Machine Tool Market Size - By Machine Type, By Operating Technology, By Application, By End Use, By Distribution Channel Analysis, Share, Growth Forecast, 2024 - 2032

Machine Tool Market Size

The global machine tool market was estimated at USD 92.3 billion in 2023 and is set to grow at a CAGR of 6.9% from 2024 to 2032, driven by industry 4.0 integration, growth in automotive and aerospace, and rising demand for customization and precision. Industry 4.0's application of digital technologies such as artificial intelligence, big data, and the Internet of Things has revolutionized the process of producing machine tools. This has been observed to reduce costs, enhance productivity and enhance accuracy through real-time monitoring.
 

According to the European Automobile Manufacturers Association, global car sales grew by nearly 10% in 2023, exceeding 72 million units, as supply chain issues eased. European sales rose 18.6%, driven by growth in both EU and Eastern European markets. Russia and Ukraine, recovering from sharp declines in 2022, showed notable growth, while Türkiye saw a 63.2% surge, nearing one million units sold. Furthermore, North America recorded a 15% increase in car sales in 2023, despite high inflation and rising interest rates. The U.S. saw a 14.4% rise in new car sales. In South America, passenger car sales remained steady at over 2.8 million units, unchanged from 2022.
 

Advancement in machine tools technology helps customer industries achieve greater resource efficiency and significant gains in material, energy consumption and overall productivity. Machine tools can play a significant role in enabling countries to build up the advanced infrastructure required for transition to low carbon energy sources. Solar, wind, thermal and hydraulic energy industries rely entirely on components produced by machine tools to build safe and robust power plants. Automobile industries have achieved tremendous progress in weight reduction by inventing new materials which are light and robust. They rely entirely on processing technologies provided by the machine tools to process new materials.
 

Machine Tool Market Trends

• As many customers prefer to buy imported machines for manufacturing larger-sized components and components requiring high precision and accuracy, there is a need to develop indigenous machine tools to cater to the future manufacturing technology requirements. There is a strong correlation between machine tool and manufacturing globally.
   
• Advancements in networking technology have made it easier than ever to connect smart devices and build local networks for the machine tool market. Many devices and industrial edge computing networks are expected to use using single-pair Ethernet (SPE) cables in the coming years. The technology has been around for years, but companies are beginning to see the advantage it provides in building smart networks.
   
• As the machine tool industry continues to adopt more digital technologies, manufacture is designing machines built for automation and the industrial internet of things (IIoT).
   
• Nidec Group company developed a new universal head (UH), an attachment of the Company’s MVR series of double column type milling machine with five-face machining capability The UH boasted an industry-leading compactness, by making the size approximately 80%of the conventional products, while maintaining the spindle capability with high output and speed. This small UH enables a better accessibility between the tool-and the workpiece, as well as finished-surface quality and high-efficiency machining under ideal machining conditions, and its light, thin, short, and small features contribute greatly to mould and other products’ manufacturing processes.
   

Machine Tool Market Analysis

In 2023, the cutting machine segment dominates the market by generating revenue of USD 62.7 billion and forming machine segment is expected to grow at CAGR of around 5.1% during 2024 to 2032.
 

• The most prominent phenomenon is the introduction and adoption of new technology in metal cutting tools. New coatings for extending tool life and functionality are being developed. Increasingly, surfaces are being coated with aluminum titanium nitride (AlTiN), titanium carbon nitride (TiCN), and titanium aluminum nitride (TiAlN). In addition, new insert geometries and shapes allow tools to machine harder materials with tighter tolerances.
   
• With its newly created CCDia Carbide Speed, CemeCon is offering tool manufacturers a perfectly matched diamond coating material that ensures optimal conditions even for extreme operating conditions and thus offers users economic cutting of carbide.
   
• The sheet metal cutting tools industry is evolving with the integration of digital technology. There are machines that come equipped with sensors to monitor temperature, vibration, wear in real time. Based on this real-time data on tool performance, the machining operation can be optimized and predictive maintenance enabled. Moreover, manufacturing technologies such as computer-aided design (CAD), computer-aided manufacturing (CAM), and 3D printing are used by manufacturers to make new tool designs development more efficient and customize tools for specific applications.
   

According to the application, the market is segmented into metalworking, woodworking, and plastic manufacturing. Metalworking segment held about 73% share of the machine tool market in 2023, driven by demand from automotive industry for precision manufacturing and component fabrication.
 

• With the emergence of new technologies, manufacturing facilities are changing at a faster pace. The whole manufacturing sector has become more reliant on new digital technologies. Connectivity is crucial in the contemporary manufacturing business and companies are gathering, analyzing, and storing more data than ever. This has provided producers with new avenues to make smart business decisions that have ultimately led to more streamlined operation of plants, more agile business models, and higher profitability.
   
• With a rise in demand from automobile manufacturers, machine tools solutions businesses that remain agile, offer sophisticated technologies and hybrid solutions specific to manufacturer requirements, and scale will be capable of fulfilling the changing requirements of the auto manufacturing sector in the years to come.
   
• Robots in woodworking enhance accuracy, minimize mistakes, and increase production efficiency by automating processes like material handling and processing. This trend is critical in attaining high productivity and flexibility in manufacturing. The need for engineered wood products is on the rise as these products are more sustainable and efficient. Machines tools that serve more than one purpose, such as cutting, drilling, and finishing, are gaining prominence.
   

According to the operating technology, the machine tool market is segmented into computer numerical control (CNC) and conventional. Computer numerical control (CNC) made up 87% of the market in 2023, due to the wide adoption of advancement in technologies such as robotics.
 

• Machine learning and AI are transforming the machine tool sector, giving machines like CNC turning machines and CNC milling machines a rational dimension.
   
• Predictive maintenance assurance zero downtime, quality control is taken to new levels, and even autonomous machining is a possibility, leading to increased productivity and fewer errors.
   

With about 87% of the North American machine tool market share and estimated USD 20.5 billion revenue in 2023, driven by advancement in technology, rising demand from automotive industry and surging woodworking sector.
 

• The adoption of Industry 4.0 technologies, such as the Internet of Things (IoT) and intelligent factories, is fueling demand for complex machine tools. Producers are investing in automated equipment to increase production efficiency and accuracy.
   
• The aerospace and automobile industries need high-precision parts, which creates higher demand for advanced machine tools with the ability to fulfill strict quality requirements.
   
• As reported by the Semiconductor Industry Association, The U.S. industry recovered during the following 10 years, it had regained its leadership role with more than 50 percent world market share, a position the industry still maintains in the future. U.S. semiconductor companies have continued to maintain their competitive advantage in microprocessors and other leading-edge products, as well as having continued to lead in a variety of other product categories.
   
• Furthermore, American semiconductor companies hold a leading edge in R&D, design, and process technology. The largest market share belongs to U.S.-based companies with 48 percent. Industries in other nations hold between 7 and 20 percent of the world's market share.
   

Europe: Adoption of advanced manufacturing techniques and growth in automotive industry have contributed to the European machine tool market's robust growth. According to the European Automobile Manufacturers Association, global car sales grew by nearly 10% in 2023, exceeding 72 million units, as supply chain issues eased. European sales rose 18.6%, driven by growth in both EU and Eastern European markets.
 

Asia Pacific: The Asia Pacific market for machine tools is growing at the fastest rate driven by industrialization and infrastructure development, wide adoption of industry 4.0 and growth in automotive and aerospace industry.
 

Machine Tool Market Share

• The top five companies in Amada Machinery, Dmg Mori, Makino, JTEKT Machinery, Okuma America and they collectively hold a share of 12%-15% in the market.
   
•  These companies continue to acquire and merge with others, expand facilities, and make various collaborations to increase their product offerings, access customer bases, and secure their market positions.
   
• Dalian Machine Tool will make full use of the function of the "national team" in the machine tool sector, optimize the industrial layout and product structure, enhance the scientific and technological innovation system, concentrate on promoting advanced industrial foundation and modernization of the industrial chain, realize high-level technological self-reliance, and contribute to building a new development pattern.
   
• Georg Fischer Machining Solutions leads the customer experience in smart machining solutions. The three thrusts of the Strategy 2025 are the path for GF Machining Solutions to expand at a higher rate by emphasizing core segments with innovative & smart solutions, enhance profitability by solving underperforming conditions and implementing best-in-class processes and raise customer experience by increasing quality and building service business.  
   

Machine Tool Market Companies

Major players operating in the machine tool industry are:

• Amada Machinery
• Amera-Seiki
• Chiron Group
• Dalian Machine Tool
• Datron
• Dmg Mori
• Dn Solutions
• Georg Fischer
• Haas Automation
• Hurco
• Hyundai WIA
• JTEKT Machinery
• Komatsu
• Makino
• Okuma
   

To improve the services and market share key players are constantly investing in technological activities and are also entering into partnerships to provide improved and better solutions for the customers. These investments are benefiting both companies and customers as they help develop and offer solutions as per the changing technological trends and thus the customer requirements.
 

Haas Automation announces its attendance at the leading manufacturing technologies show, which takes place at the NEC in Birmingham. Haas Automation UK to display its newest developments and meet industry experts. The TM-0P is the very essence of value, delivering complete CNC functionality, including accessible 4th- and 5th-axis capability, at budget-friendly prices. They have precision control of Haas' CNC system combined with the ease of a manual machine and are simple to learn and use even without any knowledge of G-code. It features a 10-pocket automatic tool changer, a quicker spindle, and greater rapids.
 

Hurco launching game-changing technological developments that represent a watershed in the company's ability to tap new AI technology head-on into its core control software. Attendees at IMTS were treated to an early peek at the innovative AI-powered functionality that will shape Hurco's next-generation control systems, illustrating the company's forward push and ongoing leadership in CNC control technology.
 

Machine Tool Industry News

• In January 2025, DMG Mori unveil five cutting-edge production platforms in its Machining Transformation (MX) strategy to transform the manufacturing sector by tapping into the newest technological innovations. The versatile multifunctional machining solution can be easily configured for various industrial processes. Intelligent automation solutions maximize machine usage day and night, if needed.
   
• In February 2023, Amada Machinery started the “Amada Global Innovation Center (AGIC)”. The AGIC was newly established to solve the numerous issues faced by customers around the world. AGIC is equipped with a diverse range of environments and functions. This includes Innovation LABO, which is a laboratory space specifically for customers, and the Innovation SITE. This is a place for co-creating the future of metalworking.
   
• In October 2023, Amada Machinery unveiled the three-dimensional laser integrated system. It features a blue laser and fiber laser for high-speed, high-quality cutting, welding, and layered manufacturing.
• In July 2023, DMG Mori introduced the new Machining Transformation vision of groundbreaking technologies and solutions that will define the future of production at Hannover. DMG Mori exhibited overall production concepts and advanced machine tools for every field of technology from universal and production turning to 5-axis machining centers and turn & mill centers to additive manufacturing.
   

This machine tool market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and volume (Million Units) from 2021 to 2032, for the following segments:

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Market, By Machine Type

• Cutting machine
  • Milling machines
  • Turning machines
  • Grinding machines
  • Drilling machines
  • Others (threading, filling, etc.)
• Forming machine      
  • Presses
  • Bending machines
  • Punching machines
  • Others (rolling, forging, etc.)   

Market, By Operating Technology

• Computer Numerical Control (CNC)
• Conventional      

Market, By Application

• Metalworking
• Woodworking
• Plastic manufacturing
• Others (ceramics & glass fabrication, composites working, etc.)      

Market, By End Use

• Aerospace & defense
• Automotive
• Energy & power
• Electronics & semiconductors
• Building & construction
• Others (healthcare, marine, etc.)     

Market, By Distribution Channel

• Direct sales
• Indirect sales   

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa