Machine Tools Market Size, Share Growth Report 2031

(MENAFN- Straits Research) Introduction

The term 'machine tools' is frequently employed to describe a collection of equipment that converts metals or other materials into various machine components. Alternatively, a machine tool is a power-driven device used to shape or form metal materials through cutting or other means. The machine tools sector plays a crucial role in the global industrial industry. The competitiveness of the manufacturing sector is greatly influenced by the quality of tools used in metal forming and metal cutting activities.

Market Dynamics

Industrial and Economic Growth in Asia-Pacific Drives the Global Market

In recent decades, emerging nations in the Asia-Pacific region have been posing a challenge to industrialized countries in global manufacturing. These economies are undergoing robust economic expansion, possess marketplaces with significant potential for consumption, and are increasingly competitive in manufacturing and industrial operations. Machine tool-dependent enterprises in the low- and medium-technology sectors contribute to approximately 65% of overall production, and their presence is growing consistently across various industries within the industrial sector.

Additionally, the Asia-Pacific area currently holds a significant share of high-tech manufacturing, ranging from 45-50%, due to the need for accurate components. Industries such as automotive, aerospace, electronics, and medical devices specializing in advanced technology are strategizing to advance their value chain soon. Top manufacturing centers in Asia, including India and China, are investing in major infrastructure development. Such factors drive market growth.

Growth in the Automotive Sector Creates Tremendous Opportunities

The rise of developing economies has profoundly impacted the growth of the global automobile sector. The increasing demand for automotive cars in developing economies offers profitable opportunities for industry participants to capitalize on. Moreover, in response to growing competition among different Original Equipment Manufacturers (OEMs) in emerging markets, industry participants have made efforts to set their products apart by implementing product differentiation. The motor vehicle industry continued to be one of the primary sectors that consumed machine tools.

Regional Analysis

Asia-Pacific is the most significant global machine tools market shareholder and is anticipated to grow at a CAGR of 8.8% during the projected period. China held a significant portion of the machine tools market in Asia-Pacific and worldwide. The reason for this is the consistent increase in government expenditure on defense aircraft and equipment in significant regional economies, accompanied by a surge in investments in fully automated industrial machinery. The Chinese market is in urgent demand for machine tools due to its significant dependence on industrial sectors. Moreover, the industry is being influenced by the escalating investments in the industrial sector and the persistent trend of urbanization.

Key Highlights

• The global machine tools
  market size was valued at
  USD 120.19
  billion in 2024
  and is projected to reach from
  USD 129.20 billion in 2025
  to
  USD 230.42 billion by 2033, growing at a CAGR of 7.50%
  during the forecast period (2025-2033).

• Based on tool type, the global machine tools market is segmented into metal forming (machining centers, lathe, grinding and polishing, laser, electrical discharge machines (EDMs), and other tools, other metal cutting tools), and metal cutting (bending and forming, pressing, punching and shearing, and other metal forming tools).
  The metal-cutting segment dominates the global market and is estimated to exhibit a CAGR of 8.31% during the forecast period.
• Based on technology, the global machine tools market is segmented into CNC and Non-CNC.
  The CNC segment owns the highest market share and is estimated to grow at a CAGR of 8.9% during the forecast period.
• Based on end-users, the global machine tools market is segmented into automotive, industrial machinery, metal industry, medical industry, electrical and electronics, heavy equipment, aerospace and defense, marine and offshoring, and others.
  The automotive segment dominates the global market and is estimated to exhibit a CAGR of 7.9% during the forecast period.
• Asia-Pacific is the most significant global machine tools market shareholder and is anticipated to grow at a CAGR of 8.8% during the projected period.