Machine Tools Market Research Report Information By Product Type (Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, and Electrical Discharge Machines), By Automation (Conventional Machine Tools and CNC Machine Tools), By Sales Channel (Events and Exhibitions, Dealers and Distributors, and Direct Sales), By End-User Industry (Aerospace, Medical, Semiconductor, Automotive and Transportation, Capital Good, Energy and Power, Sheet Metals, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The Wo

Global Machine Tools Market Overview

Machine Tools Market Size was valued at USD 79.2 Billion in 2023. The Machine Tools market industry is projected to grow from USD 82.76 Billion in 2024 to USD 112.63 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2024 - 2032). The growing use of CNC technology and a growing need for accuracy and efficiency are the key market drivers boosting the expansion of the market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Machine Tools Market Trends

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  Growing need for accuracy and effectiveness is driving the market growth

  
  

Market CAGR for machine tools is being driven by the growing need for accuracy and effectiveness. Many tasks, including cutting, shaping, drilling, grinding, and abrading, are carried out by machine tools. These instruments decrease the amount of manual labor needed while improving product homogeneity. Currently, the Indian market offers a wide range of machine tools, from massive devices used in the electronics, aerospace, and automotive industries to small workbench-mounted instruments.

Additionally, high-precision component requirements are strict in industries like automotive, aerospace, electronics, and healthcare. To ensure that complex parts are produced with small error margins, machine tools must satisfy these requirements. Tight tolerances and exacting quality standards are becoming more and more necessary as product designs become more intricate and advanced. Modern machine tools with advanced technologies, such computer numerical control (CNC), can provide the precision required to fulfill these exact requirements.

CNC machines are more productive because they can perform numerous jobs without the need for human involvement and function continuously. Increased production efficiency can be attained through automated tool changes, quicker cutting rates and shorter setup periods. CNC technology also makes it feasible to produce complicated and sophisticated parts that would be difficult or impossible to manufacture with traditional techniques. This skill is particularly important for the aerospace, automobile, and medical device industries. Software for computer-aided design (CAD) and computer-aided manufacturing (CAM) is frequently combined with CNC machines. 

The production process can be optimized by this integration, which makes it possible to translate design criteria into machine instructions with ease. For instance, the JD I vertical milling machine, manufactured by Lakshmi Machine Works Limited (India) in 2023, has a maximum travel of 1250 x 800 x 760 mm, a table load capacity of 1.500 kg, and is intended for heavy-duty milling. These product innovations will boost productivity and accuracy across a number of industries, including manufacturing, capital goods, automotive and transportation, and energy and power. Thus, result in driving the Machine Tools market revenue.

Machine Tools Market Segment Insights

Machine Tools Product Type Insights

The Machine Tools Market segmentation, based on Product Type, includes Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, and Electrical Discharge Machines. In 2023, the milling machines segment dominated the market. They are the preferred option for manufacturers in these demanding industries because of their capacity to supply minute details and continuously high quality. The market for milling machines is also being shaped by the increased emphasis on sustainability.

Machine Tools Automation Insights

The Machine Tools Market segmentation, based on Automation, includes Conventional Machine Tools and CNC Machine Tools. In 2023, the CNC Machine Tools category generated the most income. Customized items are in high demand from consumers, necessitating flexible and agile manufacturing procedures. CNC machines are perfect for satisfying demands for customization since they are simple to program to manufacture several product variations.

Machine Tools Sales Channel Insights

The Machine Tools Market segmentation, based on Sales Channel, includes Events and Exhibitions, Dealers and Distributors, and Direct Sales. In 2023, the dealers and distributors segment dominated the market. Throughout the projected period, the presence of many dealers and distributors, including Absolute Machine Tools, Inc. and Ellison Technologies, is anticipated to propel the market's expansion.

Figure 1: Machine Tools Market, by Sales Channel, 2023 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Machine Tools End-User Industry Insights

The Machine Tools Market segmentation, based on End-User Industry, includes Aerospace, Medical, Semiconductor, Automotive and Transportation, Capital Good, Energy and Power, Sheet Metals, and Others. In 2023, the Automotive and Transportation category generated the most income. The manufacturing of vehicle components now uses a great deal more machine tools. While the automotive industry uses a range of manufacturing techniques, machine tools are widely used for metal cutting and the creation of small machine parts because they offer benefits such as improved precision, dependability, and efficiency.

Machine Tools Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Machine Tools market area will dominate this market due to the industrial dynamics of such nations and the accessibility of commodities. In addition, the pandemic in North America resulted in an economic depression, which prompted governments to declare a range of stimulus measures.

Further, the major countries studied in the market report are Brazil, South Korea, China, Japan, India, Australia, Germany, France, the UK, Italy, and Spain.

Figure 2: MACHINE TOOLS MARKET SHARE BY REGION 2023 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe Machine Tools market has the second-largest portion of the market. This is because of improved R&D, process innovation, and increased car production in nations like France, Germany, and the United Kingdom. Further, the German Machine Tools market had the biggest market share, and the UK Machine Tools market was the European market with the quickest rate of growth.

The Asia-Pacific Machine Tools Market is anticipated to expand between 2024 and 2032 at the quickest CAGR. The Asian economy has prospered due to rapid urbanization, greater government investment, and expanding consumer spending. Moreover, China’s Machine Tools market had the biggest market share, and the Indian Machine Tools market was the Asia-Pacific region's fastest-growing market.

Machine Tools Key Market Players & Competitive Insights

Leading market players are putting a lot of money into research and development to expand their product lines, which will drive the market for Machine Tools to expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Machine Tools industry must provide reasonably priced goods.

Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global Machine Tools industry to help customers and expand the market segment. In recent years, the Machine Tools industry has provided some of the biggest benefits to medicine. Major players in the Machine Tools market, including Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), DN Solutions (South Korea), Amada Machine Tools Co., Ltd., CHIRON GROUP SE, Georg Fischer Ltd., HYUNDAI WIA CORP, Komatsu Ltd, and others, are engaging in research and development activities in an effort to boost market demand.

The Makino Milling Machine Co., Ltd., a machine tool manufacturer with worldwide sales and service, is based in Japan. Japan's first numerically controlled (NC) milling machine and its first machining center were developed by Makino, which was founded in 1937 by Tsunezo Makino. In 1981, the Makino Milling Machine Company of Japan and the R. K. LeBlond Machine Tool Company of Cincinnati merged to become Makino's North American branch. The combination produced "LeBlond Makino Machine Tool Company," as it was initially named. In June 2023, the a91nx horizontal machining center was unveiled by Makino Inc. The spindle configuration of this horizontal machining center can handle a variety of work materials, including aluminum and cast iron.

Based in Ōguchi, Aichi Prefecture, Japan, Okuma Corporation is a machine tool builder. When it comes to CNC machine tools such as turn-mill machining centers, CNC lathes, and machining centers, it holds a market share in the entire world. Additionally, the business sells servomotors and FA (factory automation) devices. In 1898, the Okuma Noodle Machine Co. was established with the goal of producing and marketing machinery for creating noodles. The first company's creator, Eiichi Okuma, was experimenting with more efficient ways to create udon. In August 2023, Okuma Corporation and EMUGE-FRANKEN collaborated on a technology project. The new collaboration carefully blends cutting-edge machine tool technology from Okuma with high-performance cutting tool solutions and applications knowledge from EMUGE-FRANKEN.

Key Companies in the Machine Tools market include

• Makino Inc. (Japan)


• JTEKT Corporation (Japan)


• Okuma Corporation (Japan)


• DMG MORI Co., Ltd. (Japan)


• DN Solutions (South Korea)


• Amada Machine Tools Co., Ltd.


• CHIRON GROUP SE


• Georg Fischer Ltd.


• HYUNDAI WIA CORP


• Komatsu Ltd

Machine Tools Industry Developments

December 2023: DMG MORI collaborated with Walter AG and Wilhelm Blessing GmbH & Co. KG to provide data-driven quality prediction, creative clamping devices, and comprehensive tool solutions.

October 2023: DN Solutions introduced the DNM 4500, DNM 5700, and DNM 6700, four-generation vertical machining centers which offer increased dependability and productivity.

January 2023: Yamazaki Mazak announced the construction of a new facility in India. Its goal is to help the global manufacturing industry thrive by enhancing production operations and providing better service support at locations close to its clients.

Machine Tools Market Segmentation

Machine Tools Product Type Outlook

• Milling Machines


• Drilling Machines


• Turning Machines


• Grinding Machines


• Electrical Discharge Machines

Machine Tools Automation Outlook

• Conventional Machine Tools


• CNC Machine Tools

Machine Tools Sales Channel Outlook

• Events and Exhibitions


• Dealers and Distributors


• Direct Sales

Machine Tools End-User Industry Outlook

• Aerospace


• Medical


• Semiconductor


• Automotive and Transportation


• Capital Good


• Energy and Power


• Sheet Metals


• Others

Machine Tools Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America