US Machine Tools Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.25 Billion |
| Market Size (2029) | USD 14.46 Billion |
| CAGR (2024 - 2029) | 3.38 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Machine Tools Market Analysis
The United States Machine Tools Market size is estimated at USD 12.25 billion in 2024, and is expected to reach USD 14.46 billion by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).
- The machine tool industry in the United States has been most severely impacted by the epidemic wave, including smart machinery and Industry 4.0, which will continue to be significant development trends for machine tool manufacturers in the following years. The United States consumption pattern of machine tools has boosted the country's share of domestic manufacturing in recent years. In addition to the goods offered by American domestic manufacturers.
- The business is shifting from one-centered machines to one-centered services and integrated solutions due to Industry 4.0 technologies. In some industries, companies currently produce 100% of profits and more than 50% of sales from services. Over the following few years, this trend will spread throughout the sector and pick up speed. Businesses will sell the majority of equipment by 2030 as a component of packages that include software and services, lowering the hardware sector's profit margin.
- Fragility in the machine tool industry could significantly impact national security in the case of an emergency. The Department of Defense wants to ensure it can produce everything the country needs. Working more closely with the top manufacturing and R&D firms for machine tools from our overseas partners would also be advantageous for the U.S.
- Machine tools will assist the country in acquiring the clean energy technologies we need to address the climate problem and enhance national defense. Positioning the United States as the global leader in producing renewable energy is a priority for the departments of Energy and Defense. Critical clean energy technologies, including solar panels, wind turbines, and electric vehicle batteries, will benefit from a robust machine-tool capacity and capabilities.
US Machine Tools Market Trends
This section covers the major market trends shaping the US Machine Tools Market according to our research experts:
Increasing demand for domestic machine tools driving the market
SMBs (Small and medium-sized enterprises) make up the majority of machine tool producers in the U.S. Although widely spread across the nation; they are concentrated in the industrial hubs surrounding the Great Lakes in the Midwest, California, and Texas. The Midwest is renowned for its industrial manufacturing, which encompasses nine states and contributes to 44% of the nation's machine tool production.
Construction, mining, energy, and other markets are included in the U.S. machine tool application industry and industrial machinery, vehicles, and aerospace & defense. Small and medium-sized businesses benefit when machine tool manufacturers concentrate on a particular product area rather than creating numerous machines.
As per industry statistics, the amount of new capital equipment orders placed by machine shops and other manufacturers fell to USD 391.92 million in July 2022, a -6.1% decrease from June 2022 and a -14.3% decline from July 2021, but new orders are still up on an annual basis. The July totals indicate the lowest monthly total in each category for the current calendar year and the fourth consecutive month of declining machine unit totals and overall order values.
U.S. industrial technology orders have been active for seven months. With approximately 14,700 machine tools ordered, they have reached a USD 3.22 billion total, 8.7% more than the order total from January to July 2021. The Assn. for Manufacturing Technology's monthly U.S. Manufacturing Technology Orders report, a summary of national and regional data on sales of metal-cutting, metal-forming, and -fabricating machines, provides information on new machine-tool orders.
Growth of manufacturing sector driving the market
At the start of the pandemic, supply chain problems, infections, closures of institutions and businesses, and other global socio-economic repercussions impacted both businesses and people. Manufacturing in the United States experienced a significant setback in Q2 2020, along with the rest of the economy, as a result of a nationwide shutdown that led to massive layoffs, ineffective logistics, a decline in production, and budget deficits.
The manufacturing industry in the United States is through a time of rapid development and transition as new technology and international standards are introduced into the market. The sector is dealing with several issues, including an ageing workforce, declining productivity and rising labour costs, growing competition from emerging economies, and ageing manufacturing infrastructure.
Manufacturers are looking for ways to increase productivity, lower costs, and improve the effectiveness of their supply chain networks in response to these issues. As a result, they are using technology to address these problems. Even though automation is a crucial element for success in the manufacturing industry, a recent Inkxpert market analysis indicated that just 30% of manufacturers feel that it would be a key component of their future company plan over the next five years.
US Machine Tools Industry Overview
The United States Machine Tools Market is moderately fragmented, with many domestic and international players. With their manufacturing facilities, foreign players have a good presence in the country, such as Trumpf and Amada. Moreover, some major domestic players, such as Haas and Lincoln Electric, are small and medium in size and are involved in manufacturing parts and components for machine tools. Thus, these factors make the industry highly competitive. The sector is also witnessing the trend of consolidation with mergers and acquisitions. These strategies help the companies enter new market areas and gain new customers.
US Machine Tools Market Leaders
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TRUMPF Inc.
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Haas Automation Inc.
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Amada Co. Ltd
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Lincoln Electric Holdings Inc.
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MC Machinery Systems Inc.
*Disclaimer: Major Players sorted in no particular order
US Machine Tools Market News
- July 2022: Peterson Tool Company, Inc. ("PTC"), a leading provider of machine-specific custom insert tooling solutions, had the previously announced finalized acquisition of its assets by Sandvik. Custom carbide form inserts are part of the product line and are used mainly in the general engineering and automotive industries for high-production turning and grooving applications. The operation will be referred to as Walter's GWS Tool division, which is a part of the Sandvik Manufacturing and Machining Solutions business area.
- June 2022: Doosan Machine Tools has declared that, as of June 2, 2022, it would become DN Solutions and reemerge as a provider of complete manufacturing solutions. Doosan Machine Tools' new moniker, DN Solutions, indicates a fresh beginning following its merger with DN Automotive, which took over as its parent business in January 2022. Together, DN Solutions and DN Automotive can maximize production capacities and find new growth engines which have a synergistic effect.
US Machine Tools Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
- 2.1 Analysis Methodology
- 2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Current Market Scenario
- 4.2 Market Overview
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4.3 Market Dynamics
- 4.3.1 Drivers
- 4.3.2 Restraints
- 4.3.3 Opportunities
- 4.4 Value Chain / Supply Chain Analysis
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4.5 Industry Attractiveness - Porters Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Key Government Regulations and Initiatives for the Manufacturing Sector
- 4.7 Manufacturing Sector Snapshot (Overview, Trends, R&D, Key Statistics, and Developments)
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4.8 Technology Snapshot
- 4.8.1 Connected and Automated Machines
- 4.8.2 Advanced Controls/Motion Control Systems
- 4.8.3 Digitalization and Industry 4.0
- 4.8.4 Artificial Intelligence (AI)
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Metalworking Machines
- 5.1.2 Parts and Accessories
- 5.1.3 Installation
- 5.1.4 Repair
- 5.1.5 Maintenance
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5.2 By End User
- 5.2.1 Automotive
- 5.2.2 Fabrication and Industrial Machinery Manufacturing
- 5.2.3 Marine, Aerospace & Defense
- 5.2.4 Precision Engineering
- 5.2.5 Other End Users
6. COMPETITIVE LANDSCAPE
- 6.1 Overview (Market Concentration and Major Players)
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6.2 Company Profiles
- 6.2.1 TRUMPF Inc.
- 6.2.2 Haas Automation Inc.
- 6.2.3 Amada Co. Ltd
- 6.2.4 Lincoln Electric Holdings Inc.
- 6.2.5 Multipress Inc.
- 6.2.6 MITUSA Inc.
- 6.2.7 MC Machinery Systems Inc.
- 6.2.8 Mate Precision Tooling Inc.
- 6.2.9 Bystronic Inc.
- 6.2.10 Laser Mechanisms Inc.
- 6.2.11 Koike Aronson Inc./Ransome
- 6.2.12 FENN Metal Forming Machinery Solutions
- 6.2.13 Cincinnati Inc.*
- *List Not Exhaustive
7. APPENDIX
- 7.1 GDP Distribution, by Activity and Region
- 7.2 Insights into Capital Flows
- 7.3 Exports and Imports Statistics of Machine Tools
8. FUTURE OF THE MARKET
US Machine Tools Industry Segmentation
The machine tools industry can be classified into metal-cutting machines and metal-forming machines. A complete background analysis of the United States Machine Tools Market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact is included in the report.
The United States Machine Tools Market is Segmented by Type (Metalworking Machines, Parts and Accessories, and Installation, Repair, and Maintenance) and by End User (Automotive, Fabrication, and Industrial Machinery Manufacturing, Marine and Aerospace & Defense, Precision Engineering, and Other End Users). The report offers the market sizes and forecasts for the United States Machine Tools market in value (USD) for all the above segments.
| By Type | Metalworking Machines |
| Parts and Accessories | |
| Installation | |
| Repair | |
| Maintenance | |
| By End User | Automotive |
| Fabrication and Industrial Machinery Manufacturing | |
| Marine, Aerospace & Defense | |
| Precision Engineering | |
| Other End Users |
US Machine Tools Market Research FAQs
How big is the United States Machine Tools Market?
The United States Machine Tools Market size is expected to reach USD 12.25 billion in 2024 and grow at a CAGR of 3.38% to reach USD 14.46 billion by 2029.
What is the current United States Machine Tools Market size?
In 2024, the United States Machine Tools Market size is expected to reach USD 12.25 billion.
Who are the key players in United States Machine Tools Market?
TRUMPF Inc., Haas Automation Inc., Amada Co. Ltd, Lincoln Electric Holdings Inc. and MC Machinery Systems Inc. are the major companies operating in the United States Machine Tools Market.
What years does this United States Machine Tools Market cover, and what was the market size in 2023?
In 2023, the United States Machine Tools Market size was estimated at USD 11.85 billion. The report covers the United States Machine Tools Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Machine Tools Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key opportunities in the US Machine Tools Market?
The key opportunities in the US Machine Tools Market are a) Integration of AI and IoT for improved efficiency, productivity, and predictive maintenance b) Growing demand for eco-friendly machinery and processes that are energy-efficient and utilize recycled materials
US Machine Tools Industry Report
The US Machine Tools market is experiencing significant growth, driven by advancements in technology and increasing demand across various sectors. Segmented by type, the market includes metalworking machines, parts, accessories, and services such as installation, repair, and maintenance. Metalworking machines, essential in automotive, aerospace, and construction industries, dominate due to their role in manufacturing processes and the integration of AI, IoT, and robotics, enhancing efficiency, productivity, and precision. The automotive sector holds a substantial market share, with extensive use of machine tools for manufacturing intricate components, while aerospace and defense also contribute significantly, driven by the need for precision engineering. The trend towards sustainable manufacturing practices is influencing market dynamics, promoting the adoption of energy-efficient machines and eco-friendly materials. Overall, characterized by a focus on technological innovation, efficiency, and sustainability, the market offers significant growth opportunities through AI and IoT integration. US machine tool manufacturers are continuously innovating to meet the complex demands of this evolving market. For detailed statistics, market share, size, revenue growth rate, and a forecast outlook, access a free report PDF download from Mordor Intelligence™ Industry Reports.
