According to a new market research report published by Credence Research “Machine Tools Market (Control Type – Conventional Machines and CNC Machines; Product Type – Metal Cutting Tools (Drilling & Boring, Lathe, Milling & Machining Centers, Grinding, Lapping, Honing & Polishing Machines and Gear Cutting.) and Metal Forming Tools (Bending & Forming, Punching & Shearing, Metal Working Presses and Stamping); Industry Verticals – Automotive, Aerospace & Defense, Electrical & Electronics Manufacturing, Consumer Goods Manufacturing, Machine Tools & Parts Manufacturing, Shipbuilding Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global machine tools market is set to hit US$ 120 Bn mark by 2026.
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The overall machine tools market is highly governed by the continually rising industrial manufacturing and processing sector worldwide. Asia Pacific estimated to remain the frontrunner in the market throughout the forecast period with strong industrial sectors across China, Japan, South Korea, Southeast Asia and India. The region contributes to more than 50% of the total market value generated worldwide, with China being the largest country-level market. The region has portrayed tremendous growth in industrial manufacturing sector since the past few decades, making it the largest consumer as well as producer of machine tools. With rapidly growing manufacturing sector in India and Southeast Asian countries, the region would retain its dominant position in the market over the forecast period.
On the basis of product type, the machine tools market is led by metal cutting segment accounting for more than 60% of the total market value. The segment comprises machine tools such as drilling & boring, lathe, milling & machining centers, grinding, lapping, honing & polishing machines and others. Based on industry verticals, automotive, consumer goods manufacturing and machine tool & parts manufacturing represent the most promising segments. Further, based on geography, the market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). The market is currently led by Asia Pacific owing to factors such as huge industrial sector and large number of machine tools manufacturers. The market here is mainly backed by China and Japan. With rapidly growing industrial manufacturing sector in India and Southeast Asia, the region would also exhibit the highest growth rate during the forecast period.
Some of the major players profiled in the report include 3M Company, Allied Machine & Engineering Corporation, Amada Machine Tools, ANCA Pty Ltd., Komatsu Ltd., JTEKT Corporation, Shenyang Group, Schuler Group, Dalian Machine Tool Group Corporation, DANOBAT Group, Delapena Group, Doosan Machine Tools Co., Ltd., FANUC Corporation, Junker Group, Kellenberger & Co. AG, Korber AG, Koyo Machinery, Okuma Corporation, Toyoda Americas, WMW Machinery and others.
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Robust Industrial Manufacturing & Processing Sector in Asia Pacific to Ensure Promising Growth for Machine Tools Market
Machine tools market was valued at US$ 83.70 Bn in 2017 and expected to continue growing with a CAGR of 4.5% during the forecast period from 2018 to 2026. The market is highly driven by the consistently rising industrial manufacturing sector worldwide. Revival of the automotive industry (in terms of production) has played a major role in ensuring robust demand for related machine tools. Further, availability of wide range of machine tools in CNC as well as manual control configuration has ensured strong penetration of these tools across wide array of industrial verticals. With consistent efforts by the manufacturers towards betterment of products, the market would continue exhibiting strong growth over the forecast period. The market is mainly governed by Asia Pacific, Western Europe and the U.S., collectively commanding over 80% of the global market.
Metal Cutting Machine Tools Segment to Retain Dominant Position
The metal cutting tools segment led the overall machine tools market worldwide in 2017, contributing to nearly 2/3rd of the total market value. Industrial sectors including automotive, aerospace & defense, machine tools & parts manufacturing and several others have material cutting as a major application. With consistent growth observed across these verticals, the metal cutting tools segment would continue exhibiting promising growth over the forecast period. The segment comprises variety of machines including drilling & boring, lathe, milling & machining centers, grinding, lapping, honing & polishing machines and others.
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Asia Pacific Dominates the Market with More than 50% Market Share
Asia Pacific leads the overall machine tools market worldwide, accounting for more than 50% of the total market value, as of 2017. Presence of huge industrial manufacturing sector encompassing automotive, aerospace & defense, parts manufacturing, electrical & electronics and several others, primarily govern the market here. Due to factors such as abundant availability of resources and cheap labor, the manufacturing sector here is expected to continue flourishing over the following years, thereby enabling the region to retain its dominance. China plays the most prominent role in Asia Pacific as well as the global machine tools market. With continued expansion in its manufacturing sector over the decades, China has emerged as the world’s largest consumer as well as producer of machine tools.
Europe follows Asia Pacific, in terms of revenue, in the overall machine tools market. Prominent markets for machine tools in the region include Germany, Italy, France, the U.K., Spain, Russia and Poland among others. The demand here is mainly backed by the presence of automotive, aerospace and electrical & electronics manufacturing sector. Further, North America is expected to portray promising growth over the forecast period. During August 2017, the U.S. manufacturing companies purchased (ordered) machine tools worth nearly US$ 380 Mn, registering growth of 14.3% as compared to August 2016. This is attributed to continued growth in industrial production here since the year 2016.
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.5 Approach Adopted
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Machine Tools Market
2.2 Global Machine Tools Market, By Control Type, 2017 (US$ Bn)
2.3 Global Machine Tools Market, By Product Type, 2017 (US$ Bn)
2.4 Global Machine Tools Market, By Industry Vertical, 2017 (US$ Bn)
2.5 Global Machine Tools Market, By Geography, 2017 (US$ Bn)
Chapter 3 Market Dynamics
3.1.1 Global Machine Tools Market Value, 2016 – 2026, (US$ Bn)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends and Future Outlook
3.5 Attractive Investment Proposition, by Geography, 2017
3.6 Competitive Analysis
3.6.1 Market Positioning of Key Machine Tools Companies, 2017
3.6.2 Key Strategies Adopted by the Leading Players …
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