Tooling & Workholding Cycles Up for 2023

New orders for manufacturing technology exploded out of COVID. Now it’s T&W’s turn.

Despite a slight dip from historic highs for new orders in manufacturing technology (MT) equipment and some uncertain economic trends, 2023 is shaping up to be a banner year for cutting tools and workholding devices.

There are several reasons for the optimistic outlook. For starters, the so-called down year for MT is actually extremely robust—it just doesn’t quite measure up to the record-setting 2021 and 2022 levels, according to the U.S. Manufacturing Technology Orders (USMTO) report released in April by McLean, Va.-based AMT – The Association for Manufacturing Technology.

Through the first two months of 2023, MT orders totaled $819.6 million (down 10.7% from like-2022). But February’s tally was still the third-best on record for the month, AMT said, and nearly 50% above the average value for February.

“Although many had anticipated a recession to take hold at the beginning of 2023, we are not yet seeing that in the data, and while declining somewhat, manufacturing technology orders remain at a historically elevated level,” AMT President Douglas Woods said at the time. Moreover, he added, “surveys of manufacturers show a broadly positive outlook for business conditions over the next 12 months,” even in the wake of fears of tightening credit conditions and Silicon Valley Bank’s failure in early March.

The news for tooling and workholding (T&W) is even more upbeat. That’s because AMT tracks MT data when orders are made, while T&W isn’t counted until products have been shipped—and there can be a considerable lag between the two events. As a result, the record MT years in 2021-22 are just starting to take hold for T&W.

For example, cutting tool consumption surged 10.8% in 2022, despite slipping in November and December. And deliveries climbed to $196.2 million in January, up 4% from the previous month and 23% from January 2022, according to AMT and the U.S. Cutting Tool Institute’s (USCTI) monthly report. The data, which is based on totals reported by participating companies, is said to represent the majority of the U.S. market for cutting tools.

“The outlook remains strong for 2023; cutting tool suppliers continue to reduce back orders and increase inventory,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group and Committee. “Modest increases in the data can be attributed to inflation, but incoming new order activity remains at a good level,” he noted, adding that 2023 should “meet expectations.”

Employment and other indicators also continue to trend well. “In January, the U.S. labor market had its best month in job hirings since 1969, and cutting tool sales remained steady,” USCTI President Jeff Major remarked in a release. “The consensus is that the cutting tool industry looks positive for at least the first six months of this year.”

The “R” Word and Other Economic Headwinds

The threat of a full-fledged recession seems to have largely subsided after rising concerns in 2022. But it’s far from smooth sailing.

“Economic pressures still exist, and the Federal Reserve continues to raise interest rates to stave off inflation,” USCTI’s Major pointed out earlier this year. To this end, the benchmark federal funds rate reached a 16-year high when the Fed announced another 25-basis-point hike on March 22, slowing year-over-year inflation to 6% (which was still well above the preferred 2%). But even within the Fed there’s a lot of debate on the best course of action and what the ultimate effect of raising interest rates will have—and how long they’ll take to make an impact.

There are also many uncertainties and unknowns, said Chris Chidzik, AMT’s principal economist. The list includes global geopolitical issues such as Russia’s invasion of Ukraine, the lingering effects of COVID-19, trade wars, supply chain disruptions, and government policies. Fights over the debt ceiling limit, for example, could have a dramatic impact if an agreement isn’t reached: The Treasury may run out of borrowing power by about mid-August and cause a protracted government shutdown and a significant increase in unemployment through 2024.

While that’s a worst-case scenario, Chidzik said it’s something manufacturers are watching closely. More likely, he noted, is some sort of compromise because “no one wants to be responsible for a recession during an election year.”

But it often comes down to consumer confidence or the lack thereof, even when the underlying economic conditions are strong. “The question is whether we will scare ourselves into a recession,” Chidzik cautioned. “If you’re expecting one to come, you’re probably not going to remodel your bathroom or buy something extravagant.”

For now, however, the overall mood in the manufacturing industry is positive. “It may be anecdotal, but everyone I talk to seems pretty optimistic,” Chidzik continued. “One job shop guy told me, ‘If it wasn’t for the news, I wouldn’t even think about a recession because the orders keep coming in.’”

AMT also discounts the notion of a “rolling recession” that selectively affects certain portions of the economy while others remain buoyant. “We call that normal business conditions,” Chidzik quipped. “Prior to 2020, if you look at the breakdown of USMTO orders, there are always some industries going up while others are heading down. They all have their own cyclical nature. Some of them, like construction, are very weather dependent.”

And, Chidzik said, any comparisons to the 2001 recession or global financial crisis (GFC) of 2007-2009 are unwarranted at this point. “I don’t think we’re where we were in 2007-2008. At that point, all the banks were carrying mortgage-backed securities, derivatives, and credit default swaps, so once the underlying housing market started to be devalued or defaulted on that trickled throughout the financial system. And there were so many interconnecting ownerships between different financial institutions. In this case, the underlying asset (regarding recent bank failures) are U.S. Treasury securities and, debt ceiling issues aside, nobody’s questioning that U.S. Treasuries are a good asset.”

Moreover, USMTO machinery orders have performed much stronger coming out of COVID than they did after the previous two downturns (see chart on previous page). Peak output more than doubled this time around, while orders plunged in the two years following the earlier events.

So, while Chidzik isn’t ready to say that we’re completely out of danger of a recession, he’s confident that if it happens it will only be a mild one—and that manufacturing will remain robust. “As long as the machinery orders that are on the books are delivered, the industry is still in a very good position on the cutting tool and workholding side.”

Automation typically increases during a recession. The trend is now expanding to small- and mid-sized businesses.

The Sky’s the Limit

The big winners thus far this year have been OEMs and industry-specific suppliers, while job shops saw a slight drop in activity in early 2023 compared with a year earlier, according to AMT’s USMTO report for February. In particular, it noted, the automotive sector, fabricated metal products manufacturers, and railroad, ship, and other transportation manufacturers significantly increased their orders in February.

Moving forward, aerospace and defense (A&D) holds the most promise. “It’s going to be really interesting over the next year or two,” Chidzik said, noting that A&D was the only industry that AMT tracks that increased orders in both 2021 and 2022—and it still wasn’t back to 2019 levels. Growth is expected on both the commercial and defense side of aerospace, he said, pointing to the need to replace aircraft and equipment sent abroad and the expected growth of commercial satellites.

In December, United Airlines announced what it touted as the largest wide-body order by a U.S. carrier in commercial aviation history: 100 Boeing 787 Dreamliners with options to purchase 100 more. United aims to take delivery of the planes between 2024 and 2032; it also exercised options to purchase 44 Boeing 737 MAX aircraft for delivery by 2026 and ordered 56 more MAX aircraft for delivery by 2028.

The construction and mining machinery manufacturing sectors also are poised for growth. AMT pointed to the new pipeline infrastructure that is scheduled to come online in the Permian Basin (a sedimentary mid-continent oil field province in the southeastern United States), that is expected to result in “increased production levels and an uptick in manufacturing technology orders from oil and natural gas mining machinery manufacturers.” In addition, the U.S. Department of Energy announced plans to support the development of domestic sources of lithium, AMT said.

Construction and mining and other sectors also stand to benefit from the passing of two significant bills last year: the CHIPS Act and the Infrastructure Investment and Jobs Act. While government-funded projects stemming from the legislation may take time to come to fruition, they also are less susceptible to an economic downturn.

Challenges, Opportunities, and Lessons Learned

Supply chain issues continue to be challenging. This includes the semiconductor chip shortage, at least in the near term, and raw materials sourcing. Although concerns have lessened in recent months, manufacturers have had problems obtaining key machining materials such as nickel and other metals since the start of the war in Ukraine, which slows the need for additional tooling and workholding.

On the plus side, the rampant parts and materials shortages coming out of COVID has forced companies to rethink their supply chain strategies. “During 2021 and 2022, machine orders were increasing by leaps and bounds above what we had expected, particularly in industries that had been moving overseas for a while,” Chidzik explained. “A lot of domestic manufacturers realized they needed a source—and more likely multiple ones—either domestically or within North America that they can quickly access to provide more options if an emergency arises.”

This has been one of the biggest lessons that manufacturers have learned from the pandemic, Chidzik said. But, he noted, reshoring isn’t practical in some cases, such as castings and other goods that would be too costly or burdensome to bring back home. Castings, which are mainly sourced from Asia and, to a lesser extent, Europe, are almost exclusively imported due to restrictions by the U.S. Environmental Protection Agency.

When reshoring or nearshoring isn’t possible, companies are increasingly turning to another option: “friendshoring.” Also known as allyshoring, the practice allows manufacturers to reduce some potential geopolitical risks while still tapping into international resources in western Europe, South America, and other friendly regions.

Regardless of location, companies of all sizes are plagued by the global labor shortage and skills gap. “It isn’t a unique problem for manufacturing.

Everybody is having trouble hiring people,” Chidzik said. “On the bright side, manufacturing is primed to add automation when there are labor challenges.”

While the rate of automation escalates during most downturns, Chidzik sees a major difference this time around. “We’re seeing a lot more smaller- and medium-sized shops adopting automation, whereas in the past it was generally reserved for larger manufacturers,” he said, attributing the growth in part to a greater familiarity, acceptance, and access to such technologies. “If you wanted a robot in the past, you almost had to have a computer programmer on staff. Now a lot of firms use their own software and design interfaces that allow users to specify different tasks without complicated programming.”

Flexibility is key. Multi-axis machines help improve productivity by consolidating tasks, which Chidzik believes will lead to further automation.

The trend has already started, according to the January USMTO report, which said “there has been a significant increase in orders for machining centers with simultaneous five-axis capability to produce more complex parts” since early 2022. While Chidzik still sees traditional machines having a valuable role, he expects a “rebalancing of who orders what.”

The same could be said for the overall machine technology industry, as well as tooling and workholding. “After the historic run of orders placed in the last two years, a mild slowdown in new orders could help to reduce the current backlog and put the manufacturing technology industry in a position to deliver machinery with much shorter lead times when economic activity is anticipated to pick up later in the year,” AMT’s Woods said in March.

Burley was even more optimistic: “The cutting tool industry continues to gain steam. If the positive trajectory in U.S. cutting tool consumption continues, monthly order totals will be at or higher than pre-pandemic levels before the end of the year.”

Machine Tool Market size was valued at US$ 125.1 Bn. in 2022 and the Machine Tool Market revenue is expected to grow at 6 % from 2023 to 2029, reaching nearly US$ 188.1 Bn.
Machine Tool Market Overview:
Global Machine tools are used for boring, shearing, cutting, grinding, and other Technologies of deformation when machining or shaping metal and other hard materials. A variety of tools that perform cutting and other deformation operations are combined with machine tools. All machine tools have some method of limiting the workpiece in addition to the guided movement for the parts.

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Machine tools are currently powered by electricity or hydraulics rather than by human muscles. Manufacturers of machine tools concentrate on creating items that require less maintenance. There are essentially two Technologies of machine tools: CNC and conventional. Due to their great efficiency, productivity, and precision, CNC machine tools are now favored by consumers or end users more than other technologies or tools.

participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Machine Tool Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Machine Tool Market's contemporary competitive scenario.

Covid-19 Impact:

The COVID-19 pandemic had a negative effect on the growth of the machine tools market. Due to limited sales activity in several countries throughout the world, machine tool manufacturers suffered income losses. The vehicle and auto component industry, which accounts for about 45 % of the machine tools market, was also severely affected by the pandemic.

Global supply chains have faced considerable hurdles as a result of the pandemic. The early COVID-19 pandemic's global lockdowns, ranging in severity, hindered or temporarily stopped the movement of finished goods and raw materials, impacting the manufacturing industry all over the world.
Machine Tool Market Dynamics:
Market drivers:

Growing Hybrid Machine Tool & Additive Manufacturing Adoption to Drive Demand The market is being driven by an increase in additive manufacturing. Additive manufacturing is becoming more widely used as a result of manufacturers moving toward efficient and quick production methods. Additionally, it is expected that the market growth as a result of the growing popularity of manufacturing capabilities for heterogeneous materials. Additive manufacturing is used in CNC manufacturers' operations.

For instance, Okuma intends to release its new Laser EX machines in the forecast, which support self-cooling, heating by laser emission, and laser hardening for carbon steel materials. Therefore, such creative technological combinations are expected to support market growth in the forecast period.

Market restraints:

The market is being hampered by changes in the state of the global economy. Sales of these instruments are closely linked to manufacturing industry expenditures. As a result, a slowdown in the global economy is expected to have a direct impact on the revenue generated by machine tools.

Owing to the extensive use of machinery in the sector, trends in the automobile industry have also had a greater impact on the tools sector. However, the market revenue is significantly impacted by patterns in capital expenditure in the car manufacturing sector. Unexpected shifts in a nation's political, social, or economic conditions also have an effect on the development of the market's income.

Market Opportunities:

A prominent trend is a rising need for smart machine tools. Technological developments like the growing use of robotics and human-machine interaction are seen to have an impact on market growth at the moment. The demand for real-time connectivity is also fueling the emergence of smart factories that are cloud-enabled. As a result, the tool is becoming an essential component of smart systems and is expected to boost the popularity of the product. These sophisticated equipment have sensors that help schedule maintenance and optimize machine time. It is possible to examine this data and increase productivity.

Additionally, the sensors enhance predictive analyses on the lifecycle of these tool parts. This considerably reduces downtime and helps with ideal time issues. Additionally, it is expected that the rapid adoption of smart features, such as decreased power consumption, supports the revenue growth of the machine tool market.

Competitive Landscape:

The machine tool market has a number of firms competing for the same market share, including both large international companies and small- and medium-sized local businesses. China, Germany, Japan, and Italy are significant rivals in the market for machine tools. Less than 20 German companies are currently manufacturing full units abroad, excluding the several hundred sales and service subsidiaries or branch offices of German machine tool makers around the world.

Businesses are concentrating on creating more automated solutions due to the rising preference for automation. The tendency of industrial consolidation through mergers and acquisitions is also being seen. These tactics aid businesses in growing into new markets and attracting new clients.
Machine Tool Market Segment Analysis:
Based on technology, The CNC (Computerized Numerical Control) segment is expected to grow at the highest CAGR during the forecast period. CNC Tool Demand is Being Fueled by Machine Tool Digital Transformation The market is divided into computerized numerical control (CNC) and conventional segments based on technology. Due to the rising need for process automation across sectors, the CNC tools segment is expected to dominate the market in the forecast period.

Further expected market growth is the growing automation of manufacturing processes as a result of the rising demand for greater precision and shorter lead times. Therefore, major manufacturers are concentrating on developing CNC systems to meet the diverse industry requirements. Because end users are switching from traditional machines to CNC machines, the conventional tools market is expected to rise steadily in the near future. The growth of this sector is, however, being constrained by a lack of competent workers.

Based on product, The Metal Cutting segment is expected to grow at the highest CAGR during the forecast period. The market is divided into metal cutting and metal forming segments based on the product Technology. Due to rising demand from a variety of industries, including the construction and automotive sectors, the metal cutting tools market is expected to maintain its dominance throughout the forecast period. The development of the automotive sector has been positively impacted by the ongoing improvements in management and manufacturing processes. The building industry has prolonged as a result of the increased demand for office space and residential development.

Additionally, the machine tool business is expected to grow as a result of the rising demand from the aerospace sector due to the cost advantages. Metal forming equipment is employed in a variety of operations, including forming, bending, shaping, pressing, and shearing. The market for metal forming tools is expected to be driven by the use of press brake equipment. This is due to the widespread usage of press brake metal forming machines as a tool for sheet bending in numerous production sectors, including agriculture, automotive, aerospace, shipbuilding, and petroleum machinery.

Based on application, The Automotive segment is expected to grow at the highest CAGR during the forecast period. The market is segmented into automotive, general machinery, precision engineering, transport machinery, and other categories depending on the application. Owing to the widespread use of various tools in the automobile manufacturing industry, the automotive segment currently maintains the largest market share for machine tools. For instance, certain automobile components including engine locks, piston rods, wheels, and gearbox cases are produced using milling. Owing to the rising need for high accuracy in the production of complex products, the precision engineering market is expected to grow at the fastest rate.

Precision engineering is growing as a result of the semiconductor, medical technology, and marine sectors' explosive need. The precision engineering sector is growing as a result of the growing opportunities in cutting-edge materials, sensors, and lasers and optics. Because of the demand for customization across the various industrial sectors, the rising demand for general and transportation machinery is expected to lead to machine tool market growth.
Regional Insights:
The largest portion of the market is in Asia Pacific. Regional growth is a result of the soaring demand for these tools from a variety of industries, including automotive, manufacturing, construction, and aerospace. The government's evolving initiatives are increasing market income. For instance, the "Make in India" campaign promotes FDI (foreign direct investment) and tax breaks for India's manufacturing industry. In addition, it is anticipated that the Automotive Mission Plan and the National Electric Mobility Mission Plan, which encourage the use of electric vehicles, further propel the market in the forecast period.

China see the highest CAGR Its Competitive Advantage Due to its competitive advantage over other regions, China is expected to grow at the fastest rate. It is expected that demand rise in China as a result of the country's robust manufacturing sector growth, particularly in the fields of industrial machinery, precision engineering, and transportation equipment. Additionally, the market is expected to benefit from a continued trend toward higher-value goods such CNC machines, machining centres, and multifunctional machines.

Owing to the rising demand from the manufacturing sector, North America is expected to increase significantly. Additionally, the U.S. is a world leader in R&D activities for advancing technology and developing effective engineering procedures. This is because there are so many foreign players in the area. Latin America is expected to increase steadily as a result of Brazil's challenging situation. Brazil's national statistics agency reports that production in this nation decreased by 0.3% after increasing by 0.4% the previous month.

The objective of the report is to present a comprehensive analysis of the Machine Tool Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Machine Tool Market dynamics, structure by analyzing the market segments and project the Machine Tool Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Machine Tool Market make the report investor’s guide.
Machine Tool Market Scope: Inquire before buying



Machine Tool Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 125.1 Bn.


Forecast Period 2023 to 2029 CAGR:
6 %
Market Size in 2029:
US $ 188.1 Bn.


 Segments Covered:
by Technology
CNC (Computerized Numerical Control)
Conventional


by Product
Metal Cutting
Metal Forming


by Application
Automotive
General Machinery
Precision Engineering
Transport Machinery
Others(Energy,Electrical and etc.)



Machine Tool Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players
1. Frequently Asked Questions:

1. Which is the potential market for the Market in terms of the region?
Ans. In Asia Pacific region, the growing business and educational sectors are expected to help drive the use of collaborative screens.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is new initiatives from governments that provide funding for Markets in educational institutes

3. What is expected to drive the growth of the Market in the forecast period?
Ans. A major driver in the Market is the prevalence of work from home and remote collaboration created by the COVID-19 pandemic

4. What is the projected market size & growth rate of the Market?
Ans. Market size was valued at US$ 125.1 Billion in 2022 and the total Machine Tool Market revenue is expected to grow at 6 % through 2023 to 2029, reaching nearly US$ 188.1 Billion.

5. What segments are covered in the Market report?
Ans. The segments covered are Technology, Product, Application, and Region.  
size was valued at US$ 125.1 Bn. in 2022 and the Machine Tool Market revenue is expected to grow at 6 % from 2023 to 2029, reaching nearly US$ 188.1 Bn.Global Machine tools are used for boring, shearing, cutting, grinding, and other Technologies of deformation when machining or shaping metal and other hard materials. A variety of tools that perform cutting and other deformation operations are combined with machine tools. All machine tools have some method of limiting the workpiece in addition to the guided movement for the parts.  Machine tools are currently powered by electricity or hydraulics rather than by human muscles. Manufacturers of machine tools concentrate on creating items that require less maintenance. There are essentially two Technologies of machine tools: CNC and conventional. Due to their great efficiency, productivity, and precision, CNC machine tools are now favored by consumers or end users more than other technologies or tools. participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Machine Tool Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Machine Tool Market's contemporary competitive scenario.The COVID-19 pandemic had a negative effect on the growth of the machine tools market. Due to limited sales activity in several countries throughout the world, machine tool manufacturers suffered income losses. The vehicle and auto component industry, which accounts for about 45 % of the machine tools market, was also severely affected by the pandemic. Global supply chains have faced considerable hurdles as a result of the pandemic. The early COVID-19 pandemic's global lockdowns, ranging in severity, hindered or temporarily stopped the movement of finished goods and raw materials, impacting the manufacturing industry all over the world.Growing Hybrid Machine Tool & Additive Manufacturing Adoption to Drive Demand The market is being driven by an increase in additive manufacturing. Additive manufacturing is becoming more widely used as a result of manufacturers moving toward efficient and quick production methods. Additionally, it is expected that the market growth as a result of the growing popularity of manufacturing capabilities for heterogeneous materials. Additive manufacturing is used in CNC manufacturers' operations. For instance, Okuma intends to release its new Laser EX machines in the forecast, which support self-cooling, heating by laser emission, and laser hardening for carbon steel materials. Therefore, such creative technological combinations are expected to support market growth in the forecast period.The market is being hampered by changes in the state of the global economy. Sales of these instruments are closely linked to manufacturing industry expenditures. As a result, a slowdown in the global economy is expected to have a direct impact on the revenue generated by machine tools. Owing to the extensive use of machinery in the sector, trends in the automobile industry have also had a greater impact on the tools sector. However, the market revenue is significantly impacted by patterns in capital expenditure in the car manufacturing sector. Unexpected shifts in a nation's political, social, or economic conditions also have an effect on the development of the market's income.A prominent trend is a rising need for smart machine tools. Technological developments like the growing use of robotics and human-machine interaction are seen to have an impact on market growth at the moment. The demand for real-time connectivity is also fueling the emergence of smart factories that are cloud-enabled. As a result, the tool is becoming an essential component of smart systems and is expected to boost the popularity of the product. These sophisticated equipment have sensors that help schedule maintenance and optimize machine time. It is possible to examine this data and increase productivity. Additionally, the sensors enhance predictive analyses on the lifecycle of these tool parts. This considerably reduces downtime and helps with ideal time issues. Additionally, it is expected that the rapid adoption of smart features, such as decreased power consumption, supports the revenue growth of the machine tool market.The machine tool market has a number of firms competing for the same market share, including both large international companies and small- and medium-sized local businesses. China, Germany, Japan, and Italy are significant rivals in the market for machine tools. Less than 20 German companies are currently manufacturing full units abroad, excluding the several hundred sales and service subsidiaries or branch offices of German machine tool makers around the world. Businesses are concentrating on creating more automated solutions due to the rising preference for automation. The tendency of industrial consolidation through mergers and acquisitions is also being seen. These tactics aid businesses in growing into new markets and attracting new clients., The CNC (Computerized Numerical Control) segment is expected to grow at the highest CAGR during the forecast period. CNC Tool Demand is Being Fueled by Machine Tool Digital Transformation The market is divided into computerized numerical control (CNC) and conventional segments based on technology. Due to the rising need for process automation across sectors, the CNC tools segment is expected to dominate the market in the forecast period. Further expected market growth is the growing automation of manufacturing processes as a result of the rising demand for greater precision and shorter lead times. Therefore, major manufacturers are concentrating on developing CNC systems to meet the diverse industry requirements. Because end users are switching from traditional machines to CNC machines, the conventional tools market is expected to rise steadily in the near future. The growth of this sector is, however, being constrained by a lack of competent workers.  , The Metal Cutting segment is expected to grow at the highest CAGR during the forecast period. The market is divided into metal cutting and metal forming segments based on the product Technology. Due to rising demand from a variety of industries, including the construction and automotive sectors, the metal cutting tools market is expected to maintain its dominance throughout the forecast period. The development of the automotive sector has been positively impacted by the ongoing improvements in management and manufacturing processes. The building industry has prolonged as a result of the increased demand for office space and residential development. Additionally, the machine tool business is expected to grow as a result of the rising demand from the aerospace sector due to the cost advantages. Metal forming equipment is employed in a variety of operations, including forming, bending, shaping, pressing, and shearing. The market for metal forming tools is expected to be driven by the use of press brake equipment. This is due to the widespread usage of press brake metal forming machines as a tool for sheet bending in numerous production sectors, including agriculture, automotive, aerospace, shipbuilding, and petroleum machinery., The Automotive segment is expected to grow at the highest CAGR during the forecast period. The market is segmented into automotive, general machinery, precision engineering, transport machinery, and other categories depending on the application. Owing to the widespread use of various tools in the automobile manufacturing industry, the automotive segment currently maintains the largest market share for machine tools. For instance, certain automobile components including engine locks, piston rods, wheels, and gearbox cases are produced using milling. Owing to the rising need for high accuracy in the production of complex products, the precision engineering market is expected to grow at the fastest rate. Precision engineering is growing as a result of the semiconductor, medical technology, and marine sectors' explosive need. The precision engineering sector is growing as a result of the growing opportunities in cutting-edge materials, sensors, and lasers and optics. Because of the demand for customization across the various industrial sectors, the rising demand for general and transportation machinery is expected to lead to machine tool market growth.The largest portion of the market is in Asia Pacific. Regional growth is a result of the soaring demand for these tools from a variety of industries, including automotive, manufacturing, construction, and aerospace. The government's evolving initiatives are increasing market income. For instance, the "Make in India" campaign promotes FDI (foreign direct investment) and tax breaks for India's manufacturing industry. In addition, it is anticipated that the Automotive Mission Plan and the National Electric Mobility Mission Plan, which encourage the use of electric vehicles, further propel the market in the forecast period. China see the highest CAGR Its Competitive Advantage Due to its competitive advantage over other regions, China is expected to grow at the fastest rate. It is expected that demand rise in China as a result of the country's robust manufacturing sector growth, particularly in the fields of industrial machinery, precision engineering, and transportation equipment. Additionally, the market is expected to benefit from a continued trend toward higher-value goods such CNC machines, machining centres, and multifunctional machines. Owing to the rising demand from the manufacturing sector, North America is expected to increase significantly. Additionally, the U.S. is a world leader in R&D activities for advancing technology and developing effective engineering procedures. This is because there are so many foreign players in the area. Latin America is expected to increase steadily as a result of Brazil's challenging situation. Brazil's national statistics agency reports that production in this nation decreased by 0.3% after increasing by 0.4% the previous month. The objective of the report is to present a comprehensive analysis of the Machine Tool Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Machine Tool Market dynamics, structure by analyzing the market segments and project the Machine Tool Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Machine Tool Market make the report investor’s guide.(United States, Canada and Mexico)(UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)(China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)(South Africa, GCC, Egypt, Nigeria and Rest)1. Doosan Corporation 2. AMADA Co., Ltd. 3. Makino 4. Jtekt Corporation 5. GF Machining Solutions 6. DMG Mori Aktiengesellschaft 7. Komatsu Ltd. 8. OKUMA Corporation 9. Hyundai WIA Corporation 10. Schuler AG 11. Chiron Group SE 12. TRUMPF Group 13. Shenyang Machine Tool Group 14. Falcon Machine Tools Co. LTd 15. Liebherr-Machine Tools 16. Ace Manufacturing Systems Limited 17. CHIRON Group SEIn Asia Pacific region, the growing business and educational sectors are expected to help drive the use of collaborative screens.The key opportunity in the market is new initiatives from governments that provide funding for Markets in educational institutesA major driver in the Market is the prevalence of work from home and remote collaboration created by the COVID-19 pandemicMarket size was valued at US$ 125.1 Billion in 2022 and the total Machine Tool Market revenue is expected to grow at 6 % through 2023 to 2029, reaching nearly US$ 188.1 Billion.The segments covered are Technology, Product, Application, and Region.