China, while remaining the largest market in total size, will see the lowest forecast growth in machine tools, according to ABI's forecast. PHOTO courtesy Ceratizit.
The global machine tool market will reach US$245.2 billion in 2032 in terms of Manufacturing Value Added (MVA), according to an ABI Research forecast.
“This is primarily driven by new product design facilitating the need for new machine tools, old equipment reaching the end of its lifecycle and requiring replacement, and new machine tool solutions being provided and upgrade incentives,” say James Prestwood, Research Analyst, and Ryan Martin, Research Director, with ABI Research.
The forecast was part of ABI Research’s recently released 37 Technology Stats You Need to Know for 2023 report.
The German machine tool market is forecast to see the highest CAGR (7.1%) due to the rapid changes in the industries it serves, such as automotive, currently undergoing an Electric Vehicle (EV) and autonomous platform shift, and the presence of large innovative machine builders, such as DMG MORI and GROB.
China, while remaining the largest market in total size, sees the lowest forecast growth, with a CAGR of 4.3% due to pending and continued macroeconomic headwinds as the country struggles to cope with a COVID-19 resurgence, according to Prestwood and Martin.
The largest machine tool manufacturers globally are Mazak, TRUMPF, and Qinchuan Machine Tool and Tool Group.
“Leading innovators all offer comprehensive software alongside their machine tool assets, and these include Makino, GROB, Gleason Corporation, EMAG, and DMG MORI. The market is also supported by many technology vendors that help integrate smart machine tools into manufacturers’ production processes and improve Overall Equipment Effectiveness (OEE) with a range of software. The most notable players are Siemens, Rockwell Automation, and Dassault Systèmes,” Prestwood and Martin say.
