Global Metal Cutting Machine market trends 2024, Forecast To 2033
4 Mar, 2024
The metal cutting machine market size has grown strongly in recent years. It will grow from $6.52 billion in 2023 to$6.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to demand for precision engineering, industrialization and urbanization, rise of mass production, advancements in manufacturing techniques, industrial revolution and machine tools. The metal cutting machine market size is expected to see strong growth in the next few years. It will grow to $8.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to global industrial expansion, precision engineering and micromachining, customization and flexible production, sustainable manufacturing practices, adoption of additive manufacturing. Major trends in the forecast period include high-speed machining and efficiency, advanced cnc technology integration, multi-axis machining advancements, augmented reality (ar) and virtual reality (vr) in machining, focus on sustainability and green technologies.
Global Metal Cutting Machine Market Key Driver
A growing automotive industry is expected to propel the growth of the metal-cutting machine market going forward. The automotive industry refers to a broad spectrum of businesses engaged in producing, developing, developing, designing, marketing, and distributing motor vehicles, towing vehicles, and mopeds. One crucial aspect that has made machine tools the best for the automotive industry is their capacity to carry out repetitive tasks. The production of components like gasoline injectors calls for extremely high precision. The CNC machines' primary use is the grinding of camshafts, which is accomplished with computer-aided design. Thus, metal-cutting machines have a huge role in the manufacturing of automobiles. For instance, in March 2022, according to an Economic and Market Report shared by The European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry in the European Union, the total number of cars produced climbed by 2.7% to 63.2 million. Sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units last year. In the EU, 1.8 million commercial cars were registered in 2021, an increase of 9.6% over the previous year. EU van sales grew by 8.5% to over 1.6 million units in the previous year. Therefore, the growing automotive industry is driving the growth of the metal cutting machine market. The 2023, 2024, and 2028 market size values underscore the significance of metal-cutting machines in the automotive manufacturing sector, where precision and efficiency are paramount.
Get A Free Sample Of The Global Metal Cutting Machine Market ReportGlobal Metal Cutting Machine Market Segments
The global metal cutting machine market covered in this report is segmented –
1) By Product: Laser Cutting Machine, Waterjet Cutting Machine, Plasma Cutting Machine, Flame Cutting Machine
2) By Distribution: Online, Offline
3) By End-User: Automobile, Aerospace And Defense, Electronics, Power And Energy, Other End-Users
By Geography: The regions covered in the metal cutting machine market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the metal cutting machine market share in 2023. The regions covered in the metal cutting machine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Metal Cutting Machine Industry Players
Trumpf Pvt. Ltd., Amada Co. Ltd., Colfax Corporation, Bystronic Laser AG, Nissan Tanaka Corporation, Lincoln Electric Holdings Inc., Coherent Inc., Komatsu Ltd., Koike Aronson Inc., Flow International Corporation, Omax Corporation, Okuma Corporation, Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., JTEKT Corporation, ESAB Corporation, WARDJet Inc., Prima Power AG, Mazak Optonics Corporation, Salvagnini America Inc., Cincinnati Incorporated, LVD Group NV, MC Machinery Systems Inc., Mitsubishi Electric Corporation, DMG MORI Corporation, Haas Automation Inc., Makino Milling Machine Co. Ltd., Hurco Companies Inc., Chmer EDM Co., Shigiya Machinery Works Ltd.
Get The Full Global Metal Cutting Machine Market Report
Metal Cutting Machine Market Overview
Metal cutting machines refer to the machinery used to create pieces by scraping away material, usually metal. Metal cutting is the process of producing a task by utilizing a casting machine to remove a layer of undesirable material from a given product.
Metal Cutting Machine Global Market Report 2023 provides data on the global metal cutting machine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The metal cutting machine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.