Multi-tasking Machine Tools Market

Multi-tasking Machine Tools Market Overview:

Global Multi-tasking machine tools market can be defined as tools which are used in the combined process of turning and machining, thus eliminating the requirement for various machines used to perform those functions. Multi-tasking machines help solve the quality problems in the manufacturing process and improve product output. It helps the manufacturer perform all the operations on one single machine.  

Multi-tasking Machine Tools Market Segmentation:

By product type, the global multi-tasking machine tools market has been segmented into milling, drilling, turning, and others. The milling segment accounted for the largest market share in 2022 and is expected to register significant growth during the review period. The segment growth can be attributed to widespread use of milling cutters in the end-use industries including automotive and aerospace among others. Milling is defined as the process of machining in which rotary cutters are used to remove material by advancing a cutter into a workpiece. It can be used on wide variety of operation from small scale to heavy duty gang milling operations.  It is most commonly used for machining custom parts to precise tolerances. Drilling segment is expected to grow at a considerable CAGR during the review period. Drilling is defined as a process in which a round hole is created within a work piece or is enlarged by rotating a drill. Turning manufacturing process involves removal of unwanted parts of the material thus, leaving behind a well-shaped workpiece.

By application, the global multi-tasking machine tools market has been segmented into automotive, general machinery, aerospace, and others. The automotive segment accounted for the largest market share in 2022 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to increasing production of passenger vehicles on account of rising consumer spending on vehicles coupled with increasing per capita disposable income of the consumers. Multi-tasking tools are being used in various automotive applications including gearbox cases, engine cylinder heads, flywheels, piston rods, water pumps and aluminium drive housings among others. The aerospace segment is projected to grow at a considerable CAGR during the review period on account of expanding production of aircrafts across the globe. Increasing product use in various aircraft components such as frames, blisks, blades, casings and landing gear is likely to add to the global multi-tasking machine tools market growth exponentially.

Multi-tasking Machine Tools Market Dynamics and Factors:

The growth of the global multi-tasking machine tools market is primarily driven by significant growth of the automotive and aerospace industries. Growing automotive industry with rising production of passenger vehicles to meet growing consumer demand is driving the global multi-tasking machine tools market growth. In addition to this, rising emphasis on manufacturing of electric vehicles is likely to add to the global multi-tasking machine tools market growth. Significant growth of the aerospace industry with rising demand for aircrafts across the geographies is expected to bolster the global multi-tasking machine tools market growth substantially during the review period.

Growing demand for advanced machine tools is likely to offer lucrative growth opportunities to the market players. Additionally, expanding industrialization in the developing countries of Asia-Pacific and the Middle East & Africa regions are projected to offer significant growth potential to the industry players.

Multi-tasking Machine Tools Market Geographical Analysis:

By geography, the global multi-tasking machine tools market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2021 and is expected to grow at a significant CAGR during the review period. China was the key revenue generating country in the region in 2022. The regional market growth can be attributed to expanding growth of the end-use industries including manufacturing, automotive, and aerospace among others. Increasing production of electric vehicles in China is expected to spur the market growth significantly. Additionally, rising production of aircraft components in the developing countries owing to easy availability of raw materials and cheap labor is expected to contribute to the market growth at substantial rate.

The market growth in North America is driven by the established presence of the end-use industries particularly automotive and aerospace. In addition to this, the presence of key market players such as Doosan Machine Tools Co. Ltd. (US) and Trevisan Machine Tool. (US) are expected to contribute to the market growth substantially during the review period.

The European market is expected to grow at a considerable CAGR on account of increasing product demand in the key end-use industries. Germany was the largest revenue generating country in the region. Growing emphasis on production of fuel-efficient vehicles on account of rising environmental regulations is likely to propel the market growth in the region.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the major end-use industries particularly manufacturing and automotive.

Multi-tasking Machine Tools Market Report Scope

Key Market Segmentation

Multi-tasking Machine Tools Market - By Type

o   Milling

o   Drilling

o   Turning

o   Others

Multi-tasking Machine Tools Market - By Application 

o   Automotive

o   General Machinery

o   Aerospace

o   Others

Multi-tasking Machine Tools Market - By Region

North America

US

o   Canada

o   Mexico

Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

o   Russia

o   Benelux

o   Nordics

Rest of Europe

Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

Rest of Asia-Pacific

Middle East and Africa

South America