The global machine tools market size was estimated at USD 92.78 billion in 2023 and is anticipated to grow at a CAGR of 5.8% from 2024 to 2030. The market growth is attributed to advancements in technologies for machine tools, such as multi-axis arms & robotics, as well as the growth in the manufacturing industry. Apart from this, the growing focus on augmenting productivity and reducing downtime is further promoting market growth.

The presence of well-established automobile manufacturers such as General Motors, Nissan, Tesla, and Ford, suitable infrastructures for producing electric vehicles, and high disposable income are expected to fuel the growth of the electric vehicle market in North America over the forecast period, which in turn is likely to augment the market growth of machine tools during the projected timeframe. Furthermore, the growing demand for automotive components from the region has increased the demand for the market in North America.

The companies operating in the market are focusing on implementing the latest technologies to bring in features such as connectivity of the computers to CNC machines and software that allows distant monitoring of the machines through PCs. Companies operating in the market are offering enhanced technologies such as artificial intelligence and IoT in their products and seeking partnership strategies to enhance their offerings.

Gather more insights about the market drivers, restrains and growth of the Global Machine Tools Market

Detailed Segmentation:

Type Insights

“The demand for metal cutting type segment is expected to grow at a significant CAGR of 5.9% from 2024 to 2030 in terms of revenue.”

The metal cutting type segment led the market and accounted for 77.2% of the global revenue share in 2023. The segment is further bifurcated into machining centers, turning machines, grinding machines, milling machines, eroding machines, and others. Metal cutting machines are used to remove excess material from a workpiece by cutting or grinding. There are different types of metal cutting machines such as drilling machines, machining centers, gear cutting machines, lathe machines, grinding machines, and others.

Technology Insights

“The demand for CNC technology segment is expected to grow at a significant CAGR of 6.0% from 2024 to 2030 in terms of revenue.”

Computer Numerical Control (CNC) segment accounted for 86.0% of the global machine tools machines revenue share in 2023. CNC machines, often known as "computer numerical controlled" tools, are advanced metalworking equipment that can make the complex parts needed by contemporary technology. The use of CNCs as milling machines, lathes, abrasive jet cutters, laser cutters, press brakes, punch presses, and other industrial tools has been expanding quickly with the development of computers.

End-use Insights

“The demand for mechanical engineering end use segment is expected to grow at a significant CAGR of 6.8% from 2024 to 2030 in terms of revenue.”

The automotive end use segment accounted for 41.8% of the global machine tools revenue share in 2023. The usage of machine tools in the production of automotive components has increased significantly. Although the automotive industry employs a variety of manufacturing methods, machine tools are frequently utilized for metal cutting and the production of small machine parts owing to advantages including increased accuracy, dependability, and efficiency.

Regional Insights

“China to witness fastest market growth at 7.0% CAGR”

The machine tools market in North America is expected to grow at a significant CAGR owing to various factors such as the presence of well-established automobile manufacturers such as General Motors, Nissan, Tesla, and Ford, suitable infrastructures for producing electric vehicles, and high disposable income are expected to fuel the growth of electric vehicle market in North America over the forecast period, which in turn is likely to augment the growth of machine tools market during the projected timeframe.

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Key Machine Tools Company Insights

Some of the key players operating in the market include Amada Machine Tools Co., Ltd. and DMG MORI. CO., LTD., and Georg Fischer Ltd.

• Amada Machine Tools Co., Ltd. operates through its four major divisions, namely sheet metal, cutting and grinding, micro welding, and press automation solutions. Sheet Metal division is an integration of cutting, drilling, bending, and welding processes and provides sheet metal fabrication machines. Major products under the steel metal division are fiber laser machines with 3-axis linear drive technology and a high-accuracy bending robot system.

• DMG MORI. CO., LTD. is engaged in the designing and sale of machine tools such as 5-axis/multi-axis machines, machining centers, lathes, multi-axis machines, ultrasonic machines, milling machines, and laser metal depositions. The company offers CNC machines through its member, namely Taiyo Koki, which specializes in grinding machines such as vertical grinding machines. It also offers cutting-edge machine tools that support a wide range of industries such as automotive, die and mold, aerospace, semiconductor, and medical sectors.

CHIRON GROUP SE, DN Solutions, and Makino are some of the emerging market participants in the market.

• CHIRON Group SE is a technology company that specializes in providing mill-turn and CNC vertical milling machining centers and manufacturing solutions. The company has a global presence, with development and production sites, service and sales subsidiaries, and sales agencies across the world. CHIRON Group SE operates through brands such as CHIRON, STAMA, retrofit brand CMS, and FACTORY5 associated with the new machines. CHIRON and STAMA offer a wide range of CNC machine centers for the complete machining of components. CHIRON offers various product lines, from the compact 08 series through the 25 series, designed for large components. It provides high speed for drilling, milling, countersinking, turning, tapping, reaming, and sawing processes.

• Makino specializes in providing horizontal and vertical machining centers, Numerical Control (NC) machines, laser machines, and Electrical Discharge Machines (EDM). Makino offers its solutions through four categories, namely Machines, Automation, Software & Digital, and Engineering Services. The Machines category includes products such as Horizontal 4-Axis, Horizontal 5- Axis, Vertical 3-Axis, Vertical 5-Axis, Graphite Machining Centre, Wire EDM, Sinker EDM, Grinding, and EDM Hole Drilling.

Key Machine Tools Companies:

The following are the leading companies in the machine tools market. These companies collectively hold the largest market share and dictate industry trends.

• Amada Machine Tools Co., Ltd.
• CHIRON GROUP SE
• DMG MORI. CO., LTD.
• DN Solutions
• Georg Fischer Ltd.
• HYUNDAI WIA CORP
• JTEKT Corporation
• Komatsu Ltd
• Makino
• Okuma Corporation
• Hurco Companies, Inc.
• Dalian Machine Tool Group (DMTG) Corporation
• Amera Seiki
• Haas Automation, Inc
• Datron AG

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