Machine Tools Market Growth by Country

Machine Tools Market  Revenue Growth Forecasts

By 2032, the global machine tools market (including software-based solutions) will reach US$245.2 billion, led by the following countries: China (US$68.8 billion), the United States (US$30 billion), Japan (US$22.1 billion), and Germany (US$21.1 billion). The global machine tools market is growing at a Compound Annual Growth Rate (CAGR) of 4.3% between 2022 and 2032, up from US$152.9 billion in 2022 revenue.

Machine Tools Market Growth Drivers

The average lifecycle of a given machine tool is usually between 5 and 15 years, depending on the conditions of use, but some can be in service for 35+ years. In the next decade, manufacturers will continue the cycle of replacing old equipment. This will be driven at a faster pace, as new technology is produced at a more rapid rate, facilitating the need for manufacturers to upgrade their machinery sooner to remain competitive. Furthermore, machine tool builders will continue to invest in solution-based offerings, providing open software to support their machine tools. Overall, this will make these machine tools more valuable to manufacturers, and thus incentivize them to upgrade.