Northbrook, IL -- (SBWIRE) -- 10/26/2021 -- The global Machine Tools Industry is projected to grow from a market size of USD 77.0 billion in 2019 to USD 98.3 billion in 2027 at a CAGR of 3.2% during the period (2019-2027).
The machine tool industry has evolved with the development of both hardware technology and software applications. This has resulted in machines becoming faster, intelligent, and versatile. Advanced CAM technology is being used for multi-axis, multi-spindle, and multi-turret machines. The increasing demand from the end-user industries such as Automobile, Aerospace and Defense, Energy, etc., will trigger the growth of the machine tool industry during the forecast period.
The growing demand for products with quality and precision and the need to improve productivity have propelled companies to undertake automation in manufacturing. Investment in the research and development activities by major machine tools manufacturers is focused on areas such as technology, hardware, software, services, and the communication protocol used for automation.
The machine tools market is dominated by Doosan Machine Tools Co. Ltd (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan), JTKET Corporation (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany), Haas Automation Inc. (USA), Gleason Corporation (USA), Spinner Machine Tools (Germany), Dalian Machine Tools Group Corporation (China), Yamazaki Mazak Corporation (Japan), DMG MORI (Germany), Electronica Hitech Engineering Pvt. Ltd. (India), Ace Micromatic Group (India).
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Electrical Discharge Machine is the fastest-growing product type
EDM is an important process in metal fabrication. Cutting of metals with precision and accuracy to the exact dimensions has been a driver for the acceptance of EDM machines in the industrial sector across the globe. Advancement in EDM machines has been possible due to continuous R&D efforts by major machine tools manufacturers. China is the leader in the introduction of EDM machines and is expected to surpass the North American and Rest of Asia markets taken together. In Europe, the maximum demand for EDM machines is mainly observed in Germany and Italy.
Direct sales are expected to be the fastest-growing sales channel for the machine tool industry
Direct sales are selling directly to the consumers without any intervention from external parties. This is achieved via personal arrangements, in-person demos, and direct online sales. This helps in gaining direct feedback from the customer regarding the product or service and can be handled quickly. There is no requirement for sharing the revenues with a channel partner or reseller. The sales process, pricing, and all the components of the process can be controlled directly by the manufacturers.
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The Asia Pacific is the largest market for the machine tool industry, followed by Europe
Chinese economic growth is stable and the interest in spending money to develop high-quality products and components is rising and will continue till the next decade. There has been growth in the manufacturing industry, and investments by major manufacturers in developing countries like India and China have increased. Other Asian countries such as Japan, Korea, and India are showcasing promising growth for the years 2017–2018, which is expected to continue until 2027. The Asian market is the hub for European and North American machine tool manufacturers.