Machine Tools Market by Type (Metal Cutting and Metal Forming), by Technology (Computer Numerical Control (CNC) and Conventional), and by End-User (Automotive, Fabrication & Industrial Machinery Manufacturing, Marine, Aerospace & Defense, Precision Engineering, and Others) – Global Opportunity Analysis and Industry Forecast 2023-2030

Machine Tools Market

Industry:  Construction & Manufacturing | Publish Date: Aug 2023 | No of Pages:  N/A | No. Tables:  N/A | No. Figures:  N/A

Market Definition:

The global Machine Tools Market size was valued at USD 85.65 billion in 2022 and is predicted to reach USD 125.86 billion by 2030 with a CAGR of 5.7% from 2023-2030. Machine tools include a wide range of power-driven equipment and devices that find extensive use in the manufacturing and metalworking industries. These machines are used in the manufacturing industry for cutting, shaping, grinding, and forming various materials, including metal, wood, and plastic, into desired shapes and sizes with exceptional precision and accuracy. 

Machine tools are operated manually, semi-automatically, or fully automatically as they play a vital role in several industries by facilitating the efficient production of intricate and custom-made parts and components that adhere to strict specifications and quality standards. 

With continuous advancements in technology and automation, modern machine tools have significantly boosted productivity, reduced production time, and enhanced the overall manufacturing process, making them indispensable tools for the creation of a wide array of products in the global manufacturing landscape.

Market Dynamics and Trends

The growing industrialization and the rise in the demand for industrial automation are creating a higher demand for machine tools to support diverse production processes and increase manufacturing capacity, driving the growth of the market. According to the latest data from the World Bank, industrialization is playing a pivotal role in the growth of the economies across the globe, with manufacturing sector contributed a significant 16% of the global GDP. This highlights the rising importance of machine tools in facilitating industrial advancement and the drive towards automation.

Moreover, introduction of advanced technologies, including CNC (Computer Numerical Control), robotics, and additive manufacturing leads to the development of highly sophisticated and efficient machine tools that boosts the growth of the machine tools market. For instance, in September 2022, Mitsubishi Electric introduced the new M800V and M80V CNC product range, offering advanced capabilities for precision machining. This launch aims to provide enhanced solutions to the manufacturing industry, catering to their evolving needs for efficient and high-quality CNC technology.

Furthermore, the rising demand for machine tools in the aerospace industry, driven by the need for complex and precise components, such as turbine blades, landing gear, and control surfaces is fueling the growth of the machine tools market. For instance, in July 2021, Lockheed Martin established an advanced manufacturing facility aimed at expanding the production of the Orion spacecraft. The facility is equipped with state-of-the-art machine tools, underscoring the aerospace sector's reliance on advanced manufacturing techniques for efficient component manufacturing and assembly.

However, the high initial investment and maintenance cost associated with various tools and equipment are factors that are expected to restrain the growth of market during the forecast period. On the contrary, the growing adoption of Industry 4.0, which aims to digitize and automate manufacturing processes using advanced technologies, such as robotics, Internet of Things (IoT), and augmented reality (AR), is expected to create significant growth opportunities for the machine tools market in the coming years. 


Market Segmentations and Scope of the Study

The machine tools market share is segmented on the basis type, technology, end-user, and region. On the basis of type, the market is classified into metal cutting and metal forming. Metal cutting is further classified into machining centres & related, laser, EDM & related, lathes, and others. Metal forming is further segmented into presses, punching & shearing machines, bending & forming machine, and others.

On the basis of technology, the market is segmented into computer numerical control (CNC) and conventional. On the basis of end-user, the market is classified into automotive, fabrication & industrial machinery manufacturing, marine, aerospace & defense, precision engineering, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.


Geographical Analysis 

Asia Pacific holds the major share of the machine tools market at present and is expected to continue its dominance during the forecast period. The presence of one of the largest automotive industries in this region is driving the demand for advanced and precise machine tools for the production of complex automotive components such as engine blocks, transmission systems, chassis, and body components. According to the China Association of Automobile Manufacturers, China witnessed a significant increase in vehicle sales, with a total of 27 million vehicles sold in 2022, compared to 23 million car sales in 2021, contributing to the increasing need for machine tools. 

Moreover, the expanding aerospace industry that relies heavily on high-quality machine tools to manufacture critical parts, such as aircraft structures, engine components, and avionics, with exceptional accuracy and efficiency is further boosting the growth of the market in this region. According to the latest report by the International Trade Administration, China is the world’s second largest civil aerospace and aviation services market with 248 airports in the country, and the government is planning to build 20 new airports by 2024.

North America is expected to show a steady rise in the machine tools market. This is due to the growing industrialization and rapidly increasing manufacturing firms in countries such as the U.S., Canada, and Mexico. According to Material Handling Equipment Distributors Association (MHEDA), 137 new planned manufacturing industrial projects were tracked in the North American region. The new projects include facility expansions, new plant construction, and significant equipment modernization projects. It shows immense opportunity for machine tools in the manufacturing sector.

Moreover, the presence of regional key players such as Lincoln Electric Holdings Inc., Gleason Corporation, and Haas Automation Inc. adopting product launches as their key developmental strategies boost the market growth in this region. For instance, in May 2022, Gleason Corporation launched sub-micron gear inspection machine, 300GMS nano. The 300GMS nano is a versatile gear inspection machine that can measure surface finish at sub-micron level, analyze waviness for profile, lead & pitch, and execute noise analysis.


Competitive Landscape

Various key players operating in the machine tools market includes Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., Amada Machine Tools Co. Ltd., Phillips Machine Tools, DMG MORI, Hyundai WIA, Komatsu Ltd., FANUC Corporation, Haas Automation Inc., Mitsubishi Heavy Industries Machine Tool Co. Ltd., BIG KAISER Precision Tooling Inc, Kennametal, Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co Ltd, Zhuzhou Cemented Carbide Cutting Tool Co Ltd, Tiangong International Co Limited, Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, and CHIRON Group among others. 

These market players are adopting various strategies such as acquisition, collaboration, and new product launches across various regions to maintain their dominance in the machine tools market. For instance, in August 2022, the CHIRON Group acquired HSTEC (a Croatian company that specializes in spindles and fixtures for machine tools) to expand their services globally including repair, refurbishing and optimizing the motor spindles in existing machines. This acquisition is expected to bolster CHIRON's capabilities and product offerings.

Moreover, in April 2022, Phillips Machine Tools collaborated with JFY, a prominent manufacturer of CNC machines and industrial automation equipment. This strategic partnership aims to offer innovative CNC solutions and expand their presence in the global machine tools market. Furthermore, in January 2021, DMG MORI launched laser scanning capabilities for machine measurement, enabling advanced and precise inspection of its machines. This new feature enhances quality control processes and ensures the accuracy and reliability of the machines.


  • The report provides a quantitative analysis of the machine tools market estimations from 2023 to 2030, which assists in identifying the prevailing industry opportunities.

  • The study comprises a deep-dive analysis of the machine tools market including the current and future trends to depict prevalent investment pockets in the industry.

  • Information related to key drivers, restraints, and opportunities and their impact on the machine tools market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • SWOT analysis and Porter's Five Forces model is elaborated on in the study.

  • Value chain analysis in the market study provides a clear picture of the stakeholders' roles. 


By Type

  • Metal Cutting

    • Machining Centres & Related

    • Laser

    • EDM & Related

    • Lathes

    • Others

  • Metal Forming

    • Presses

    • Punching & Shearing Machines

    • Bending & Forming Machine

    • Others

By Technology 

  • Computer Numerical Control (CNC) 

  • Conventional

By End-User 

  • Automotive

  • Fabrication & Industrial Machinery Manufacturing

  • Marine

  • Aerospace & Defense

  • Precision Engineering

  • Others

By Region

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France    

    • Italy

    • Spain

    • Denmark

    • Netherlands

    • Finland

    • Sweden

    • Norway

    • Russia

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia-Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa




Market Size in 2022

USD 85.65 Billion

Revenue Forecast in 2030

USD 125.86 Billion

Growth Rate

CAGR of 5.7% from 2023 to 2030

Analysis Period


Base Year Considered


Forecast Period


Market Size Estimation

Billion (USD)

Growth Factors

Growing industrialization across the globe.

Advancement in technologies such as CNC (Computer Numerical Control) technology, robotics, and additive manufacturing.

Rising demand for machine tools in the aerospace industry.

Countries Covered


Companies Profiled


Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.



  • Yamazaki Mazak Corporation 

  • Doosan Machine Tools Co. Ltd

  • Amada Machine Tools Co. Ltd

  • Phillips Machine Tools


  • Hyundai WIA

  • Komatsu Ltd

  • FANUC Corporation

  • Haas Automation Inc

  • Mitsubishi Heavy Industries Machine Tool Co. Ltd

  • BIG KAISER Precision Tooling Inc

  • Kennametal

  • Kilowood Cutting Tools

  • Xiamen Golden Egret Special Alloy Co Ltd

  • Zhuzhou Cemented Carbide Cutting Tool Co Ltd

  • Tiangong International Co Limited

  • Ingersoll Cutting Tool Company

  • Sumitomo Electric Hartmetall GmbH

  • Kyocera Unimerco

  • CHIRON Group

Frequently Asked Questions
What is the size of machine tools market in 2022?

The machine tools market was valued at USD 85.65 billion in 2022.

What is the projected market size for the Machine Tools Market by 2030?

The machine tools market is predicted to reach USD 125.86 billion by 2030.

Which industries extensively use machine tools?

Machine tools are indispensable in industries such as automotive, aerospace, electronics, and more, where they play a vital role in producing intricate and precise parts and components.

Which region holds the major share of the machine tools market?

Asia Pacific holds the major share of the machine tools market due to its large automotive and aerospace industries.

Who are the key players in the Machine Tools Market?

Some of the key players in the machine tools market include Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., Amada Machine Tools Co. Ltd., Phillips Machine Tools, DMG MORI, Hyundai WIA, Komatsu Ltd., FANUC Corporation, Haas Automation Inc., and Mitsubishi Heavy Industries Machine Tool Co. Ltd.