The United States machine tools market size reached US$ 11.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.9% during 2024-2032.
Report Attribute
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Key Statistics
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---|---|
Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 11.3 Billion |
Market Forecast in 2032
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US$ 16.2 Billion |
Market Growth Rate 2024-2032 | 3.9% |
Machine tools operate using numerical control, which helps in achieving maximum product uniformity. These tools assist in cutting, shaping, forming, drilling, grinding, abrading, and nibbling metals or other hard materials. They also aid in minimizing human efforts required during cutting and enhancing the overall productivity.
The escalating demand for fabricated metals in the United States represents one of the key factors stimulating the market growth. Moreover, a significant demand for electric vehicles (EVs), autonomous cars and self-driven trucks is increasing the utilization of machine tools in the country. Apart from this, advancements in hardware and software components of computer numerical control (CNC) machines, coupled with the introduction of multi-axis and robotic arms, are driving the market growth. Furthermore, the setting up of various manufacturing plants is providing lucrative opportunities to players in the United States.
IMARC Group provides an analysis of the key trends in each sub-segment of the United States machine tools market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on tool type, technology type and end use industry.
Breakup by Tool Type:
Breakup by Technology Type:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Features | Details |
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Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Billion |
Segment Coverage | Tool Type, Technology Type, End Use Industry, Region |
Region Covered | Northeast, Midwest, South, West |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The United States machine tools market was valued at US$ 11.3 Billion in 2023.
We expect the United States machine tools market to exhibit a CAGR of 3.9% during 2024-2032.
The emerging trend of automation, along with the growing utilization of machine tools to increase the overall productivity and improve the efficiency of various products, is primarily driving the United States machine tools market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary closure of numerous end-use industries for machine tools.
Based on the tool type, the United States machine tools market can be bifurcated into metal cutting, metal forming, and accessories. Currently, metal cutting holds the majority of the total market share.
Based on the technology type, the United States machine tools market has been segmented into conventional and CNC (Computerized Numerical Control), where CNC (Computerized Numerical Control) currently exhibits a clear dominance in the market.
Based on the end use industry, the United States machine tools market can be divided into automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, and others. Currently, automotive accounts for the largest market share.
On a regional level, the market has been classified into Northeast, Midwest, South, and West.