Computer Numerical Control (CNC) machine comprises several computers to control machine tools, including lathes, mills, routers, and grinders. These machine tools function through numeric control by instructions given in the form of a program. The programming language is referred to as G-code that essentially controls features, such as coordination, feed rate, speeds, and location. CNC machines are mostly used in manufacturing of metal and plastic parts.
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Factors such as the growing demand from major end-use sectors and time-effectiveness with high precision and quality driving the global CNC metal cutting machine tools market. Concurrently, the lack of skilled labor and high cost of CNC machine could restrain market growth to a certain extent.
In terms of value the global CNC metal cutting machine tools market is expected to grow at 6.14% CAGR during the forecast period, 2018-2023. In 2017, the market was led by Asia-Pacific with 45.87% share, followed by Europe and the Americas with shares of 28.15% and 19.09%, respectively.
In terms of volume the global CNC metal cutting machine tools market is expected to grow at 5.95% CAGR during the forecast period, 2018-2023. In 2017, the market was led by the Asia-Pacific with 50.78% share, followed by Europe and the Americas with shares of 25.11% and 17.55%%, respectively.
Asia-Pacific is projected to be the fastest-growing regional market for CNC metal cutting machine tools. China holds a substantial market share for the ATV engine, owing to the rapid growth of the industrial sector in China due to supportive government policies. Furthermore, the easy availability of skilled labour and the low cost of establishing manufacturing plants in China have resulted in rapid industrialization and several global companies shifting their plants to the country. The increasing demand for automobiles by the growing population is expected to drive the market in China during the forecast period.
Some of the key players of the market are DMG MORI CO., LTD (Japan), Amada Machine Tools Co. (Japan), JTEKT Corporation (Japan), Yamazaki Mazak Corporation (Japan), Hurco Companies, Inc. (US), Okuma Corporation (Japan), EMAG GmbH & Co. KG (Germany), Komatsu Ltd. (Japan), Haas Automation, Inc. (US), Dalian Machine Tool Group Corporation (China), FANUC Corporation (Japan), and Makino Milling Machine Co., Ltd. (Japan).
Objective of the Global CNC Metal Cutting Machine Tools Market Report-Forecast till 2023
> To provide insights into factors influencing market growth
> To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
> To provide historical and forecast revenue of the market segments based on product type, application, and region
> To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
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> Associations and industrial bodies
> Component suppliers and distributors
> End users of CNC machines across industries
> Government bodies such as regulatory authorities and policymakers
> Industrial automation equipment providers
> Original equipment manufacturers (OEMs)
> The vertical machine centers segment of the global CNC metal cutting machine tools market, by product type, is projected to register the highest CAGR of 6.43% during the forecast period.
> The automotive segment of the global CNC metal cutting machine tools market, by application, is projected to register the highest CAGR of 6.40% during the forecast period.
> Asia-Pacific is expected to dominate the CNC metal cutting machine tools market during the review period. The regional market is expected to register a CAGR of 6.36% to reach a market size of USD 27,370.6 million by the end of 2023.
The regional analysis includes:
o Rest of Americas
o Rest of Europe
o South Korea
o Southeast Asia
o Rest of Asia Pacific
> Middle East & Africa
o GCC Countries
o South Africa
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