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.
Highlights of the Report
• Accurate analysis of several vendors present in the market.
• Competitive landscape consisting of new contracts, strategic partnerships, mergers and acquisitions, and agreements.
• Various insights, namely, machining center market trends, growth drivers, opportunities, and restraints.
To Gain More Insights into the Machining Centers Market, Browse Summary of the Research Report - https://www.fortunebusinessinsights.com/industry-reports/machining-centers-market-101770
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
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.
Asia Pacific to Grow Rapidly: Rising Demand for Construction Equipment Will Favor Growth
Asia Pacific had generated USD 14.91 billion machine centers market share and is expected to acquire the highest CAGR throughout the forecast period. This growth is likely to occur on account of the rapidly expanding aerospace and automotive market in the emerging nations, namely, Thailand, Vietnam, and India. Moreover, increasing construction activities is causing a high demand for several types of equipment required for this purpose. As per our sources, in China, the construction industry was valued at USD 893.58 billion and is anticipated to grow at a CAGR of 5% in the coming years.