CNC Machine Tools Global Market Opportunities and Strategies to 2032

This report describes and explains the CNC machine tools market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global CNC machine tools market reached a value of nearly $26.60 billion in 2022, having grown at a compound annual growth rate (CAGR) of 3.54% since 2017. The market is expected to grow from $26.60 billion in 2022 to $35.08 billion in 2027 at a rate of 5.69%. The market is then expected to grow at a CAGR of 6.77% from 2027 and reach $48.68 billion in 2032.

Growth in the historic period resulted from growth of the aerospace industry, evolution of the internet of things (IoT) and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were high maintenance costs and a lack of training for operating CNC machines.

Going forward, increasing automotive production, growth of manufacturing activities, increasing urbanization and growth in medical device manufacturing will drive the market. Factors that could hinder the growth of the CNC machine tools market in the future include a shortage of skilled workforce.

The CNC machine tools market is segmented by product type into milling machines, drilling machines, grinding machines and other product types. The milling machines market was the largest segment of the CNC machine tools market segmented by product type, accounting for 40.3% or $10.71 billion of the total in 2022. Going forward, the milling machines segment is expected to be the fastest growing segment in the CNC machine tools market segmented by product type, at a CAGR of 6.16% during 2022-2027.

The CNC machine tools market is segmented by material into aluminum, stainless steel, titanium and other materials. The stainless steel market was the largest segment of the CNC machine tools market segmented by material, accounting for 60.1% or $15.98 billion of the total in 2022. Going forward, the stainless steel segment is expected to be the fastest growing segment in the CNC machine tools market segmented by material, at a CAGR of 5.88% during 2022-2027.

The CNC machine tools market is segmented by application into automotive, general machinery, precision engineering, transport machinery and other applications. The automotive market was the largest segment of the CNC machine tools market segmented by application, accounting for 41.3% or $10.98 billion of the total in 2022. Going forward, the precision engineering segment is expected to be the fastest growing segment in the CNC machine tools market segmented by application, at a CAGR of 6.44% during 2022-2027.

Asia-Pacific was the largest region in the CNC machine tools market, accounting for 38.7% or $10.30 billion of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the CNC machine tools market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 7.01% and 5.21% respectively. These will be followed by North America and Eastern Europe, where the markets are expected to grow at CAGRs of 4.94% and 4.44% respectively.

The global CNC machine tools market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 15.8% of the total market in 2022. Fanuc Corporation was the largest competitor with a 3.0% share of the market, followed by DMG Mori Co., Ltd with 2.8%, Makino Inc with 2.0%, Okuma Corporation with 1.7%, JTEKT Corporation with 1.6%, Yamazaki Mazak Corporation with 1.3%, Haas Automation Inc with 1.2%, Takisawa Machine Tool Co. Ltd with 0.8%, Hurco Companies Inc with 0.8% and Trumpf Group with 0.6%.

The top opportunities in the CNC machine tools market segmented by product type will arise in the milling machines segment, which will gain $3.72 billion of global annual sales by 2027. The top opportunities in the CNC machine tools market segmented by material will arise in the stainless steel segment, which will gain $5.28 billion of global annual sales by 2027. The top opportunities in the CNC machine tools market segmented by application will arise in the automotive segment, which will gain $3.69 billion of global annual sales by 2027. The CNC machine tools market size will gain the most in China at $1.58 billion.

Market-trend-based strategies for the CNC machine tools market include focus on launch of new simulation technology to optimize machines, adopting new technologies such as digital twin technology to increase efficiencies, new plant expansions and technology centers to increase product portfolio, introducing innovative products to deliver the highest accuracy and quality and using artificial intelligence (AI) and developing industrial internet of things (IIoT) software to enhance efficiency, productivity and maintenance.

Player-adopted strategies in the CNC machine tools market include focus on expanding operational capabilities through strategic acquisitions, enhancing business through strategic collaborations and partnerships and strengthening operational capabilities through the launch of new products.

To take advantage of the opportunities, the analyst recommends the CNC machine tools companies to focus on launch of new simulation technology to optimize machine performance, focus on use of digital twin technology for enhanced efficiency, focus on new plant expansions to increase product portfolio, focus on innovative products with high accuracy and quality, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on fast-growing applications.