Machine Tools Market is predicted to reach USD 112.63 billion at a CAGR of 4.50% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Machine Tools Market”.

The Machine Tools market is estimated to register a CAGR of 4.50% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Machine Tools market— Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), DN Solutions (South Korea), Amada Machine Tools Co., Ltd., CHIRON GROUP SE, Georg Fischer Ltd., HYUNDAI WIA CORP, Komatsu Ltd.

Market Highlights

The global Machine Tools market is accounted to register a CAGR of 4.50% during the forecast period and is estimated to reach USD 112.63 billion by 2032.

Industries that require high-precision components include aerospace, automotive, electronics, and the healthcare industry. To guarantee the manufacturing of complex parts with small error margins, machine tools must satisfy these characteristics. The complexity and sophistication of product designs increase the demand for exacting quality requirements and tight tolerances. But purchasing sophisticated machine tools comes at a hefty price. This is one of the main things preventing the global machine tool industry from growing. New CNC lathes and routers can run into the thousands of dollars, depending on the model and manufacturer. These investments, in addition to shipping, installation, operating, and maintenance costs, increase the costs that businesses using CNC machines have to pay.

Browse In-depth Details [Table of Contents, List of Figures, List of Tables] of Machine Tools Market Research Report

Segment Analysis

The global Machine Tools market has been segmented based on Product Type, Automation, Sales Channel, and End-User Industry.

On the basis of Product Type, the market is segmented into Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, and Electrical Discharge Machines. The Milling Machines segment was attributed to holding the largest market share in 2023. The growing focus on sustainability is influencing the milling machine market.

Based on Automation, the global Machine Tools market has been segmented into Conventional Machine Tools and CNC Machine Tools. The CNC Machine Tools segment was expected to hold the largest market share in 2023. Since CNC machines are easy to program to make multiple product variations, they are ideal for meeting requests for customization.

On the basis of Sales Channel, the market is segmented into Events and Exhibitions, Dealers and Distributors, and Direct Sales. The Dealers and Distributors segment was attributed to holding the largest market share in 2023. The existence of several dealers and distributors, such as Absolute Machine Tools, Inc. and Ellison Technologies, is expected to fuel the market's growth over the estimated period.

Based on End-User Industry, the global Machine Tools market has been segmented into Aerospace, Medical, Semiconductor, Automotive and Transportation, Capital Good, Energy and Power, Sheet Metals, and Others. The Automotive and Transportation segment was expected to hold the largest market share in 2023. This is a result of the increased usage of machine tools in the production of automotive components.

Regional Analysis

The global Machine Tools market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Machine Tools market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Machine Tools market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Machine Tools market comprises the Middle East, Africa, and Latin America.

The largest market share for Machine Tools was maintained by the North American regional sector. The industrial dynamics and commodity availability of North America's member countries have led to tremendous expansion of the region's economy, which is already the largest and most influential in the world. In addition, the pandemic in North America resulted in an economic depression, which prompted governments to declare a range of stimulus measures. It is anticipated that this endeavor will support expansion in the energy, automobile, and building sectors. However, because of inflation and unstable raw material prices, the ongoing crisis between Russia and Ukraine may hinder economic activity to some extent, which is expected to hurt the region's machine tool industry.

Moreover, the Europe market has been persistently growing over the forecast period. Over the course of the projection period, process innovation, enhanced R&D, and the development of automobile production in nations like France, Germany, and the United Kingdom are anticipated to fuel the growth of the automotive sector. Additionally, the region is distinguished by the presence of major global automakers like Mercedes, BMW, and Volkswagen, who prioritize yearly production volume increases, hence boosting the region's need for machine tools. Renishaw, for example, provides systems, metrology tools, and equipment for CNC machine tools, their producers, and their customers.

Additionally, the Asia Pacific region has emerged as the most promising market. The Asian economy has been bolstered by rapid urbanization, greater government investments, and rising consumer spending, which has propelled infrastructure development in the construction industry. The main nations propelling the growth of this region's oil and gas, automotive, aviation, and building and construction industries are emerging economies like China, India, and Japan. Due to the competition between the capital markets of China and a few other Asian economies, sectors are seeing profitable growth prospects, which has improved the climate for market investments.

Furthermore, the rest of the world's Machine Tools market is divided into the Middle East, Africa, and Latin America. Central and Latin America have top-notch engineering, manufacturing, and servicing facilities. In order to support the region's strong economic growth, significant industrial clusters and special economic zones (SEZs) are being established.

Key Findings of the Study

• The global Machine Tools market is expected to reach USD 112.63 billion by 2032, at a CAGR of 4.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the growth of this region's oil and gas, automotive, aviation, and building and construction industries in emerging economies like China, India, and Japan.


• Based on Sales Channel, the Dealers and Distributors segment was attributed to holding the largest market in 2023.


• Makino Inc. (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), DMG MORI Co., Ltd. (Japan), DN Solutions (South Korea), Amada Machine Tools Co., Ltd., CHIRON GROUP SE, Georg Fischer Ltd., HYUNDAI WIA CORP, and Komatsu Ltd. are the key market players.