LONDON--(BUSINESS WIRE)--The global CNC machine tools market is expected to grow by USD 24.91 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 9%.
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Read the 120-page report with TOC on "CNC Machine Tools Market Analysis Report by Product (CNC lathe machines, CNC milling machines, and Other CNC machines), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the advantages of CNC machine tools over conventional machines. In addition, the innovation in CNC machines is anticipated to boost the growth of the CNC machine tools market.
Industrial end-users are increasingly replacing conventional machines with CNC machines owing to reduced cycle times and low labor costs. Also, CNC machines are less complicated as the motion of all axes is controlled by a computer with a high degree of precision. They can also produce large volumes of identical parts in a shorter time compared to conventional machines. Moreover, CNC machine tools are reprogrammable, which enables operators to switch from the manufacture of one part to that of another easily. Many such advantages offered by CNC machine tools are driving the growth of the global CNC machine tools market
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Major Five CNC Machine Tools Companies:
600 Group Plc
600 Group Plc operates its business through segments such as Machine Tools and Precision Engineered Components and Industrial Laser Systems. The company offers a wide range of CNC machine tools such as CNC combination lathes, CNC turning centres, and CNC lathes.
AMADA HOLDINGS Co. Ltd.
AMADA HOLDINGS Co. Ltd. operates its business through segments such as Metalworking Machinery Business and Metal Machine Tools Business. The company offers a wide range of CNC machine tools such as CNC metal cutting machines, CNC multiprocess center, and CNC grinding machines.
DMG MORI Co. Ltd.
DMG MORI Co. Ltd. operates its business through segments such as Machine Tools and Industrial Services. The company offers a wide range of CNC machine tools such as lathes, milling machines, grinding machines, and advanced technologies (ULTRASONIC/LASERTEC).
FANUC Corp. operates its business through segments such as FA Business Division, ROBOT Business Division, ROBOMACHINE Business Division. The company offers a wide range of CNC machine tools under series 30i/31i/32i CNC such as 5-axis CNC milling machine.
General Technology Group Dalian Machine Tool Corp.
General Technology Group Dalian Machine Tool Corp. operates its business through segments such as Conventional Lathe, CNC Flat Bed Lathe, CNC Slant Bed Lathe, and Vertical and Horizontal Machining Center. The company offers a wide range of CNC machine tools such as CNC flat bed lathe and CNC slant bed lathe.
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CNC Machine Tools Market Product Outlook (Revenue, USD Billion, 2020-2024)
- CNC lathe machines
- CNC milling machines
- Other CNC machines
CNC Machine Tools Market Regional Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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