The global machine tools market size was US$ 126.1 billion in 2021. The global machine tools market is forecast to grow to US$ 270.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.
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The machine tools industry plays an essential role in every manufacturing firm as it offers critical inputs to all sectors of manufacturing. The wide applications of machine tools across various industrial verticals, such as automotive, heavy equipment, defense, aerospace, will surge the growth of the machine tools market.
Growing industrialization and favorable policies by government organizations, mainly in emerging economies like India and China, will contribute to the growth of the global machine tools market. In addition, the surging demand for smart precision tools in order to increase the efficacy of manual operations will surge the growth of the global machine tools market.
The development of new technology will also contribute to the growth of the global machine tools market. For instance, in May 2020, JTEKT Corporation launched the 5th generation Low-Friction-Torque tapered roller bearing“LFT-V.”
The COVID-19 pandemic affected various end-use industries of machine tools. The automotive industry, industrial machinery, metal industry, heavy equipment, electronics, and the aerospace industry witnessed a significant drop in terms of revenue. Thus, it also impacted the global machine tools market. In mid-March 2020, US automakers announced a complete shutdown of a few Detroit assembly plants. Moreover, other countries like China and India also imposed a complete lockdown. Thus, it impacted the demand for machine tools.
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The Asia-Pacific machine tools market is forecast to grow at the highest growth rate. It is due to the favorable government policies, such as “Make in India” in India and “Made in China 2025” in China. Thus, it will escalate the growth of the Asia-Pacific machine tools market. Furthermore, the Indian government announced in September 2019 that manufacturing companies formed on or after October 1, 2019, will be able to pay corporate tax at a rate of 15%. The aim was to boost the manufacturing activities in the country. Furthermore, countries in the region, such as China, India, and South Korea, are among the world’s largest automotive component manufacturers, which will significantly contribute to the growth of the market.
The global machine tools market segmentation focuses on Tool, Metal Cutting, Metal Forming, Technology, End-User, and Region.
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What are the key findings of the report?
•This report provides comprehensive information on factors expected to influence the market growth and market share in the future. •The report offers the current state of the market and future prospects for various geographical regions. •This report provides both qualitative and quantitative information about the competitive landscape of the market.
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