The global multi-tasking machine tools market is projected to record a CAGR of 2.98% during the forecast period due to the increasing demand from the manufacturing sector.

Market Research Future has published a cooked research report on the Global multi-tasking machine tools market, 2019–2028. The global multi-tasking machine tools market is projected to exhibit a CAGR of 2.98% during the forecast period of 2021 to 2028.

Market Research Future has recognized the following companies as the key players in the global multi-tasking machine tools market: Yamazaki Mazak Corporation (Japan), Nakamura-Tome CO., LTD (Japan), Tongtai Machine & Tool Co., Ltd (China), Okuma Corporation (Japan), Tsugami Corporation (Japan), Trevisan Machine Tool (US), Doosan Corporation (South Korea), Accuway Machinery Corporation (China), Breton S.p.A. (Italy), DMG Mori (Japan), and Hwacheon Machinery Co. Ltd (South Korea).

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of multi-tasking machine tools market Research Report

Multi-Tasking Machine Tools Market Highlights

The global multi-tasking machine tools market is projected to be valued at USD 1,332.59 million by 2028, recording a CAGR of 2.98% during the forecast period. Multi-tasking machine tools consist functionality of two or more traditional standalone machine tools. They combine several cutting processes like turning, milling, drilling, tapping, and deep-hole boring on one machine as opposed to having those same processes handled by multiple machines. Multi-tasking machines are used for different applications such as automobile, aerospace & defense, and general machinery. The growth of the automotive industry globally and the development of aerospace & defense infrastructure in emerging markets are driving the market growth. Growth in the number of industrial activities is also driving the growth of the global market. However, the growth of the market can be hindered due to the high initial investment cost.

Multi-Tasking Machine Tools Market Segmental Analysis

The global multi-tasking machine tools market has been segmented based on product type, application, and region.

Based on product type the global multi-tasking machine tools market has been segmented into CNC machines, turret machines, milling, friction stir welding (FSW) machines, and others. The turret machine segment accounted for the largest market share of 65.15% in 2020. A turret machine, also called a turret punch or a turret press, uses punching to form metal shapes. Turret punching includes pushing a punch through a metal piece to create a hole. The turret punch can make holes of various diameters and about as many holes in a metal sheet as needed for fabrication. This machine is an extremely fast and affordable way of making holes in metal sheets. It acts as a solution for a quick, economical way of making holes in metal sheets. Moreover, the turret punch is a cost-effective method, as it contains multiple tooling in one device.

Based on application, the global multi-tasking machine tools market has been segmented into automotive, construction, aerospace, and others. The automotive segment accounted for the largest market share of 52.47% in 2020. The automotive industry has various applications in the manufacturing of essential automotive components. Automotive manufacturers prefer CNC machining, as it provides the highest accuracy. The digital and autonomous nature of the process leaves little room for error. Moreover, the finest machining settings in CNC machining provide tolerances of ±0.001. The automotive industry requires such fine tolerances since the malfunction of an engine or other critical components can have major consequences for the end user. Owing to this, multitasking machine tools are an important factor in the automotive industry.

Multi-Tasking Machine Tools Market

Regional Analysis

On the basis of region, the global multi-tasking machine tools market has been categorized as North America, Europe, Asia-Pacific, and Rest of the World. As per MRFR analysis, Asia-Pacific accounted for the largest market share of 50.45% in 2020, with a market value of USD 518.82 million; the market is expected to register a CAGR of 1.28%. In 2020, Asia-Pacific dominated the global multitasking machine tools market. Rapid growth in construction and manufacturing in countries such as China and India is expected to increase the demand for multitasking machine tools in the coming years. Moreover, the region is home to one of the largest manufacturing industries globally for machine tools, automotive, electronics, and others. China is one of the leading markets in the Asia-Pacific. The government in China supports and encourages industrial and construction development. This helped the recovery of the commercial housing market in the country. Moreover, many major manufacturers across the globe are shifting their manufacturing base to China, mainly due to the availability of ample raw materials and the low cost of establishing new manufacturing plants. This boosts the growth of the multitasking machine tools market in China over the forecast period. Japan is another major market in the region for multitasking machine tools. Government support, growing standardization efforts, and convergence of technologies are the major factors driving market growth. Additionally, the country is also witnessing growth in the automotive industry, further projected to drive the market. North America is home to a majority of heavy industries. The multitasking machine tools market in the region has enormous potential for growth in the future. The automotive industry expects a huge investment by several major market players due to the rising demand for passenger cars globally. This is expected to drive the multitasking machine tools market in the region. Moreover, the growing investments in the aerospace industries are also expected to support the market growth in North America throughout the forecast period. North America is having a market share of 17.85% in 2020 and is expected to exhibit a CAGR of 5.88% in the forecasted period. The US is a major contributor to the regional multitasking machine tools market, owing to the increase in the development of commercial and residential infrastructures in the country, which has led to increased demand for multitasking machine tools. Additionally, growing investments in restructuring the wide-body aircraft in the US are expected to support the market growth. Europe is having a market share of 25.29% in 2020 and is expected to exhibit a CAGR of 2.74% in the forecasted period.  The multitasking machine tools market in Europe is expected to grow at a significant pace during the forecast period, mainly due to the increase in the adoption of advanced technology and the increase in import and export activities in the region. Europe is the hub of major automobile manufacturers such as Audi, BMW, and Volvo, fueling the market growth. The UK, Germany, and Italy are the major contributors to the growth of the multitasking machine tools market in Europe. In 2020, Germany dominated the regional multitasking machine tools market. This can be attributed to the growing construction industry. Rest of the World is having a market share of 6.41% in 2020 and is expected to exhibit a CAGR of 6.87%% in the forecasted period. The Rest of the World includes South America, the Middle East, and Africa. The construction industry in Brazil has witnessed considerable growth mainly due to the increase in infrastructure spending, which consequently increases the demand for multitasking machine tools. Brazil's manufacturing industry is the third biggest industry in South America, which has positively influenced the market growth. Moreover, in the Middle East, the construction industry is growing rapidly, owing to increased private and public investments in the construction of non-residential building and infrastructure projects. Moreover, increased manufacturing activities in the region are also fueling the growth of the multitasking machine tools market.

Key Findings of the Study:

• The global multi-tasking machine tools market is projected to register a growth rate of 2.98% from 2021 to 2028.


• The turret machine segment accounted for the largest market share of 65.15% in 2020 whereas, the milling segment is projected to record the highest CAGR of 4.62% during the forecast period.


• The automotive segment accounted for the largest market share of 52.47% in 2020 whereas, the aerospace segment is estimated to register the highest growth rate of 4.86% during the forecast period.