Automotive Machine Tool Market: Provides Comprehensive Understanding Of The Market With The Help Of Informed Market Outlook 2020–2030

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Automotive Machine Tool Market: Introduction

  • Machine tools are machines that are utilized to machine or shape metal and other rigid materials by means of various operation such as boring, shearing, cutting, grinding, and other forms of deformation. All machine tools have guided movement and are integrated with machining tools to perform cutting and other deformation operations.
  • Modern machine tools are powered either electrically or hydraulically. Manufacturers of machine tools are focused on the development of low maintenance machine tools in order to reduce operation cost.

Key Drivers of Automotive Machine Tool Market

  • Rise in trend toward automated machine tools owing to their high efficiency, high productivity, and high precision are prompting consumers to prefer CNC machine tools. Developments in machine tools, in terms of machining language and programming controllers, enable operators to set a predefined work cycle for the machine. A machine tool performs all the operations defined in the program, automatically, during the stipulated time frame. Therefore, a rise in the demand for CNC operated machine tools is expected to propel the global automotive machine tools market.
  • Per capita income is the measure of amount of money earned per person in the concerned geographical region. Business trends enabled through e-commerce and logistics, advancements in manufacturing technologies and machineries, foreign direct investments, and government initiatives to improve living standards of the population in the country are propelling the economic growth globally.
  • Rise in the per capita income indicates a rise in the purchasing capacity of the population in the respective region. This, in turn, is propelling the trend toward owning a vehicle among the population, thereby increasing the sale of vehicles across the globe. This, in turn, is propelling the manufacturing industry.
  • Expansion of the manufacturing industry coupled with technological advancements in machine tools, such as multi axis and robotic arm, is a major factor driving the automotive machine tool industry globally
  • However, disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020-2021. Consequently, the coronavirus pandemic has hampered the global automotive machine tool market.
  • The market is anticipated to recover by increasing production volume of vehicle components as well as vehicles in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive machine tool market during the forecast period.

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Asia Pacific to account for major share of global automotive machine tool market

  • In terms of region, the global automotive machine tool market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
  • Asia Pacific is expected to account for a major share of the global automotive machine tool market. Surge in the number of metal cutting activities coupled with expansion of oil & gas, automotive, and railway industries has fueled the demand for machine tools. Countries such as China, India, Japan, and South Korea are prominent consumers in the machine tools market. Additionally, the presence of numerous automotive manufacturers who utilize machine tools for diverse applications such as drilling and cutting is another factor boosting the automotive machine tools market in Asia Pacific.

Key Players Operating in Automotive Machine Tool Market

The global automotive machine tool market is highly concentrated due to the presence of top manufacturers. A few key players operating in the automotive machine tool market are:

  • Doosan Corporation
  • AMADA Co., Ltd.
  • Makino
  • Jtekt Corporation
  • GF Machining Solutions
  • DMG Mori Aktiengesellschaft
  • Komatsu Ltd.
  • OKUMA Corporation
  • Hyundai WIA Corporation
  • Schuler AG
  • Chiron Group SE
  • MAG IAS GmbH
  • GROB-WERKE GmbH & Co.KG
  • Spinner Machine Tools
  • Haas Automation

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