CNC Machine Tools Market Poised for Robust Growth Amidst Automotive Surge As Per The Business Research Company's CNC Machine Tools Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s CNC Machine Tools Global Market Report 2023, the global CNC machine tools market is on a trajectory of substantial growth, anticipating an increase from $25.34 billion in 2022 to $26.83 billion in 2023 at an impressive compound annual growth rate (CAGR) of 5.88%. Despite global economic disruptions resulting from the Russia-Ukraine war, the CNC machine tools market resilience is evident, with expectations to reach $32.46 billion in 2027 at a CAGR of 4.8%.
Driving Forces
The key driver fueling the growth of the CNC machine tools market is the surge in automotive production. The automotive industry, a significant consumer of CNC machine tools, relies on precision and efficiency for manufacturing complex shapes. According to the European Automobile Manufacturers' Association, global motor vehicle production experienced a robust 5.7% growth in 2022, reaching 85.4 million units. In North America, the production of light vehicles is projected to increase from 14.2 million units in 2022 to 15.4 million units in 2023, driven by improvements in the supply chain.
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Market Fragmentation and Top Competitors
The global CNC machine tools market displays a fragmented landscape, with numerous small players constituting the market. In 2022, the top ten competitors accounted for 15.8% of the total CNC machine tools market, showcasing a diverse competitive environment. Fanuc Corporation emerged as the largest competitor with a 3.0% CNC machine tools market share, followed closely by DMG Mori Co., Ltd., Makino Inc., and Okuma Corporation. This fragmentation indicates a dynamic market open to innovation and competition.
Market-Trend-Based Strategies
Market trends are steering strategies within the CNC machine tools industry. Companies in the CNC machine tools market are focusing on launching new simulation technology to optimize machines, adopting cutting-edge technologies such as digital twin technology to enhance efficiency, expanding through new plants and technology centers, introducing innovative products for precision and quality, and leveraging artificial intelligence (AI) and industrial internet of things (IIoT) software for enhanced efficiency, productivity, and maintenance.
Segmentation and Top Opportunities
The global CNC machine tools market is segmented based on product type, material, and application. The milling machines segment stands out as a top opportunity, expected to gain $3,728.42 million in global annual sales by 2027. The segmentation allows businesses to identify specific niches and tailor strategies accordingly.
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Market players can maximize the comprehensive insights provided by the CNC Machine Tools Global Market Report to strategically position and scale their businesses. Understanding the market dynamics, regional trends, and competitive landscape enables informed decision-making. Whether capitalizing on the surge in automotive production or aligning with market-trend-based strategies, stakeholders have a valuable resource at their disposal. Navigating the market's intricacies and embracing innovative technologies positions players for success in this evolving landscape.
CNC Machine Tools Global Market Report 2023 by The Business Research Company provides insights on the CNC machine tools market size, CNC machine tools market segments, CNC machine tools market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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