machine tools market size was valued at USD 79.17 billion in 2023 and is projected to grow from USD 82.75 billion in 2024 to USD 117.15 billion by 2031, exhibiting a CAGR of 5.09% during the forecast period. This market is witnessing steady growth, driven by rising industrial automation, advancements in CNC technology, and rising demand for precision manufacturing across various industries.
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Machine tools serve as the backbone of the industrial sector, enabling mass production, improved accuracy, reduced downtime, and superior surface finish across manufacturing workflows. The shift toward smart factories and Industry 4.0 has significantly influenced demand for computer numerical control (CNC)-enabled machines.
Recent Developments (Product Launches)
In January 2025, Siemens launched MACHINUM at IMTEX 2025 in Bengaluru, a digitalization portfolio aimed at enhancing efficiency and sustainability. As part of the Siemens Xcelerator platform, MACHINUM supports faster digital transformation by integrating software, IoT-enabled hardware, and digital twin capabilities. The solution can reduce setup time by up to 20% and energy consumption by up to 18%, addressing the rising demand for precision and energy-efficient manufacturing in India’s growing machine tool sector.
List of Key Companies in Machine Tools Market:
- DMG MORI
- AMADA CO., LTD.
- TRUMPF
- MAZAK CORPORATION
- Okuma Corporation
- Makino Inc.
- MAG IAS GmbH
- GROB-WERKE GmbH & Co. KG
- Haas Automation, Inc
- Hardinge Inc.
- DN SOLUTIONS
- Gleason Corporation
- JTEKT Corporation
- CHIRON Group SE
- EMAG Systems GmbH
Key Market Drivers
Rising Demand for Automation in Manufacturing
The accelerating pace of industrial automation is one of the principal drivers of the machine tools market. Manufacturers are increasingly investing in CNC machines to enhance productivity, improve product quality, and reduce operational errors. Automation not only addresses labor shortages but also ensures consistency in high-volume production environments.
Expansion of End-Use Industries
The resurgence of the automotive and aerospace industries post-pandemic has led to increased capital expenditure on high-precision machine tools. The trend is further augmented by growing electric vehicle (EV) production and the demand for lightweight components, which necessitate sophisticated machining capabilities.
Market Challenges
Despite favorable growth prospects, the machine tools market is not devoid of challenges. High capital investment, complex integration with legacy systems, and the shortage of skilled operators remain primary concerns for small and medium enterprises (SMEs). Additionally, fluctuating raw material prices and geopolitical uncertainties can disrupt supply chain stability.
Strategic Developments
Mergers and Acquisitions: Companies are focusing on strategic acquisitions to expand product portfolios and enter new geographic markets.
Technological Collaboration: Partnerships between machine tool companies and tech firms are facilitating the development of AI-driven platforms for process optimization.
Sustainability Initiatives: Manufacturers are incorporating eco-friendly designs and recyclable materials into their machines to align with ESG goals.
Investment Opportunities and Future Outlook
With increasing capital flows into smart manufacturing, robotics, and digital integration, the machine tools market presents significant investment opportunities for OEMs, component suppliers, software providers, and venture capital firms.
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