Machine Tool Market Size - By Machine Type (Cutting Machine, Forming Machine), By Operating Technology (Computer Numerical Control (CNC), Conventional), By Application, By End Use, By Distribution Channel, Forecast 2024 – 2032

Machine Tool Market Size

Machine Tool Market was valued at around USD 92.3 billion in 2023 and is anticipated to grow at a 6.9% CAGR from 2024 to 2032. The automotive industry heavily relies on machine tools to manufacture vehicle components. As the automotive sector shifts towards electric vehicles (EVs) and autonomous driving technologies, there is a growing demand for advanced machining solutions capable of handling new materials and designs.
 

Moreover, rapid industrialization and infrastructure growth in emerging economies such as China, India, and Southeast Asian nations are driving the machine tool market demand. These regions are becoming significant markets for both local production and consumption of these tools. Machine tools also play a crucial role in the aerospace and defence sectors, where precise machining of materials like titanium and composites is indispensable. The increasing complexity and miniaturization of aerospace components further propel the demand for high-precision machine tools. Additionally, with advancements in medical technology, there is a growing need for miniaturization and precision, boosting demand for specialized machine tools. 
 

Machine tools often demand substantial initial investments, posing a challenge for small and medium-sized enterprises (SME) and new market players, particularly in emerging economies. This financial barrier limits their ability to enter the market effectively. Moreover, the operation and maintenance of modern machine tools necessitate skilled labour proficient in programming, operation, and upkeep. However, there is a widespread shortage of such skilled workers in various regions, hindering the widespread adoption and efficient utilization of advanced machine tools.
 

The machine tool sector heavily relies on industries like automotive, aerospace, and construction, all of which exhibit cyclical patterns. Fluctuations or downturns in these sectors can lead to reduced demand for machine tools, impacting market stability and growth. Additionally, stringent environmental regulations are increasingly compelling machine tool manufacturers to comply with sustainability standards, such as minimizing energy consumption and emissions. Achieving compliance with these regulations can introduce additional costs and operational complexities for manufacturers.
 

Machine Tool Market Trends

Global machine tool industry is also expanding due to several technological advancements. Innovations in digital technologies such as AI, machine learning, and robotics are creating new pathways for development in machine tool industry. There is a rising demand in the market for adaptable manufacturing solutions that can quickly respond to various customer needs, offering a competitive advantage.
 

Machine Tool Market Analysis

Based on machine type, the cutting machine segment accounts for revenue of around USD 62.7 billion in 2023 and is expected to reach USD 119.4 billion by 2032. Cutting machine tools offer versatility by handling a broad spectrum of materials such as metals, plastics, and composites, whereas forming machine tools are typically restricted to specific materials and shapes. Due to their precision and accuracy in shaping components, cutting machine tools are well-suited for industries that demand precise specifications. They support a range of operations including drilling, milling, turning, and laser cutting, making them adaptable for various manufacturing processes.
 

The automotive industry heavily relies on cutting machine tools to manufacture vehicle components, particularly with the increasing adoption of electric vehicles (EVs) and lightweight materials. This trend drives the demand for advanced cutting technologies capable of handling new materials and intricate designs. Furthermore, the rise of Industry 4.0 technologies is driving automation in manufacturing, necessitating cutting machine tools that can seamlessly integrate with automated systems to boost productivity and efficiency.
 

Based on end use, the automotive segment held a significant market share of around 32% in 2023. The automotive industry is at the forefront of adopting new technologies and materials to improve vehicle performance, safety, and efficiency. This includes leveraging advanced machining techniques and materials that demand sophisticated machine tools. Vehicles incorporate a wide range of intricate components made from diverse materials like metals, plastics, and composites, necessitating machine tools capable of delivering high precision and reliability in manufacturing.
 

The automotive supply chain relies extensively on precise manufacturing processes and just-in-time production methods. Machine tools are integral to ensuring the accurate and timely production of parts and assemblies, supporting the seamless operation of the automotive manufacturing ecosystem. The automotive sector manufactures millions of vehicles annually. This substantial production volume underscores the need for robust and efficient machine tools capable of continuous operation and high throughput. Moreover, there is a growing consumer demand for vehicles customized with specific features and designs. Machine tools play a crucial role in enabling manufacturers to efficiently produce a variety of components, meeting diverse consumer preferences effectively and economically.
 

Asia Pacific: Asia Pacific dominated the machine tool market with a significant market share of around 46% in 2023 and is predicted to witness over 8% CAGR through 2032. The region's expanding economy, particularly in China, India, Japan, and South Korea, has driven up demand for machine tools in a variety of industries. The market in China was valued at USD 14.8 billion in 2023.
 

Asia Pacific's machine tool market is driven by extensive industrialization and ongoing infrastructure development, which generate substantial demand for these tools. Rapid industrial growth across many countries in the region drives increased investments in manufacturing sectors. This surge necessitates advanced machine tools that can enhance productivity, precision, and efficiency in production processes. The automotive and aerospace industries in Asia Pacific are expanding swiftly, creating a heightened demand for high-precision machine tools. These tools are crucial for manufacturing components such as engine parts, airframes, and electronics, significantly boosting consumption in the region.
 

North America: The machine tool market in North America was valued at USD 23.5 billion and is projected to reach at USD 38.5 billion in 2032. The region is known for its advanced manufacturing capabilities, specifically in end-use industries like aerospace, automotive, electronics and medical devices. These industries significantly require high-precision machine tools for manufacturing complex components and assemblies.
 

The US held around 87% in North America machine tool market. The country is a hub for technological innovation, driving the adoption of cutting-edge machine tool technologies. This includes advancements in CNC (Computer Numerical Control) systems, robotics, additive manufacturing (3D printing), and smart manufacturing solutions.
 

Machine Tool Market Share

With several key players competing for market share. Companies such as AMADA MACHINERY CO., LTD., DMG MORI CO., LTD., Makino Inc., JTEKT Machinery Americas Corporation and OKUMA AMERICA CORPORATION were among the prominent playrs in this market. They are expected to hold a market share of around 10% in 2023 in the global market. There are large number of players operating in the market. However, consumers are more inclined towards the branded and high-quality products across the world.
 

Machine Tool Market Share

Major key players profiled in the machine tool industry report include:

• AMADA MACHINERY CO., LTD. 
• Amera-Seiki
• CHIRON Group SE
• Dalian Machine Tool Co., Ltd.
• DATRON AG 
• DMG MORI CO., LTD. 
• DN SOLUTIONS
• Georg Fischer Ltd. 
• Haas Automation, Inc
• Hurco
• HYUNDAI WIA
• JTEKT Machinery Americas Corporation
• Komatsu NTC.
• Makino Inc. 
• OKUMA AMERICA CORPORATION
   

Machine Tool Industry News

• In February 2023, AMADA MACHINERY CO., LTD. started the “Amada Global Innovation Center (AGIC)”. The AGIC was newly established to solve the numerous issues faced by customers around the world.  AGIC is equipped with a diverse range of environments and functions. This includes the Innovation LABO, which is a laboratory space specifically for customers, and the Innovation SITE. This is a place for co-creating the future of metalworking.
   
• In October 2023, AMADA MACHINERY CO., LTD. announced the three-dimensional laser integrated system. This system is equipped with a blue laser and fiber laser for high-speed, high-quality cutting, welding, and layered manufacturing. This machine will also be exhibited at the “Amada Global Innovation Center” within the AMADA Head Office in Isehara, Kanagawa during November.
   
• In July 2023, DMG MORI CO., LTD. presented the new Machining Transformation framework consisting of innovative technologies and solutions that will define the future of manufacturing in Hannover. The company demonstrated holistic production concepts and state-of-the-art machine tools in all fields of technology from universal and production turning to 5-axis machining centers and turn & mill centers to additive manufacturing.
   

This machine tool market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Volume (Million Units) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Machine Type

• Cutting Machine 
  • Milling Machines
  • Turning Machines
  • Grinding Machines
  • Drilling Machines
  • Others (Threading, Filling, etc.)

• Forming Machine       
  • Presses
  • Bending Machines
  • Punching Machines
  • Others (Rolling, Forging, etc.)

Market, By Operating Technology

• Computer Numerical Control (CNC)
• Conventional

Market, By Application

• Metalworking
• Woodworking
• Plastic Manufacturing
• Others (Ceramics & glass fabrication, composites working, etc.)

Market, By End Use

• Aerospace & Defense
• Automotive
• Energy & Power
• Electronics & Semiconductor
• Building & Construction
• Others (Healthcare, marine, etc.)

Market, By Distribution Channel

• Direct Sales
• Indirect Sales

The above information is provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

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

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Indonesia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

MEA

• Saudi Arabia
• UAE
• South Africa
• Rest of MEA