Global Machine Tools Market Report 2022 – Market Forecast, Trends And Strategies
4 Oct, 2022
The global machine tools market size is expected to grow from $80.51 billion in 2021 to $87.30 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The global machine tool market size is expected to grow to $105.96 billion in 2026 at a CAGR of 5%.
What is the Global Machine Tools Market?
The machine tools market consists of sales of machine tools by entities (organizations, sole traders, and partnerships) that are used for cutting, boring, grinding, shearing, and also used for deformations. It also contains some types of tools that are used for cutting and shaping. Machine tools are referred to as stationary power-driven equipment used to shape or create pieces made of metal or other materials. Machine tools include lathes, shapers and planers, drilling machines, milling machines, grinders, and power saws that produce parts by removing metal chips from a workpiece.
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What drives the Global Machine Tools Market?
The growing manufacturing industry is expected to propel the growth of the machine tools market going forward. Machine tools refer to power devices that are used to process workpieces and act as important equipment in the manufacturing process of mechanical parts. These machines are used for forming, cutting, and joining tools. As a result growth in the manufacturing industry will increase the demand for machine tools. For instance, in September 2021, according to India Brand Equity Foundation (IBEF), an India based government agency, 2021 India received $30 billion worth of foreign direct investments which increased to 15% when compared to previous years and also in the same year government approved the production-linked incentive (PLI) scheme worth 3.53 billion for the manufacturing auto industry and drone industry to boost India’s manufacturing capabilities. Therefore, the growing manufacturing industry is driving the growth of the machine tools market.
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https://www.thebusinessresearchcompany.com/report/machine-tools-global-market-reportGlobal Machine Tools Market Segments
The global machine tools market is segmented:
By Product Type: Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Others
By Automation Type: CNC Machine Tools, Conventional Machine Tools
By Sales Channel: Direct, Indirect
By Industry: Automotive, Aerospace and Defense, Construction Equipment, Power and Energy, Industrial, Others
By Geography: The regions covered in the machine tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Machine Tools Global Market Report 2022provides market size and growth forecasts for the global machine tools market, global machine tools market share, machine tools market segments and geographies, machine tools market competitive landscape including leading competitors’ revenues, profiles and market shares. The machine tools market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Machine Tools Industry Playersinclude Doosan Machine Tools Co. Ltd., Makino, Georg Fischer, JTKET Corporation, Komatsu NTC Ltd., OKUMA Corporation, Hyundai WIA, Chiron Group SE, Haas Automation Inc., Yamazaki Mazak Corporation, Amada Private Limited, MAG IAS GmbH, GROB-WERKE GmbH and Co. KG, Ace Micromatic Group, Spinner Machine Tools, Dalian Machine Tools Group Corporation, and Electronica Hitech Engineering Pvt. Ltd. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.