The global machine tools market size was US$ 126.1 billion in 2021. The global machine tools market is forecast to grow to US$ 270.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The machine tools industry plays an essential role in every manufacturing firm as it offers critical inputs to all sectors of manufacturing. The wide applications of machine tools across various industrial verticals, such as automotive, heavy equipment, defense, aerospace, will surge the growth of the machine tools market.

Growing industrialization and favorable policies by government organizations, mainly in emerging economies like India and China, will contribute to the growth of the global machine tools market. In addition, the surging demand for smart precision tools in order to increase the efficacy of manual operations will surge the growth of the global machine tools market.

The development of new technology will also contribute to the growth of the global machine tools market. For instance, in May 2020, JTEKT Corporation launched the 5th generation Low-Friction-Torque tapered roller bearingLFT-V.

COVID-19 Impact Analysis

The COVID-19 pandemic affected various end-use industries of machine tools. The automotive industry, industrial machinery, metal industry, heavy equipment, electronics, and the aerospace industry witnessed a significant drop in terms of revenue. Thus, it also impacted the global machine tools market. In mid-March 2020, US automakers announced a complete shutdown of a few Detroit assembly plants. Moreover, other countries like China and India also imposed a complete lockdown. Thus, it impacted the demand for machine tools.

Regional Analysis

The Asia-Pacific machine tools market is forecast to grow at the highest growth rate. It is due to the favorable government policies, such as Make in India in India and Made in China 2025 in China. Thus, it will escalate the growth of the Asia-Pacific machine tools market. Furthermore, the Indian government announced in September 2019 that manufacturing companies formed on or after October 1, 2019, will be able to pay corporate tax at a rate of 15%. The aim was to boost the manufacturing activities in the country. Furthermore, countries in the region, such as China, India, and South Korea, are among the world's largest automotive component manufacturers, which will significantly contribute to the growth of the market.

Competitors in the Market

AMADA Co., Ltd.
CHIRON Group SE
DMG MORI
Doosan Corporation
Georg Fischer Ltd.
HYUNDAI WIA CORP.
JTEKT
Komatsu Ltd.
Makino
Okuma Corporation
Other Prominent Players
Market Segmentation

The global machine tools market segmentation focuses on Tool, Metal Cutting, Metal Forming, Technology, End-User, and Region.

By Tool Outlook

Metal Cutting
Metal Forming
By Metal Cutting Outlook

Machining Centers
Lathe
Grinding & Polishing
Laser, Electrical Discharge Machines (EDMs), & Other Tools
Other Metal Cutting Tools
By Metal Forming Outlook

Bending & Forming
Pressing
Punching & Shearing
Other Metal Forming Tools
By Technology Outlook

CNC
Metal Cutting
Metal Forming
NON-CNC
Metal Cutting
Metal Forming
By End-Users Outlook

Automotive
Industrial Machinery
Metal Industry
Medical Industry
Electrical & Electronics
Heavy Equipment
Aerospace & Defense
Marine & Offshoring
Others
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America