Machine Tools Global Market Report 2023: Increased Need for Higher Efficiency and Precision in Complex Machining Tools Drives Sector Growth

May 30, 2023

Global Machine Tools Market

Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Machine Tools Market Size, Share & Trends Analysis Report By Type (Metal Cutting, Metal Forming), By Technology, By End-use (Automotive, Mechanical Engineering), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.The global machine tools market size is anticipated to reach USD 137.43 billion by 2030, to expand at a CAGR of 5.7% from 2023 to 2030. The increased need for higher efficiency and precision in complex machining tools, as well as lower operating costs in industries, such as aerospace, automotive, and defense, have led to an increased usage of machine tools. The machining time is more expensive than the setup fees, material expenses, and fees for custom finishing a job or workpiece. Owing to all these advantages, manufacturers are gradually shifting toward the automation of machines to reduce time by rolling out connectivity networks and deploying the latest software. Such technological developments are anticipated to boost the sales of machine tools in the forecast period.The machine tools products are increasingly getting complex in line with the shifting customer preferences toward higher-quality products. Hence, manufacturers are also gearing up to develop complex products and are accordingly automating their CNC machining processes to enhance product quality while reducing operating costs.

For instance, in July 2020, SKODA AUTO Germany GmbH launched automated supplying and ordering of parts for CNC processing lines at its plant in Vrchlabi, Czech Republic as part of the efforts to increase the productivity of the plant.Machine tool manufacturers are trying aggressively to develop energy-efficient tools to cater to the manufacturers' needs to reduce operating costs while eliminating errors in manufacturing, leveraging IoT technology and predictive analytics capabilities. For instance, automotive companies are increasingly opting for CNC machining in line with the growing demand for spare parts with higher precision.Industry 4.0 is particularly encouraging digital transformation across the entire automotive industry, spanning automotive OEMs, dealers, and suppliers, among other industry stakeholders, which bodes well for the growing demand for CNC machine tools. The motorsport industry is particularly using CNC machine tools to reduce manufacturing time and to ensure that components are manufactured flawlessly. As such, various racing car manufacturers are striking partnerships with CNC machine tool providers to manufacture precision components.Machine Tools Market Report Highlights

The demand for the metal cutting type segment accounted for 77.1% of the global machine tools market revenue share in 2022. Metal workpieces are typically fabricated using metal cutting or machining methods. Growing demands for precision, service life, and machining speed have made it necessary to measure tool geometry with greater accuracy. Metal cutting machines are used to remove excess material from a workpiece by cutting or grinding.

The demand for Computer Numerical Control (CNC) segment accounted for an 85.8% share of the global machine tools revenue in 2022. The market for CNC machines is rapidly expanding. A powerful computer that performs millions of calculations to ensure optimal part shape controls the spindle movements. This machine, which cost several million dollars to create and makes use of advanced, proprietary mathematics, claims to be able to do previously unheard-of metal machining operations. CNC machines will become faster and simpler to use in the future owing to developments in computers and artificial intelligence.

The automotive end-use segment accounted for a 41.9% share of the global machine tools revenue in 2022. Production of automobiles is a multi-stage, complex process requiring high levels of performance and accuracy. Owing to the increased production of more efficient auto parts, the automotive industry has increased the requirement for machine tools. Many essential vehicle parts are created using machine tools in the automotive industry such as windscreens, body sheets, door panels, and other internal and external automotive parts are produced.

Asia Pacific accounted for 55.0% of the global machine tools revenue share in 2022. The rising automotive and manufacturing industry that are accelerating the product penetration in the region. China is anticipated to emerge as one of the most promising markets in Asia Pacific due to favorable government support to promote investments in manufacturing sectors. Population growth, rapid urbanization, and rising disposable incomes of the population have played an important role in developing the automobile and construction sectors in the country.

In August 2022, CHIRON Group purchased HSTEC, a fixture and spindle specialist in Croatia. The CHIRON Group is strengthening its three areas of expertise and expanding its capabilities with the acquisition of the main components, motor spindles, and turning spindles for the Group's machining centers.

Key Attributes:

Report Attribute

Details

No. of Pages

152

Forecast Period

2022 - 2030

Estimated Market Value (USD) in 2022

$87.94 Billion

Forecasted Market Value (USD) by 2030

$137.43 Billion

Compound Annual Growth Rate

5.7%

Regions Covered

Global

Key Topics Covered: Chapter 1. Methodology and Scope Chapter 2. Executive Summary Chapter 3. Machine Tools Market Variables, Trends, & Scope Chapter 4. Machine Tools Market: Type Estimates & Trend Analysis4.1. Machine Tools Market: Type Outlook4.2. Machine Tools Market: Type Movement Analysis & Market Share, 2022 & 20304.3. Machine Tools Market Estimates & Forecasts, By Type, 2018 - 2030 (USD Million)4.3.1. Metal Cutting4.3.2. Metal FormingChapter 5. Machine Tools Market: Technology Estimates & Trend Analysis5.1. Machine Tools Market: Technology Outlook5.2. Machine Tools Market: Technology Movement Analysis & Market Share, 2022 & 20305.3. Machine Tools Market Estimates & Forecasts, By Technology, 2018 - 2030 (USD Million)5.3.1. Computer Numerical Control (CNC)5.3.2. ConventionalChapter 6. Machine Tools Market: End-use Estimates & Trend Analysis6.1. Machine Tools Market: End-use Outlook6.2. Machine Tools Market: End-use Movement Analysis & Market Share, 2022 & 20306.3. Machine Tools Market Estimates & Forecasts, By End-use, 2018 - 2030 (USD Million)6.3.1. Automotive6.3.2. Mechanical Engineering6.3.3. Metal Working6.3.4. Aerospace6.3.5. Electrical Industry6.3.6. OthersChapter 7. Machine Tools Market: Regional Estimates & Trend Analysis Chapter 8. Machine Tools Market: Competitive Analysis Companies Mentioned

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 (D

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Global Machine Tools Market