The North America Machine Tools Market would witness market growth of 3.6% CAGR during the forecast period (2021-2027).
Metal cutting is a common use for machine tools in a variety of industries, consisting of automotive, aerospace, defense, and railways. One of the most common types of metal-cutting machines is the milling machine. Chamfering, turning, gear cutting, and filleting are just some of the operations that a milling machine may do.
Furthermore, the expansion of metalworking process industries has increased demand for milling machines, which has fueled the machine tool market's growth. The demand for automatic machine tools has increased as the manufacturing sector has grown, which is projected to fuel the expansion of the CNC machine tools market.
Shapers and planers, lathes, milling machines, drilling machines, and power saws are examples of machine tools that produce parts by eliminating metal chips from a work piece. Punch presses are used to cold form metal pieces like cooking utensils, automotive bodies, and other similar objects, whereas forging presses are used to hot forming white-hot blanks into correctly shaped dies.
Modern machine tools can cut or mold items to tolerances of one-tenth of an inch or less (0.0025 millimeters). Precision lapping machines may create pieces that are within two-millionths of an inch in particular applications (0.00005 millimeters). Machine tools combine weight and stiffness with delicate accuracy due to the precise dimensional requirements of the parts and the powerful cutting pressures exerted on the cutting tool
The United States is a leader in R&D activities for technology creation and efficient engineering procedures. This is due to the presence of a large number of international players in the area. The aerospace, automobile, and defense industries in the United States have been the primary drivers of demand for metal forming machine tools, as these industries have a significant demand for fabricated metal products. As the Industry 4.0 concept gains traction throughout the manufacturing sector, it is having an impact on the machine tool market, which is attempting to integrate into smart systems. By reducing idle time, Industry 4.0 has the potential to enhance the usage of machine tools in production operations. Because the United States has over 20,000 job shops, they have always been the largest spending industry.
The US market dominated the North America Machine Tools Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $18,959.7 million by 2027. The Canada market is exhibiting a CAGR of 5.9% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 5% during (2021 - 2027).
Based on Type, the market is segmented into Lathe Machines, Milling Machines, Laser Machines, Grinding Machines, Welding Machines, Winding Machines, and Others. Based on Technology, the market is segmented into Computer Numerical Control (CNC) and Conventional. Based on Sales Channel, the market is segmented into Direct and Indirect. Based on End-use, the market is segmented into Automotive, Aerospace & Defense, Construction Equipment, Power & Energy, Industrial and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Machine Tools Market is Estimated to reach $96.8 Billion by 2027, at a CAGR of 4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hyundai Wia Corporation (Hyundai Motor Company), Schuler Group GmbH, CHIRON Group, JTEKT Corporation, AMADA CO., LTD., Okuma Corporation, DMG Mori Co. Ltd., Komatsu Ltd., Georg Fischer Ltd., and Makino Milling Machine Co., Ltd.
By Type
By Technology
By Sales Channel
By End-use
By Country
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