United States Machine Tools Market Size and Forecast (2019-2028)

Executive Summary

The United States machine tools market revenue has shown steady growth with a compound annual growth rate (CAGR) of 2.27% from 2019 to 2023. This expansion is largely attributed to increasing demand for precision manufacturing, advancements in technology such as automation and CNC, reshoring trends, infrastructure investments, and innovations in machine tool designs. Despite facing certain economic challenges, the market has continued to expand steadily. Rising demand for precision manufacturing in sectors like aerospace and automotive has further fueled the demand for machine tools.

Growing Manufacturing Sector Uplifting Demand for Machine Tools

The machine tools market is closely linked to the manufacturing industry. In 2019, U.S. manufacturing output grew by over USD 6 billion, marking a peak increase of USD 6.12 billion from the previous year. During the same period, machine tools production reached USD 82 billion in value. However, the onset of the COVID-19 pandemic severely impacted the industry, leading to a sharp decline in production by over USD 6 billion and a drop in revenue as well.

Employment Challenges in the Manufacturing Sector

Factory job losses, which had stabilized before the pandemic, began to rise again in late 2022, following a surge in goods consumption during the pandemic. By February 2023, the manufacturing sector employed 12.983 million workers on a seasonally adjusted basis, a slight decrease from 12.987 million in January 2023, representing a loss of 4,000 jobs. This employment fluctuation highlights the persistent challenges faced by the machine tools industry.

Significant Growth in Metal Forming Segment

Machine tools market is segmented into Metal working tools, parts & Accessories, Installation services, and repair and maintenance. Among all segments, metal working tools accounts for the largest share in terms of both production and consumption. Metal working tools segments is further sub-divided into metal forming and metal cutting tools.

The metal forming tools sector is set for significant growth, driven by increased demand in automotive, aerospace, and construction sectors. Bending machines, holds the largest market share.

The metal forming segment of the machine tools market is experiencing substantial growth, driven by increased demand across automotive, aerospace, and construction sectors. Bending machines, which dominate this segment with a notable market share, are crucial due to their versatility and efficiency in producing a wide range of parts and components. Their importance is underscored by advancements in CNC technology, which enhance precision and reduce costs. The rising need for lightweight materials, such as aluminum and advanced composites for fuel-efficient products, further fuels their adoption. Additionally, the expanding construction industry relies heavily on bending machines for fabricating structural components.

Scope of United States Machine Tools Market

Makreo Research presents a comprehensive analysis titled “United States Machine Tools Market Size and Forecast (2019-2028) - by Metal Working Tools (Cutting & Forming), Parts & Accessories, Installation Services, and End-User Applications,” offering a thorough examination of the market dynamics across the country. This report explores the diverse economic, geographic, and industrial factors influencing the machine tools sector in the U.S. It provides an in-depth evaluation of both historical and current market performance, analyzing various segments such as machine tool types, technological advancements, end-user industries, and regional market specifics.

The report assesses the impact of technological innovations, with a focus on key trends like automation and digitalization within the industry. It examines market demand driven by different machine tool types, technology types, and end-user sectors, including aerospace, automotive, medical devices, and industrial machinery.

Additionally, the report evaluates the economic conditions and market opportunities in various states, as well as relevant government policies and regulations affecting the market. It offers insights into how these factors influence market growth and development.

The report categorizes the market by types of machine tools, including metal cutting and metal forming and fabricating machines by state. It also analyzes investment trends, project costs, and regional or state-wise developments across the United States, providing a comprehensive view of the machine tools market.

Period of Study

• 2019 - 2023: Past and Present Scenario
• 2024 - 2028: Future Outlook of the industry

Key Segments Assessed in the Report

• Machine Tools Market Segmentation
• Metal Working
• Parts and Accessories
• Installation Services
• Repair and Maintenance
• Machine Tools by Types
• Metal Cutting
• Metal Forming
• Machine Tools by Technology
• Computer Numerical Control (CNC)
• Conventional
• Machine Tools by End-Use Industry
• Automotive
• Mechanical Engineering
• Metal Working
• Aerospace
• Electrical Industry
• Others
• Metal Forming Machines
• Bending Machines
• Presses
• Punching Machines
• Parts and Accessories

Key Questions Answered

1. How is the United States Machine Tools market performing?

2. Which state dominates the machine tools demand in the United States?

3. What are the key challenges the machine tools market is facing in United States?

4. Which are the most commonly used metalworking machine tools in the United States?

5. How is the metal forming tools market performing in the United States?

6. What are the opportunities for machine tools market in the United States?

7. Which companies hold a significant market share in the machine tools market?

8. How is the machine tools market in United States going to perform in the future?

9. What is the projected growth rate of machine tools market in the United States?

10. Which is the largest segment metal cutting or metal forming? Show more