Global CNC Metal Cutting Machine Tools market
The global CNC metal cutting machine tools market is expected to exhibit a CAGR of 6.14% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The report examines the global CNC metal cutting machine tools market in its entirety in order to derive useful projections regarding its growth trajectory over the forecast period. The leading drivers and restraints operating on the global CNC metal cutting machine tools market, the leading players operating in the market, and the leading segments of the market are assessed in detail in the report.
The global CNC metal cutting machine tools market is mainly driven by the growing industrial sector in developing economies in Latin America, the Middle East, and Asia Pacific. The growth of the industrial sector is likely to be vital to the global CNC metal cutting machine tools market over the forecast period due to the growing demand for CNC metal cutting machine tools in the automotive, shipbuilding, construction, and aerospace and defense applications. All these applications have strong growth prospects in emerging and developing economies over the forecast period due to their importance to the countries either economically or militarily.
Competitive Analysis:
Leading players in the global CNC metal cutting machine tools market include Amada Machine Tools Co. Ltd., Komatsu Ltd., EMAG GmbH & Co. KG, Haas Automation Inc., Makino Milling Machine Co. Ltd., Okuma Corporation, Hurco Companies Inc., Yamazaki Mazak Corporation, Dalian Machine Tool Group Corporation, JTEKT Corporation, Fanuc Corporation, and DMG Mori Co. Ltd.
Segmentation:
The global CNC metal cutting machine tools market is segmented by product type, application, and region in the report.
By product type, the global CNC metal cutting machine tools market is segmented into vertical machine centers, horizontal machine centers, and CNC grinders. The vertical machine centers segment is expected to dominate the global CNC metal cutting machine tools market over the forecast period; the segment is expected to exhibit a CAGR of 6.43% over the forecast period. The versatility of vertical machine centers has become a major driver for the segment in the global CNC metal cutting machine tools market.
By application, the global CNC metal cutting machine tools market is segmented into aerospace and defense, shipbuilding, construction, and automotive. The automotive industry is likely to dominate the global CNC metal cutting machine tools market over the forecast period due to the growing demand for cutting tools in automotive manufacturing facilities. The automotive segment is expected to reach a valuation in excess of USD 19 billion by 2023.
Regional Analysis:
Asia Pacific is likely to remain the leading regional segment of the global CNC metal cutting machine tools market over the forecast period. The growing industrial sector in Asia Pacific has driven the demand for CNC metal cutting machine tools and is likely to remain a major driver for the global CNC metal cutting machine tools market over the forecast period. The growing adoption of computer-controlled systems and the increasing ease of incorporating these more advanced systems into the legacy hardware in place in many developing countries is likely to drive the share of the Asia Pacific segment over the forecast period. The Asia Pacific market for CNC metal cutting machine tools accounted for 46% of the global CNC metal cutting machine tools market in 2017 and is expected to reach a valuation of more than USD 27.3 billion by 2023.
The growing ship/port building industry in India and China is likely to be a key driver for the global CNC metal cutting machine tools market over the forecast period. In May 2019, Cochin Shipyard Limited got a contract from the Indian Navy for constructing eight anti-submarine warfare shallow water crafts. China has also stepped up its activity in this sector, with the development of the controversial Gwadar port in Pakistan being just one of many strategic naval acquisitions planned by the Chinese government in the near future.
The automotive industry in Asia Pacific is also likely to be a major consumer for the global CNC metal cutting machine tools market over the forecast period due to the growing automotive production figures in China, Indonesia, South Korea, and India.
Other emerging regions such as the Middle East and Latin America are also likely to play a crucial role in the growth of the global CNC metal cutting machine tools market over the forecast period due to the growing demand for industrial development in these regions. Established markets such as North America and Europe are likely to exhibit steady growth over the forecast period.
Browse Complete Report "CNC Metal Cutting Machine Tools Market Research Report - Global Forecast to 2023" @ https://www.marketresearchfuture.com/reports/cnc-metal-cutting-machine-tools-market-7201
