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CNC Metal Cutting Machine Tools Market Competitive Landscape By 2023

Author: Rishikesh Kurane
by Rishikesh Kurane
Posted: Aug 24, 2019

Market Research Future (MRFR)’s study reveals that the global 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 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 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 CNC metal cutting machine tools market.

Get Free Sample of "CNC Metal Cutting Machine Tools Market Research Report - Global Forecast to 2023" @ https://www.marketresearchfuture.com/sample_request/7201

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.

Get Details Information of "CNC Metal Cutting Machine Tools Market Research Report - Global Forecast to 2023" @ https://www.marketresearchfuture.com/reports/cnc-metal-cutting-machine-tools-market-7201

Continued…….

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About the Author

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR) and Mar

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Author: Rishikesh Kurane

Rishikesh Kurane

Member since: Jan 28, 2019
Published articles: 346

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