According to the latest Arizton's market research report, the global machine tools market to reach over USD 122 billion by 2026, growing at a CAGR of around 8.5% during the forecast period.
Global Machine Tools Market Growth Analysis
The automotive sector is witnessing significant growth in recent years and the development of new technologies is creating new avenues in the global machine tools market. In early 2016, industrial automation architectures witnessed the emergence of new and open industrial automation system architectures along with the application of advanced technology. These mainly intended to create efficient, responsive, and flexible manufacturing and it is expected to support the growth of the global machine tools market.
The pre-COVID-19 scenario suggested that infrastructure was the primary focus for governments, being a leading contributor towards the growth of the global machine tools market. The global machine tools market is set to display impressive growth in the upcoming years after getting hit hard in this pandemic situation. Some of the key trends in the market, such as increased diversity of substrate materials is driven by continuously evolving end-user expectations and the rise of industry 4.0.
Interesting Facts to Know:
- China is expected to have 4 billion industrial IoT connection devices by 2025.
- One of the key vendors Doosan, focuses more on automation, in line with modern industry trends.
- Leading vendors in the global machine tools market such as Makino focus on acquisitions and mergers in order to expand into untapped markets.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by tool type, technology, end-user, and geography
- Competitive Landscape – 4 Key Company Profiles and 19 Other Prominent Vendors
APAC is Leading the Global Machine Tools Market
China and India are two of the leading markets for machine tools consumption in the APAC region. The machine tools market in APAC by production is expected to reach USD 65 billion by 2026. Furthermore, Vietnam is one country that offers a high-potential opportunity for machine tools manufacturers. The players can opt for strategic partnerships to boost their market position and capture more demand. A significant base of electric vehicle startups in China and the rise of small manufacturing startups in India and Japan will fuel the demand for the machine tools market in the APAC region. The increasing advancement in technology in the automotive and industrial equipment sector is propelling the growth of the machine tools market in APAC.
North America, APAC, and Europe are Key Regions for Players in the Global Machine Tools Market
The competition among the global machine tools market players is intense due to the influx of several big companies. The key market for the players is North America, APAC, and Europe. In the coming years, the global machine tools market in Latin America and MEA are expected to witness considerable growth. Players catering to the global machine tools market development strategies with regards to product launches, customer-centric marketing, and strategic geographical expansions in the upcoming years. One of the major players Amada group focuses on the research and technology of new technology in line with the changing market dynamics. For instance, in 2020, the firm established the Amada AI innovation Laboratory to boost significant development in the market.
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