Machine Tools Market Size

Machine Tools Market Analysis

The Machine Tools Market size is estimated at USD 103.57 billion in 2024, and is expected to reach USD 119.58 billion by 2029, growing at a CAGR of 2.92% during the forecast period (2024-2029).

• The growth of the global motion control market has triggered a substantial demand for motion control products, particularly in the robotics, electronics assembly, semiconductor, machine tool, and renewable energy industries. Advancements are being made in control components and have aided the simplification of machine design.
• To be more exact, production climbed from USD 73 billion to USD 85 billion on the path to recovering from dips in 2020, while overall machine tool consumption increased from USD 70 billion in 2020 to USD 80 billion in 2021. Production worldwide outstripped consumption by USD 5 billion. This discrepancy might be caused, at least in part, by machine tool manufacturers seeking to anticipate supply chain problems. Machine tool prices may be under pressure due to the consequent surplus of tools, but they are more likely to be under pressure due to interruptions in the global supply chain.
• With some jockeying for position, the top six producers; China, Germany, Italy, Japan, South Korea, and the United States; remain the same as in 2020. Due to a USD 2 billion rise from 2020, U.S. production reached USD 7.5 billion in 2021. Due to increased production in Japan and a modest decline in output in Germany, Japan overtook Germany as the world's second-largest economy. Italy's output increased, but the U.S.'s increase was more significant, allowing it to overtake Italy and move to the number four spot.
• Despite being overshadowed by the recent impact of the pandemic, the movement toward e-mobility remains a significant point of focus for machine tool producers and other traditional automotive part suppliers, as automotive firms are increasingly focusing on developing and producing electric vehicles (E.V.s).