Home > Industrial Machinery > Industrial Equipment > Tools > Machine Tool Market

Machine Tool Market Trends

Report ID: GMI10239
Published Date: Jul 2024
Report Format: PDF

Download Free Sample

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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of machine tool was reached USD 92.3 billion in 2023 and is anticipated to witness 6.9% CAGR from 2024 to 2032, due to rising usage to shape and cut metals through various processes, such as cutting, grinding, boring, drilling, extruding, and forging.

The automotive segment held 32% share of the machine tool market in 2023, led by significant adoption of new technologies and materials to improve vehicle performance, safety, and efficiency.

Asia Pacific region recorded 46% share of the machine tool market in 2023 and will grow at over 8% CAGR during 2024 to 2032, due to the expanding economy, particularly in China, India, Japan, and South Korea

AMADA MACHINERY CO., LTD., Amera-Seiki, CHIRON Group SE, Dalian Machine Tool Co., Ltd., DATRON AG, DMG MORI CO., LTD., HYUNDAI WIA, JTEKT Machinery Americas Corporation, Komatsu NTC., and Makino Inc., among others