Market Research Future (MRFR)’s study reveals that the global Covid-19 Analysis on CNC Metal Cutting Machine Tools market is prognosticated to thrive at a CAGR of 6.14% during the forecast period 2018 to 2023. The report also discloses that the market’s valuation is likely to touch USD 58,918.2 Mn mark by the end of 2023. The strong value maintained by the end-user industries is anticipated to be the primary driving force of market growth in the forthcoming years.
Urbanization and industrialization have favored the generation of demand for automobiles. The sales of automobiles have been estimated to increase from 90 million to 120 million between 2015 and 2023. This, in turn, has necessitated the bulk production of different components of automobiles with a high degree of accuracy and precision. The drastic growth witnessed in the automobile industry is expected to dictate the growth trajectory of the Covid-19 Analysis on CNC Metal Cutting Machine Tools market over the assessment period. In addition, the rising demand witnessed in other industries such as aerospace & defense, construction, etc. are also presumed to catalyze the expansion of the market over the next couple of years.
The lack of skilled labor is one of the major challenges posed by the global market. It is presumed to have a negative impact on the growth of the Covid-19 Analysis on CNC Metal Cutting Machine Tools market in the forthcoming years. In addition, the high cost of these tools remains an impediment to the market growth. However, manufacturing hubs in developing nations backed by FDI are poised to unleash tremendous opportunities for the participants of the Covid-19 Analysis on CNC Metal Cutting Machine Tools market.
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Global Market for CNC Metal Cutting Machine Tools – Segmental Analysis:
This MRFR report offers a detailed segmental analysis of the global Covid-19 Analysis on CNC Metal Cutting Machine Tools market based on application and product type. By product type, the market has been segmented into vertical machine centers, horizontal machine centers, and CNC grinder. Among these, the vertical machine centers segment is expected to grow from USD 19,541.3 Mn in 2017 to USD 28,264.9 Mn by the end of 2023. The manufacturing industry is poised to generate high demand for vertical machine centers over the next couple of years.
By application, the Covid-19 Analysis on CNC Metal Cutting Machine Tools market has been segmented into automotive, aerospace & defense, shipbuilding, and construction. Among these, the automotive segment is projected to expand at a relatively higher CAGR of 6.4% during the assessment period. The report also reveals that the automotive segment has been estimated to hold the maximum share of the market through the forecast period.
Regional Outlook:
The regional assessment of the Covid-19 Analysis on CNC Metal Cutting Machine Tools market spans across Americas, Europe, Asia Pacific, and the Middle East & Africa. Among these, Asia Pacific is expected to retain a dominant share of the global market across the assessment period. It is estimated to expand at a relatively higher CAGR of 6.36% over 2023. The burgeoning end-use industries are anticipated to drive the growth of the Covid-19 Analysis on CNC Metal Cutting Machine Tools market in the region. In addition, the growth strategies leveraged by the key players in the region such as Okuma Corporation, Yamazaki Mazak Corporation, and DMG Mori Co., Ltd, are poised to favor the proliferation of the market.
Europe is a lucrative regional market and is forecasted to strike a CAGR of 5.84% during the review period. The valuation of the Covid-19 Analysis on CNC Metal Cutting Machine Tools market in the region has been estimated to reach USD 16,312.3 Mn by 2023-end. The growth of the regional market can be ascribed to the adoption of advanced machinery for its end-user industries. Americas is another important revenue pocket projected to proliferate saliently at a CAGR of 6.10% during the assessment period.
Global Market for CNC Metal Cutting Machine Tools – Competitive Dashboard:
Some of the prominent players operating in the global market are DMG MORI CO., LTD, FANUC CORPORATION, JTEKT CORPORATION, Okuma Corporation, Komatsu Ltd., Hurco Companies, Inc., Haas Automation, Inc., EMAG GmbH & Co. KG, Yamazaki Mazak Corporation, AMADA MACHINE TOOLS CO., LTD., Dalian Machine Tool Group Corporation
