CHICAGO, Aug. 30, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Machine Tools Market is estimated to be USD 77.0 billion in 2019 and is projected to reach USD 98.3 billion by 2027, at a CAGR of 3.2%.
The overall Machine Tools Market is highly governed by the continually rising industrial manufacturing and processing sector worldwide. Asia Pacific is estimated to remain a frontrunner in the market during the forecast period. Several technological advancements have been introduced by the machine tools manufacturers in Europe and North America due to the demand for highly sophisticated products and components from the end users from those regions. The overall machine tool industry is quite fragmented with international and domestic players in the market.
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23 – Tables
35 – Figures
145 – Pages
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Electrical Discharge Machine is the fastest growing product type
EDM is an important process in metal fabrication. Cutting of metals with precision and accuracy to the exact dimensions has been a driver for the acceptance of the EDM machines in the industrial sector across the globe. Advancement in the EDM machines has been possible due to continuous R&D efforts by major machine tools manufacturers. China is the leader in the introduction of EDM machines and is expected to surpass the North American and Rest of Asia markets taken together. In Europe, the maximum demand for EDM machines is mainly observed in Germany and Italy.
Direct sales is expected to be the fastest growing sales channel for the machine tool industry
Direct sales is selling directly to the consumers without any intervention of external parties. This is achieved via personal arrangements, in-person demos, and direct online sales. This helps in gaining direct feedback from the customer regarding the product or service and can be handled quickly. There is no requirement for sharing the revenues with a channel partner or reseller. The sales process, pricing, and all the components of the process can be controlled directly by the manufacturers.
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Asia Pacific is the largest market for the machine tool industry, followed by Europe
Chinese economy growth is stable and the interest in spending money to develop high quality products and components is rising and will continue till the next decade. There has been growth in the manufacturing industry, and investments by major manufacturers in developing countries like India and China have increased. Other Asian countries such as Japan, Korea, and India are showcasing promising growth for the years 2017–2018, which is expected to continue until 2027. The Asian market is the hub for the European and North American machine tool manufacturers.
The Machine Tools Market is dominated by Doosan Machine Tools Co. Ltd (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan), JTKET Corporation (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany), Haas Automation Inc. (USA), Gleason Corporation (USA), Spinner Machine Tools (Germany), Dalian Machine Tools Group Corporation (China), Yamazaki Mazak Corporation (Japan), DMG MORI (Germany), Electronica Hitech Engineering Pvt. Ltd. (India), Ace Micromatic Group (India).
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