Global Machine Tools Market to Reach $104.3 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Machine Tools estimated at US$70.2 Billion in the year 2020, is projected to reach a revised size of US$104.3 Billion by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027.
Machining Centers, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$22.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Lathe Machines segment is readjusted to a revised 6.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6.9 Billion, While China is Forecast to Grow at 6.2% CAGR.
The Machine Tools market in the U.S. is estimated at US$6.9 Billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$37.8 Billion by the year 2027 trailing a CAGR of 6.2% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.4% respectively over the 2020-2027 period.
Within Europe, Germany is forecast to grow at approximately 5% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$15.3 Billion by the year 2027.
Bending & Forming Machines Segment to Record 6.6% CAGR
In the global Bending & Forming Machines segment, USA, Canada, Japan, China and Europe will drive the 6.6% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$7.1 Billion in the year 2020 will reach a projected size of US$11 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 6.1% CAGR through the analysis period.
Select Competitors (Total 617 Featured)
Ace Micromatic Group Allied Machine & Engineering Corporation Amada Co, Ltd. Amada Machinery America Inc. Chiron Group SE Dalian Machine Tool Group Corporation DMG Mori Co., Ltd. Doosan Machine Tools Co. Ltd. Electronica Hitech Engineering Pvt. Ltd. FANUC Corporation FANUC America Corporation GF Machining Solutions Management SA Gleason Corporation GROB-WERKE GmbH & Co. KG Hardinge, Inc. Haas Automation, Inc. Hyundai WIA Corp. JTEKT Corporation Kennametal Inc. Komatsu Ltd. Makino Milling Machine Co., Ltd. Mitsubishi Electric Corporation Okuma Corporation Otto Bihler Maschinenfabrik GmbH & Co. KG Sandvik AB (Sweden) Sandvik Coromant (Sweden) Schuler Group GmbH Shanghai Machine Tool Works Ltd. Shape Technologies Group Sodick SPINNER Werkzeugmaschinenfabrik GmbH TAJMAC-ZPS, a.s. Trumpf Group Walter AG Yamazaki Mazak Corporation
