Metalworking Equipment Market (2023 To 2030) Size, Share & Trends Analysis Report By Type (Lathe Machines, Milling Machines), By End-User, By Region, And Segment Forecasts

Metalworking equipment is a group of machines that are used in metalworking processes such as cutting, drilling, grinding, sheet forming, etc. These metalworking activities are extensively used for the production of industrial machines and tools which are significantly important in various industries including automotive, construction, and mining, among others. In recent years, advancements in technologies are impacting the metalworking industry and proceeding toward Industry 4.0 movement. Manufacturers are investing in such technological innovations that are recuperating in cutting-edge, fully automated metalworking machinery. The metalworking industry remains highly versatile industry and the use of automated systems capable of seamless communication and collection of data will be able to offer a profitable manufacturing process.

Product launches along with the new innovations facilitated by the rising spending on research & development are likely to create new opportunities in the global metalworking equipment market. This drives the attraction of various metalworking firms that are trying to increase revenue generation and in turn fuel global market growth. For instance, in July 2022, Tsugami India launched a new CNC lathe machine in the global market. This new machine features a Gantry. Also, for instance, in February 2023, TRUMPF announced the launch of a new fully automated metalworking machine in the North American market. The machine is a panel bending machine, TruBend Center 7020, suitable for the fabrication of complex metal parts. Such developments and innovations in the market are likely to offer new opportunities over the forecast period.

The market is segmented on basis of type, end-user, and region. The type segment is divided into lathe machines, milling machines, grinding machines, drilling machines, saw machines, and others. The end-user segment consists of companies from automotive, manufacturing, construction, marine, and other industries.

The metalworking equipment market is expected to grow at a robust rate over the forecast period due to the increasing demand from the automotive industry. The growing consumer preference for personal cars for daily commuting is significantly driving personal car ownership across the world. The rising automotive sales are creating significant growth in the demand for metalworking equipment such as lathe machines, drilling machines, grinding machines, etc. For instance, according to S&P Global Mobility, in 2023, new vehicle sales are expected to reach approximately 83.6 million units, registering a year-on-year growth of 5.6%. Furthermore, the growing popularity of electric vehicles is also facilitating new electric car registrations mostly in China, the U.S., and European countries, which is additionally expected to have a positive impact on the global metalworking equipment market over the forecast period. For instance, according to International Energy Agency, global electric car sales continued to exhibit strong growth in 2022.

Prominent players operating in the market include General Electric, Haas Automation, Komatsu, Sandvik, Bosch, Kawasaki Robotics, Decker, Deere, Kennametal, Parker Hannfin, Dover, Rockwell, Ingersoll-Rand, Yamazaki Mazak, etc. These companies are involved in developing, manufacturing, and marketing of metalworking equipment to cater to the requirements of various end-users such as the automotive, manufacturing, and construction industry.