In-depth analysis and data-driven insights on the impact of COVID-19 included in this global machine tools market report.
The global machine tools market is expected to grow at a CAGR of 8.5% during the period 2020−2026.
Key Highlights Offered in the Report:
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Machine Tools Market – Segmentation
Machine Tools Market by Tool Type
Machine Tools Market by Technology
Machine Tools Market by End-users
Machine Tools Market – Dynamics
These regions require a technology leap in terms of manufacturing. Another evident trend from history is that countries that have attained a significant gain in GDP per capita over the span of a few decades are those that adopted structural shifts in the manufacturing & production sector, i.e., shifting over time from low technology sectors to high technology manufacturing. Japan and South Korea are key examples. In these economies, while low-tech industries typically dominate the low-income levels, offering large scale employment, productivity gains are majorly enabled by the high-tech industry, being majorly advocated by government and institutional reforms to escape the middle-income trap, which can substantially drive the market for machine tools in the coming years.
Key Drivers and Trends fueling Market Growth:
Machine Tools Market – Geography
In 2020, APAC was the largest revenue contributor to the global machine tools market, accounting for a market share of over 46% by consumption value and around 51% by production value. In APAC as well as globally, China accounted for a major share in the machine tools market. This can be attributed to the increasing number of investments in fully automated industrial machinery and Y-O-Y growth in government spending toward defense aircraft and equipment in major economies across the region. In addition, since the Chinese market is significantly dependent on its manufacturing industries, the demand for machine tools is high. Rising investments in the industrial sector and the constant shift toward urbanization are major macro factors propelling the market during the forecast period.
Machine Tools Market by Geography
Major Vendors
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