Market Size of United States Machine Tools Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.25 Billion |
| Market Size (2029) | USD 14.46 Billion |
| CAGR (2024 - 2029) | 3.38 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Machine Tools Market Analysis
The United States Machine Tools Market size is estimated at USD 12.25 billion in 2024, and is expected to reach USD 14.46 billion by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).
- The machine tool industry in the United States has been most severely impacted by the epidemic wave, including smart machinery and Industry 4.0, which will continue to be significant development trends for machine tool manufacturers in the following years. The United States consumption pattern of machine tools has boosted the country's share of domestic manufacturing in recent years. In addition to the goods offered by American domestic manufacturers.
- The business is shifting from one-centered machines to one-centered services and integrated solutions due to Industry 4.0 technologies. In some industries, companies currently produce 100% of profits and more than 50% of sales from services. Over the following few years, this trend will spread throughout the sector and pick up speed. Businesses will sell the majority of equipment by 2030 as a component of packages that include software and services, lowering the hardware sector's profit margin.
- Fragility in the machine tool industry could significantly impact national security in the case of an emergency. The Department of Defense wants to ensure it can produce everything the country needs. Working more closely with the top manufacturing and R&D firms for machine tools from our overseas partners would also be advantageous for the U.S.
- Machine tools will assist the country in acquiring the clean energy technologies we need to address the climate problem and enhance national defense. Positioning the United States as the global leader in producing renewable energy is a priority for the departments of Energy and Defense. Critical clean energy technologies, including solar panels, wind turbines, and electric vehicle batteries, will benefit from a robust machine-tool capacity and capabilities.
