Machine Tools Industry to Witness 6.4% Growth, Reaching $129.94 Billion by 2029

 

The machine tools market size has grown strongly in recent years. It will grow from $96.5 billion in 2024 to $101.51 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%.  The growth in the historic period can be attributed to industrial revolution and manufacturing growth, globalization and industrialization, automotive and aerospace growth, precision engineering and quality standards, military and defense sector demand.

The machine tools market size is expected to see strong growth in the next few years. It will grow to $129.94 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%.  The growth in the forecast period can be attributed to shift towards lightweight materials, global infrastructure projects, medical and healthcare industry requirements, renewable energy sector demands, aerospace and defense sector expansion. Major trends in the forecast period include automation and robotics integration, digitalization and industry 4.0, demand for multi-functionality, sustainable manufacturing practices, adoption of 5-axis machining.

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Which industry factors have accelerated the machine tools market’s expansion?
The growing manufacturing industry is expected to propel the growth of the machine tools market going forward. Machine tools refer to power devices that are used to process workpieces and act as important equipment in the manufacturing process of mechanical parts. These machines are used for forming, cutting, and joining tools. As a result, growth in the manufacturing industry will increase the demand for machine tools. For instance, in May 2024, according to the Australian Bureau of Statistics, an Australia-based national statistical agency, in Australia, manufacturing industries reported an increase in EBITDA to 51,574 in 2022, compared to 50,446 in 2021. Therefore, the growing manufacturing industry is driving the growth of the machine tools market.

What are the primary segments of the machine tools market?
The machine tools market covered in this report is segmented –
1) By Product Type: Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Other Product Types
2) By Automation Type: CNC Machine Tools, Conventional Machine Tools
3) By Sales Channel: Direct, Indirect
4) By Industry: Automotive, Aerospace and Defense, Construction Equipment, Power and Energy, Industrial, Other Industries

Subsegments:
1) By Milling Machines: Vertical Milling Machines, Horizontal Milling Machines, CNC Milling Machines
2) By Drilling Machines: Bench Drills, Radial Drills, CNC Drilling Machines
3) By Turning Machines: CNC Lathes, Manual Lathes, Swiss-Type Lathes
4) By Grinding Machines: Surface Grinders, Cylindrical Grinders, Tool and Cutter Grinders
5) By Electrical Discharge Machines: Wire EDM Machines, Sinker EDM Machines
6) By Other Product Types: Laser Cutting Machines, Waterjet Cutting Machines, Fabrication Machines

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Which firms are leading the machine tools market?
Major companies operating in the machine tools market include  Amada Co. Ltd., DMG Mori Co. Ltd., Yamazaki Mazak Corporation, Haas Automation Inc., Okuma Corporation, GF Machining Solutions, Makino Milling Machine Co. Ltd., JTEKT Corporation, Komatsu Ltd., TRUMPF GmbH + Co. KG, Hyundai WIA Corporation, FANUC Corporation, Doosan Machine Tools Co. Ltd., Mitsubishi Heavy Industries Ltd., Hurco Companies Inc., Schuler Group GmbH, Gleason Corporation, EMAG GmbH & Co. KG, Starrag Group Holding AG, MAG IAS GmbH, Hardinge Inc., Dalian Machine Tool Group Corporation, Haco Group, Tsugami Corporation, Haas Schleifmaschinen GmbH, INDEX-Werke GmbH & Co. KG, Fives Group, LMT Group, Kitamura Machinery Co. Ltd., Chiron Group

Which market trends are set to define the future of the machine tools market?
New product innovations have emerged as the new key trend gaining popularity in the machine tools market. Major companies operating in the machine tools market focused on new product innovations to sustain their position in the market. For instance, in June 2022, LMW Machine Tool Division, an India-based automation machinery manufacturing company, launched 2 new machines – the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker, and showcased 3 latest machines and machining solutions at INTEC 2022 exhibition held in Coimbatore. The unique features of the JG 50 Vertical Machining Center include very high acceleration of greater than 1G and spindle speed up to 16,000 rpm. LF20C Twin G Twin Turret Chucker has dual spindles and dual turrets which indicate it has 2 CNC Turning Centers combined into one machine.

Which geographic trends are shaping the machine tools market, and which region has the highest market share?
The countries covered in the machine tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Does The Machine Tools Market Report 2025 Offer
The machine tools market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

Machine tools, also referred to as stationary power-driven equipment, are used to shape or create pieces made of metal or other materials. These are used for cutting, boring, grinding, shearing, and also used for deformations.

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