As cited by the research report titled ‘Global Machine Tools Market Size study, by Type (Lathe Machines, Milling Machines, Laser Machines, Grinding Machines, Welding Machines, Winding Machines and Others), by Technology (Computer Numerical Control (CNC) and Conventional), by Sales Channel (Direct and Indirect), by End-use (Automotive, Aerospace & Defense, Construction Equipment, Power & Energy, Industrial and Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global machine tools market was worth USD 80.3 billion in 2020 and is projected to grow with a CAGR of 4% to accumulate USD 105.67 billion over 2021-2027.
 

Expanding manufacturing sector, increasing robotics & human-machine interaction, coupled with growing investments by private players are primarily driving global machine tools market growth. Additionally, rapid technological advancements are likely to positively sway the industry dynamics over the forecast period.
 

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For the record, machine tools are used for cutting, shearing, grinding, and shaping metals & other materials. In present times, these devices are powered either electronically or hydraulically.
 

As cited in the report, uncertainty linked to social & economic factors is likely to restrain market progression over the analysis duration.
 

Based on type, worldwide machine tools industry is segmented into lathe machines, laser machines, milling machines, grinding machines, winding machines, and welding machines among others. Considering technology ambit, the marketplace is divided into conventional, and computer numerical control (CNC).
 

Speaking of sales channel, the business sphere is categorized into direct, and indirect. Moving on to end user spectrum, the industry is fragmented into automotive, power & energy, construction equipment, aerospace & defense, industrial and others.
 

On the regional front, Asia Pacific, Europe, North America, and Latin America are major contributors towards the overall industry valuation. Of these, Asia Pacific is currently dominating the market share on account of growing demand from industries like aerospace, automotive, manufacturing, and construction.
 

Meanwhile, North America market is anticipated to expand lucratively through 2027, owing to extensive adoption of automatic machine tools in industries like manufacturing.
 

Prominent players in global machine tools industry space are Yamazaki Mazak Corporation, MAG IAS GmbH, Schuler AG, Okuma Corporation, Komatsu Ltd., Hyundai Wia Corp., Georg Fischer Ltd., Doosan Corporation, Chiron Group SE, and Amada Co. Ltd.