According to a new market research report published by Credence Research “Machine Tools Market (Control Type – Conventional Machines and CNC Machines; Product Type – Metal Cutting Tools (Drilling & Boring, Lathe, Milling & Machining Centers, Grinding, Lapping, Honing & Polishing Machines and Gear Cutting.) and Metal Forming Tools (Bending & Forming, Punching & Shearing, Metal Working Presses and Stamping); Industry Verticals – Automotive, Aerospace & Defense, Electrical & Electronics Manufacturing, Consumer Goods Manufacturing, Machine Tools & Parts Manufacturing, Shipbuilding Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global machine tools market is set to hit US$ 120 Bn mark by 2026.
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The overall machine tools market is highly governed by the continually rising industrial manufacturing and processing sector worldwide. Asia Pacific estimated to remain the frontrunner in the market throughout the forecast period with strong industrial sectors across China, Japan, South Korea, Southeast Asia and India.
The region contributes to more than 50% of the total market value generated worldwide, with China being the largest country-level market. The region has portrayed tremendous growth in industrial manufacturing sector since the past few decades, making it the largest consumer as well as producer of machine tools. With rapidly growing manufacturing sector in India and Southeast Asian countries, the region would retain its dominant position in the market over the forecast period.
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On the basis of product type, the machine tools market is led by metal cutting segment accounting for more than 60% of the total market value. The segment comprises machine tools such as drilling & boring, lathe, milling & machining centers, grinding, lapping, honing & polishing machines and others. Based on industry verticals, automotive, consumer goods manufacturing and machine tool & parts manufacturing represent the most promising segments.
Further, based on geography, the market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). The market is currently led by Asia Pacific owing to factors such as huge industrial sector and large number of machine tools manufacturers. The market here is mainly backed by China and Japan. With rapidly growing industrial manufacturing sector in India and Southeast Asia, the region would also exhibit the highest growth rate during the forecast period.
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The overall machine tools market is quite fragmented in nature with presence of numerous international as well as regional players. This has ensured a competitive environment for the market players. New product development is one of the most prominent strategies adopted by the major market players.
Due to consistently increasing penetration of CNC machines, most of the companies strive to develop more sophisticated automated products in order to maintain a competitive edge. In addition, expansion of distribution network is another prominent strategy adopted by the market players.
Some of the major players profiled in the report include 3M Company, Allied Machine & Engineering Corporation, Amada Machine Tools, ANCA Pty Ltd., Komatsu Ltd., JTEKT Corporation, Shenyang Group, Schuler Group, Dalian Machine Tool Group Corporation, DANOBAT Group, Delapena Group, Doosan Machine Tools Co., Ltd., FANUC Corporation, Junker Group, Kellenberger & Co. AG, Korber AG, Koyo Machinery, Okuma Corporation, Toyoda Americas, WMW Machinery and others.