February 22, 2022 08:45 ET | Source: FACT.MR FACT.MR
ROCKVILLE, Md., Feb. 22, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Machine Tools Market is projected to grow at a compound annual rate (CAGR) of ~3.3% between 2020 and 2030. The market is expected to reach US$ 99 Bn by the end of 2030.
The global sales of machine tools market was valued at ~US$ 72 Bn at the end of 2019 and is anticipated to surpass US$ 99 Bn by the end of the forecast period 2020-2030. The Automotive & Transportation segment is estimated to be the most lucrative end use capturing 36% of the overall demand pie in the global machine tools market. Furthermore, manufacturers are adopting green manufacturing to reduce the overall operating cost by using energy efficient processes that can drastically reduce energy and utility bills, thus fueling the demand for machine tools with lesser power consumption.
However, the recent COVID-19 pandemic has resulted in production shortfall coupled with disruptions in supply chain in several industries such as the automotive sector. However, the global demand for machine tools market is foreseen to fare well with the sudden down shift in the global demand.
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The novel COVID-19 pandemic has hit almost every region of the world. The pandemic has caused a severe impact to the machine tools imports & exports in many leading countries. At the same time prominent manufactures are determining different ways to deal with the possible supply chain disruption in the global machine tools market. The exogenous shock by this global pandemic is foreseen to amplify the existing downshift in the machine tool demand.
East Asia to Remain Frontrunner in Machine Tools Market East Asia is estimated to hold 2/5th of the overall market value followed by Europe. Growth in industrialization coupled with high automotive demand after the recovery from the COVID-19 pandemic is foreseen to create a surge in consumption for machine tools. Optimistic industrial growth has been witnessed in emerging Asian countries such as China, India, and Indonesia among others.
This will pave way for significant opportunities for the machine tools manufacturers in the Asia Pacific region. Furthermore, China manufactures machine tools at a low cost as compared to the U.S., Germany and Japan.
Therefore a significant number of customers are poised to import machine tools from China. Collectively, East and South Asia are projected to account for 3/5th of the overall absolute dollar opportunity created through 2030.
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Key Segments Covered in the Machine Tools Industry Survey
The global market for machine tools is highly fragmented with the presence of a large number of local and regional players. The industry players are focusing on launching new products as per the dynamic industry needs as a key strategy to strengthen their market footprint and better serve the needs of consumers. For instance,
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Key players in the Machine Tools Market
Key Takeaways from the Market Study
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