According to a new report by Expert Market Research titled, “Global Machine Tools Market Share, Size, Report and Forecast 2024-2032″, the global machine tools market reached a value of almost USD 128 billion in 2023. Aided by growing automation of tasks varying from material handling to tool changing and the extensive applications of machine tools within the automotive and aerospace industries, the market is projected to further grow at a CAGR of 5.40% between 2024 and 2032 to reach a value of almost USD 175.3 billion by 2032.
Machine tools, the cornerstone of the manufacturing industry, are used to shape metals and other rigid materials. These tools primarily operate by shaving away unwanted material, ensuring the desired shape and finish are achieved. From lathes, grinders, to milling machines, these tools find widespread applications across various industries, including automotive, aerospace, defence, and electrical and electronics, to name a few.
A significant catalyst fuelling the machine tools market demand is the evolving landscape of the automotive and aerospace sectors. These sectors necessitate high precision components, pushing for advancements in machine tools. As vehicles and aircrafts become more technologically sophisticated, the tools required to manufacture their components must evolve in tandem.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/machine-tools-market/requestsample
The machine tools market trends are influenced by growing automation across industries. With Industry 4.0 revolutionising global manufacturing, there’s a marked inclination towards computer numerical control (CNC) machine tools. These tools, governed by computer systems, offer enhanced precision, efficiency, and repeatability, compared to conventional manually operated tools. The adoption of CNC has not only streamlined manufacturing processes but also mitigated the margin of human error, leading to better product quality and reduced wastage.
An in-depth machine tools market analysis also highlights the significance of sustainable manufacturing practices in modern industrial processes. Manufacturers are under increasing pressure to adopt eco-friendly practices, primarily to reduce energy consumption and carbon footprints. Advanced machine tools, being energy efficient, play an integral role in realising this objective, further fortifying their demand.
Moreover, the rapid pace of urbanisation and infrastructural development, especially in emerging economies, amplifies the need for machine tools. These tools are indispensable in creating parts and components for a wide array of infrastructure projects, ranging from transportation networks to expansive urban housing projects.
Furthermore, continuous research and development activities in the field of machinery are expected to result in the introduction of more advanced, compact, and versatile machine tools in the coming years. The drive to produce miniaturised components for sectors such as electronics and medical devices has resulted in the launch of tools that offer microscopic precision, thereby boosting the machine tools market size.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/machine-tools-market
Market Segmentation
The market can be divided based on tool type, technology type, end use, and region.
Market Breakup by Tool Type
• Metal Cutting
• Metal Forming
• Accessories
Market Breakup by Technology Type
• Conventional
• CNC
Market Breakup by End Use
• Automotive
• Aerospace and Defence
• Electrical and Electronics
• Consumer Goods
• Precision Engineering
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global machine tools market. Some of the major players explored in the report by Expert Market Research are as follows:
• Allied Machine & Engineering Corp.
• General Technology Group Dalian Machine Tool Corporation
• DMG MORI
• Falcon Machine Tools Co., Ltd.
• AMADA Co., Ltd.
• Mazak Corporation
• TRUMPF
• Doosan Machine Tools, Co. Ltd.
• Okuma America Corporation
• Others
Related Reports:
India Shrimp Feed Market: https://www.expertmarketresearch.com/reports/india-shrimp-feed-market
Home Blood Pressure Monitoring Devices Market: https://www.expertmarketresearch.com/reports/home-blood-pressure-monitoring-devices-market
India Pet Care Products Market: https://www.expertmarketresearch.com/reports/india-pet-care-products-market
Application Delivery Controller Market: https://www.expertmarketresearch.com/reports/application-delivery-controller-market
About Us
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today’s competitive market.
Don’t miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.
Media Contact:
Company Name: Claight Corporation
Contact Person: John Walker, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
