The global machining center market size is projected to reach USD 43.73 billion by 2026, thereby exhibiting a CAGR of 5.1% during the forecast period. However, the market was valued at USD 29.17 billion in 2018.
Fortune Business Insights published this information in an upcoming report, titled, “Machining Centers Market Size, Share & Industry Analysis, By Product (Vertical Machining Center, Horizontal Machining Center, Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026.” The report further states that manufacturers, nowadays, are focusing more on the elimination of changeover time with less space, reduced material handling, quality improvement, and decreased cycle time to produce a specific product. These factors are expected to contribute to the machine centers market growth during the forecast period.
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some of the most prominent companies operating in the machining center market. They are as follows:
- Okuma Corporation
- JTEKT Corporation
- Hyundai WIA
- Matsuura Machinery Corporation
- Komatsu Ltd.
- Yamazaki Mazak Corporation
- Doosan Machine Tools Co., Ltd.
- DMG MORI CO., LTD.
- MAG IAS GmbH
An Overview of the Impact of COVID-19 on this Market:
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Automotive Segment to Grow Notably Owing to Increasing Demand for Commercial Vehicles
In terms of application, the market is fragmented into transport machinery, automotive, precision engineering, general machinery, and others (energy, electrical, etc.). Amongst these, the automotive segment is set to exhibit immense growth backed by a rise in the demand for commercial vehicles in the emerging countries, such as India. The segment had generated 41.8% machining center market share in 2018. According to numerous sources, in 2017, the automotive industry showcased a year on year growth of more than 9.5% in India. Additionally, the governments of many countries are taking initiatives to promote the usage of electric vehicles. The Government of India, for instance, has shortlisted 11 cities to deploy electric vehicles for public transportation under the ‘Electric Vehicles in India’ and ‘Faster Adoption and Manufacturing of (Hybrid)’ schemes.
Precision engineering, on the other hand, is anticipated to be one of the fastest-growing segments in the coming years. This growth is attributable to the rising demand for highly accurate and top-quality critical components from the medical and aerospace sectors. Besides, there is an increasing demand for those machines that are capable of manufacturing products with high critical tolerance. The transport machinery segment is expected to grow notably owing to the rising rate of trade worldwide.
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