories, namely Machines, Automation, Software & Digital, and Engineering Services. The Machines category includes products such as Horizontal 4-Axis, Horizontal 5- Axis, Vertical 3-Axis, Vertical 5-Axis, Graphite Machining Centre, Wire EDM, Sinker EDM, Grinding, and EDM Hole Drilling.
Recent Developments
- In April 2024, DMG MORI acquired KURAKI Co., Ltd. to foster expansion. It is intended to rebrand the merged entity as DMG MORI Precision Boring Co., Ltd. KURAKI's portfolio, primarily consisting of CNC horizontal boring and milling machines, is a significant aspect of this acquisition. This move is expected to enable the company to embrace new technologies pioneered by KURAKI, thereby enhancing its offerings in the portfolio of CNC machining centers and turning centers.
- In January 2024, DN SOLUTIONS formed a strategic alliance with ModuleWorks, a premier software provider for the CAD/CAM sector, marked by equity investment and collaborative business endeavors. This partnership is set to cultivate a synergistic relationship, emphasizing collective efforts for the development of software for machine tools and the establishment of cohesive solutions aimed at propelling the digital evolution of the manufacturing sector. Moreover, this cooperation is expected to enhance the company's lineup in the CNC turning and machining centers domain.
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