DUBLIN--(BUSINESS WIRE)--The "Global Machine Tools Market by Product Type (Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines), Automation Type, Industry Segment, Sales Channel, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global machine tools market is projected to grow from USD 77.0 billion in 2019 to USD 98.3 billion in 2027 at a CAGR of 3.2% during the forecasted period.
Major driving factors for the growth of the machine tool industry are the increasing investments in process automation, high growth in vehicle production, and the growing demand for high precision fabricated components and products.
Milling machines segment is expected to be the fastest-growing during the forecast period
Milling machine segments is expected to grow rapidly during the forecast period owing to their wide use in metal cutting applications across several industries. The promising expansion of the metalworking industry and a notable rise in facilities globally have boosted the demand for the milling machines. These machines can also be used for performing multiple cuts simultaneously using multiple cutters. These advantages make milling machines ideal for machining metal parts.
Direct Sales segment is projected to be the fastest-growing sales channel during the forecast period
Direct sales involves selling directly to consumers away from a static commercial or physical location. Sales representatives are the face of the company, and they work close to the target markets. Customers buy the machines by seeing the demo of the prototype. The major advantage in this type of selling is that there are no revenues that need to be shared with the reseller or channel partner. There is little or no dependency for the machine tool manufacturers over the sales process.
Asia Pacific is the largest market for machine tools, followed by Europe
The market in the Asia Pacific region will be mostly dominated by China. This is mainly due to the demand for durable goods, large amounts of vehicle production, investments in aerospace and defense products, etc. A large portion of the conventional machine tools will get replaced with CNC machines in developing countries like India and China adding new market gains.
Japan is the world's fourth-largest national market for machine tools. The demand for the machine tools is expected to rebound with the release of new and advanced products ranges from top manufacturers. Machine tools manufacturers in Japan are expected to build new plants and upgrade existing factory setup because of the growing sales opportunities - both domestic and international.
Indian machine tool industry is working towards developing new technologies to bridge the existing technology gap. Indian manufacturers are adopting strategies such as investments in R&D, acquisitions, and collaboration with key players to produce high-end machines.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Global Machine Tools Market, By Product Type
8 Global Machine Tools Market, By Industry Segment
9 Global Machine Tools Market, By Automation
10 Global Machine Tools Market, By Sales Channel
11 Global Machine Tools Market, By Region
12 Competitive Landscape
13 Company Profiles
- Ace Micromatic Group
- AMADA Pvt Ltd.
- Chiron Group SE
- Dalian Machine Tool Group Corporation
- DMG MORI
- Doosan Machine Tools Co.Ltd
- Electronica Hitech Engineering Pvt Ltd
- Georg Fischer Ltd
- Gleason Corporation
- GROB-WERKE GmbH & Co. Kg
- Haas Automation Inc
- Hyundai WIA
- Illinois Tool Works
- JTEKT Corporation
- Komatsu NTC Ltd
- Liqui Moly
- MAG LAS GmbH
- Northern Labs
- OKUMA Corporation
- Schuler AG
- Spinner Machine Tools
- Turtle Wax
- Wrth Group
- Yamazaki Mazak Corporation
For more information about this report visit https://www.researchandmarkets.com/r/frawh1