New Delhi, April 06, 2023 (GLOBE NEWSWIRE) — Global machine tools market is estimated to generate a revenue of US$ 114.3 Bn in 2031 from US$ 75.2 billion in 2022, registering a CAGR of 4.7% over the period 2023-2031.
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The increasing trend of industrial automation and Industry 4.0 is driving the demand for advanced machine tools. The integration of sensors, artificial intelligence, and cloud computing in machine tools is transforming the manufacturing industry by enabling real-time monitoring and predictive maintenance. Apart from this, the global market is witnessing increasing demand for environmentally sustainable machine tools. Customers are increasingly conscious of the impact of their production processes on the environment and are demanding machine tools that are energy-efficient and generate minimal waste.
The market is also witnessing a shift towards digitalization, with companies offering digital services such as remote monitoring, predictive maintenance, and digital twinning to their customers. This trend is expected to grow further as companies seek to improve the efficiency and productivity of their manufacturing processes.
Current Outlook of the Global Machine Tools Market
The global machine tools market is being driven by a combination of favorable government policies and attractive investment markets, particularly in the industrial and automotive sectors. A number of key trends, such as the adoption of electric vehicles, factory automation, and smart cities projects, are also contributing to the market’s growth.
The automotive sector, which supports a wide range of parallel industries, is playing a critical role in driving demand for machine tools, particularly for CNC machines, as well as for some conventional machine tools like lathe and milling machines. The milling machines segment, in particular, is experiencing significant growth and is projected to grow at a CAGR of 3.7% in the years to come. Lathe machines and laser machines are also expected to see strong growth.
However, the global machine tools market faces challenges related to buyer spending power, as the high capital requirements for advanced machines such as CNC machines make them unaffordable for some end-users. This limits adoption of advanced tools to a few sectors such as automotive and industrial, while competition in the conventional tools segment is intense. Local players are often better positioned to push their products to budget-conscious customers.
The report also notes that raw material costs and labor costs are significant components of the industry’s cost structure, leaving little room for new product development. Price shifts in raw materials such as steel can significantly impact margins, making cost control a critical factor for long-term industry growth.
Segmental Outlook: By Product Type, Top 3 Machines Account for 60% of Sales Volume in Machine Tools Market
In terms of market segments, the milling machines, lathe machines, and laser machines segments accounted for close to 50% of global volume sales in 2022, growing at a collective CAGR of 3.9% during the period 2023-2031. The market’s growth is forecast to face challenges due to the spending power of buyers, especially those with limited financial resources. The high capital requirements for advanced machines, such as CNC machines, limit their adoption to a few sectors, such as automotive and industrial.
The report also includes an overview of the industry’s cost structure, which reveals that raw material and labor costs account for a significant share of total costs. The high production costs of machine tools leave little room for new product development, which could impact the industry’s long-term growth prospects.
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Europe to Remain the Second Largest Machine Tools Market, With More than 25% Revenue Share
Europe is a significant market for machine tools and is expected to remain the second-largest market globally, with more than 25% revenue share. The region has a well-established manufacturing base, especially in the automotive and aerospace industries, which are major consumers of machine tools.
Germany, Italy, and Switzerland are among the major contributors to the machine tools market in Europe. These countries are home to some of the world’s leading machine tool manufacturers and have a strong presence in the global market. The increasing demand for high-precision and advanced machine tools in the region is driving the growth of the market. The adoption of Industry 4.0 and smart manufacturing practices is also contributing to the demand for advanced machine tools in Europe.
Moreover, the region is witnessing a growing trend towards the integration of renewable energy sources and sustainable manufacturing practices, which is driving the demand for energy-efficient and eco-friendly machine tools. In addition, the European Union’s (EU) policies and initiatives to promote advanced manufacturing, such as the Horizon 2020 program and the European Green Deal, are expected to further drive the growth of the market in the region.
Top 5 Players Capture Over 31% Revenue Share of Global Machine Tools Market
The global machine tools market is highly competitive with the presence of many key players. The major companies in this market have adopted various competitive strategies, including mergers and acquisitions, in order to expand their presence in the market.
Trumpf, DMG Mori, General Technology Group, Amada, Schuler, Doosan Machine Tools, JTEKT, Okuma, Makino, Gleason Corporation, Georg Fischer, Hyundai WIA, Chiron Group, Yamazaki Mazak Corporation, Komatsu, and Fanuc Corporation are some of the key players in the market. These companies are expanding their geographical boundaries by acquiring small brands and domestic companies to strengthen their market position. The cumulative market share of the top five players is close to 31.2%, indicating high competition in the market. Wherein, Trumpf is the only players holding more than 5% revenue share.
At the bottom end of the pyramid, there are local manufacturers and small-scale manufacturers. These manufacturers cater to the demands of local machine tools market and niche industries. They usually operate on a smaller scale and offer customized solutions to their customers.
Some of the Top Market Players Are:
- Ace Micromatic Group
- Amada Co. Ltd.
- CHIRON Group
- Dalian Machine Tool Group Corporation (DMTG)
- DMG MORI
- Doosan Machine Tools Co. Ltd.
- Electronica Hitech Engineering Pvt. Ltd.
- Georg Fischer Ltd
- Gleason Corporation
- GROB-WERKE GmbH & Co. KG
- Haas Automation Inc.
- Hyundai WIA
- JTKET Corporation
- Komatsu Ltd.
- MAG IAS GmbH
- Okuma Corporation
- Schuler AG
- Spinner Machine Tools
- Yamazaki Mazak Corporation
- Other Prominent Players
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