Market Research Report
Machine Tools Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Machine Tools Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: May 13, 2021
Mordor Intelligence Pvt Ltd
Content info: 200 Pages
Delivery time: 2-3 business days
The global machine tools market is expected to register a healthy growth rate of more than 5% during the forecast period. The worldwide growth in the manufacturing industry and advancements in machine tools, such as Computer Numerical Control (CNC) machines and multi axis and robotic arm, are contributing as the factors driving the growth of the machine tool industry globally. The pandemic had a negative impact on the market in 2020 due to the closures of production facilities across many countries and disruptions in supply chain.
The growth in the global motion control market has triggered substantial demand for motion control products, particularly in the robotics, electronics assembly, semiconductor, machine tools, and renewable energy sectors. Simplified machine design has been made possible through advances in control components.
Despite being overshadowed by the recent impacts of the coronavirus, the movement towards e-mobility remains a significant issue for machine tools producers and other traditional automotive parts suppliers as automotive firms increasingly focus upon developing and producing electric vehicles (EVs).
Positive Outlook for the Automotive Industry
Despite some headwinds, automotive industry looks bright, globally. According to industry sources, global light vehicle production units have been remarkable and is expected to continue to grow. APAC is expected to register the highest growth rates in terms of production volumes followed by North America. Furthermore, Electric Vehicles sales and manufacturing is increasing at a record pace, which creates a demand for the machine tools and other equipment associated with manufacturing process. Machine tools has wide range of applications in automotive industry like CNC milling (gearbox cases, transmission housings, engine cylinder heads, etc.), turning (brake drums, rotors, fly wheel, etc.) drilling, etc. with the advent of advanced technologies and automation, the demand for machine is only going to increase to gain productivity and precision.
CNC machine tools are expected to dominate the market globally
The computer numerical control machines streamline many operational processes by reducing production time and minimizing human error. The growing demand for automated manufacturing in the industrial sector has resulted in the increasing usage of CNC machines. Also, the establishment of manufacturing facilities in Asia-Pacific has spurred the usage of computer numerical controls in the sector.
A highly competitive market has compelled players to focus on efficient manufacturing techniques trying to gain competitive advantage by redesigning their facilities, which include CNC machines. Apart from this, the integration of 3D printing with CNC machines is a unique addition to some of the new production units, which is expected to offer better multi-material capability, with little resource wastage.
Along with this, with the rising concerns over global warming and depleting energy reserves, CNC machines are actively being used in power generation, as this process requires wide-scale automation.
The machine tools market is fairly fragmented in nature with the presence of large global players and small and medium sized local players with quite a few players who occupy the market share. Major competitors in global machine tools markets include China, Germany, Japan, and Italy. For Germany, apart from several hundred sales and service subsidiaries or branch offices of German machine tool manufacturers throughout the world, there are probably less than 20 German corporations producing complete units abroad currently.
With the increasing preference for automation, the companies are focusing on developing more automated solutions. The industry is also witnessing the trend of consolidation with mergers and acquisitions. These strategies help the companies to enter new market areas and gain new customers.