Market Research Future (MRFR)’s latest report has projected that the global multi-tasking machine tools market is set to exhibit sluggish growth through the forecast period. The market is set to grow, but at a slow pace, registering a CAGR of 2.9% over 2023. The growth is attributable to the ability of the multi-tasking machine tools in delivering precision and efficiency without manual intervention.
The widening range of application across different industry verticals such as automotive, aerospace, manufacturing, etc. is likely to fuel some demand in the multi-tasking machine tools market in the foreseeable future. The growth of the automotive sector is directly influencing the growth of the multi-tasking machine tools market positively. The trend is very likely to perpetuate over the next few years.
The high costs of labor have catapulted the multi-tasking machine tools market on an upward trajectory by accelerating its adoption. Furthermore, the technological advancements are projected to catalyze the market proliferation across the assessment period mildly.
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By product type, the global multi-tasking machine tools market has been segmented into milling, drilling, turning, and others. The milling segment holds a significant share of the market and is likely to retain its prominence over the next couple of years. The growth can be ascribed to the boom witnessed in the automotive and aerospace industries.
By application, the multi-tasking machine tools market is segmented into automotive, general machinery, aerospace, and others. Among these, the automotive segment accounts for a major share of the market. The thriving automotive sector across the globe, especially in China and India is poised to fuel demand in the segment. Meanwhile, the aerospace sector is estimated to exhibit a steeper rise in the growth.
By region, the global multi-tasking machine tools market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the global market towards the end of the forecast period. The high costs associated with labor has accelerated the adoption of the technology in the market. Additionally, increasing application of multi-tasking machine tools in the booming aerospace industry coupled with the presence of key players is another factor fueling the growth and expansion of the multi-tasking machine tools market.
Asia Pacific is estimated to be the fastest growing segment globally. The presence of fast-developing economies such as India, China, etc. have intensified the need for the adoption of multi-tasking machine tools for precision and efficiency across different industry verticals. Furthermore, the thriving automotive and manufacturing industries are likely to drive the growth of the multi-tasking machine tools market in Asia Pacific.
Some of the key players profiled in the report are Yamazaki Mazak Corporation (Japan), Nakamura-Tome Precision Industry Co., Ltd. (Japan), Accuway Machinery Co., Ltd. (Taiwan) Doosan Machine Tools Co. Ltd. (U.S.), Jyoti CNC Automation Ltd. (India), Tongtai Machine & Tool Co., Ltd. (Taiwan), Trevisan Machine Tool. (U.S.), Takisawa machine tool co., ltd. (Japan), DMG Mori Co., Ltd. (Japan), and Okuma India Pvt. Ltd. (India).
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