The global machine tools market was valued at USD 92.78 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2030. This growth is largely driven by advancements in machine tool technologies, such as the incorporation of multi-axis arms and robotics, as well as overall growth in the manufacturing sector. Companies across various industries are increasingly focused on improving productivity, reducing downtime, and optimizing manufacturing processes, all of which contribute to the rising demand for advanced machine tools.
One key area boosting market growth is the automotive industry, particularly the electric vehicle (EV) sector. In North America, the presence of prominent automobile manufacturers like General Motors, Nissan, Tesla, and Ford, along with well-established infrastructure for EV production and high disposable incomes, is anticipated to drive significant growth. As electric vehicles gain popularity, the demand for machine tools to produce automotive components is expected to rise accordingly. The expanding automotive sector in North America is therefore likely to augment machine tool market growth over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Machine Tools Market
Type Segmentation Insights
In 2023, the metal cutting segment dominated the market, accounting for 77.2% of the global revenue share. This segment includes various types of machines such as machining centers, turning machines, grinding machines, milling machines, eroding machines, and others. Metal cutting machines are primarily used to remove excess material from a workpiece by cutting or grinding, allowing manufacturers to create precision components for various industries.
Different types of metal cutting machines, such as drilling machines, gear cutting machines, lathe machines, and grinding machines, are widely used in sectors like automotive, mechanical engineering, metalworking, and aerospace. These machines provide several benefits to finished products, including improved surface texture or finish, greater dimensional accuracy, complex shapes, and precise sizing. The rising demand for automated and advanced metal-cutting tools in these industries is expected to further fuel the expansion of this market segment.
The metal forming machines segment is another crucial part of the machine tools market, with significant applications across industries such as aerospace, automotive, appliance manufacturing, energy, construction, electronics, and more. This segment is categorized into different types of machines, including bending machines, presses, punching machines, and others, which are used in various processes such as shearing, bending, pressing, shaping, and forming.
One key driver for the growth of the metal forming segment is the increasing use of press brake machinery. These machines are essential tools for sheet bending in industries like agriculture, aerospace, shipbuilding, automotive, and petroleum machinery. As demand for high-quality metal forming tools rises, manufacturers are developing cutting-edge technologies to enhance the performance and capabilities of these machines, allowing end-user industries to benefit from improved precision and efficiency.
The metal-forming machine tools market is moderately fragmented, with key manufacturers focusing on innovation and technological advancements to provide superior products to their customers. These efforts are expected to help expand the application of metal forming tools in various industries and contribute to the overall growth of the machine tools market.
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