Machine Tools Market to Generate Revenue of $114.43 Billion by 2028
Global machine tools market size was valued at USD 77.12 billion in 2021, and it is expected to reach a value of USD 114.43 billion by 2028, at a CAGR of 5.8{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} over the forecast period (2022–2028).
Westford, USA, Dec. 02, 2022 (GLOBE NEWSWIRE) — Global machine tools market is expected to grow at a moderate pace in the next seven years. SkyQuest’s analysis shows that the market will be driven by demand from end-use industries, such as automotive and aerospace. In addition, growth in emerging markets is expected to support the market’s expansion. we expect that the Asia-Pacific region will experience the highest growth in the market, due to robust economic activity and rising manufacturing output in countries such as China and India. North America and Europe are also expected to see modest growth, while Latin America and the Middle East & Africa are projected to experience slower growth.
There are a number of factors that are contributing to this, including the rising cost of labor in developed countries, the continuing advancement of technology, and the increasing competition from low-cost countries. The machine tools market is expected to grow at a compound annual growth rate (CAGR) of 5.8{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} between 2022 and 2028. The main drivers of this growth will be the automotive and aerospace industries, which are both forecast to see strong growth over the next few years.
There is a significant opportunity for machine tool manufacturers to increase their sales in emerging markets. These markets are expected to grow at a much faster rate than developed markets, and they offer a significant untapped potential for machine tool manufacturers. In order to take advantage of these opportunities, SkyQuest recommends that machine tool manufacturers focus on three key areas: product innovation, go-to-market strategies, and organizational capabilities. By investing in these areas, machine tool manufacturers will be able to better compete in the changing landscape of the machine tools market.
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China and India are Well-Positioned to Benefit in Machine Tools Market
The report includes a detailed analysis of the global market, with a focus on the major regions such as North America, Europe, Asia-Pacific, and Latin America. The report provides an overview of the machine tools industry, including its history, development, and current state. It then goes on to analyze the global machine tools market in terms of value and volume. The report also looks at the machines tools market by end-use sector and by geography.
The Asia-Pacific region is expected to be the largest machine tools market, due to the growing demand from countries such as China and India. In terms of volume, Asia-Pacific is expected to account for more than 55{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} of the global machine tool demand by 2028.
China and India are two of the world’s most populous countries, and they’re also two of the fastest-growing economies. That’s why it’s no surprise that these countries are well positioned to capitalize on the market. According to SkyQuest, a global insights and consultancy firm, the machine tools market is worth $77 billion as of 2021. Out of which China and India accounted for 40{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} of the global market in 2021. What’s more, these countries are expected to grow at a rate of 8.1{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} and 11.45{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847}, respectively, between 2022 and 2028.
So why are these countries so well positioned to take advantage of the machine tools industry? For one, their growing populations mean that there’s a large pool of potential customers. Additionally, their businesses are investing more in automation and other technologies that require machine tools. Of course, there are some challenges that China and India will need to overcome if they want to continue to grow the machine tools market. For instance, they’ll need to improve their infrastructure and logistics networks. But if they can do that, there’s no doubt that they’ll be able to capitalize on this important industry.
China and India are expected to be the key drivers of growth, accounting for more than 60{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} of the total market expansion in Asia. SkyQuest’s analysis shows that China’s machine tool market is expected to grow at a CAGR of 8.1{64d42ef84185fe650eef13e078a399812999bbd8b8ee84343ab535e62a252847} between 2022 and 2028, reaching $32 billion by 2028. This growth will be driven by continued investment in the country’s manufacturing sector, as well as by rising demand from domestic automakers and other industries. India’s machine tool market is expected to grow at a CAGR of 11.45. This growth will be driven by increasing investment in the country’s manufacturing sector, as well as by rising demand from domestic automakers and other industries.
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Lathe Machines to Generate Over $31 Billion in Global Machine Tools Market by 2028
The lathe machine market is primarily driven by the increasing demand from the automotive industry as they are extensively used in various applications such as machining engine blocks, shafts, and other components. The automotive industry is anticipated to continue to drive the growth of the lathe machine market during the forecast period. However, the aerospace & defense industry is another major end-use industry of lathe machines. Lathe machines are used in the aerospace & defense industry for manufacturing various aircraft parts and components. The growing demand for new aircrafts from the commercial and military sectors is expected to boost the growth of the lathe machine market in this end-use industry.
There are various types of lathe machines available in the machine tools market, including engine lathes, toolroom lathes, turret lathes, and capstan and turret lathes. Engine lathes are the most commonly used type of lathe machine and are used for general-purpose machining applications. Toolroom lathes are heavy-duty versions of engine lathes and offer greater accuracy and precision. Turret lathes are best suited for mass production applications where large volumes need to be produced quickly and accurately. Capstan and turret lathes offer even greater productivity by combining multiple spindles with automated tool changing capabilities.
The growing demand for lathe machines in the global machine tools market is driven by the need for faster and more precise manufacturing processes. Lathe machines offer a faster and more precise alternative to traditional manufacturing methods such as milling and drilling. Lathe machines can also be used to create complex shapes that would be difficult or impossible to create with traditional methods.
The Asia Pacific region is expected to be the largest market for lathe machines during the forecast period. The region’s growth can be attributed to the expanding automotive and aerospace industries in China, India, and Japan. North America and Europe are also expected to be significant markets for lathe machines due to the presence of leading manufacturers in these regions.
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Top Players in the Global Machine Tools Market
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Yamazaki Mazak Corporation (Japan)
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Doosan Machine Tools Co., Ltd. (South Korea)
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Trumpf (Germany) Amada Machine Tools Co., Ltd (Japan)
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JTEKT Corporation (Japan)
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MAG IAS GmbH (Germany)
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Schuler AG (Germany)
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Makino (Japan)
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Hyundai WIA (South Korea)
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Komatsu Ltd. (Japan)
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Okuma Corporation (Japan)
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FANUC Corporation (Japan)
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Haas Automation Inc. (United States)
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Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan)
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BIG KAISER Precision Tooling Inc (United States)
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Kennametal (United States)
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Nachi-Fujikoshi Corp (Japan)
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OSG USA, INC (United States)
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Sandvik AB (Sweden)
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