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Impact of COVID-19 on Machine Tools Market

The global machine tools market is pegged to witness prominent growth avenues during the forecast period of 2019 to 2028. This growth is attributed to the increased demand for machine tools from various end-user industries. COVID-19 epidemic has impacted negatively on almost all sectors in the world. The market for global machine tools has witnessed severe disruption in the production as well as imports activities from China. Nevertheless, the machine tools market is expected to recover from this setback and show prominent growth during the upcoming period.

The segmentation of the global machine tools market is performed on the basis of end-use, product type, and region. Machine tools find application in various industries such as automotive and transportation, electrical and electronics, general manufacturing, machinery, and others.

An upcoming research report from TMR on the machine tools market intends to provide comprehensive assessment of vital elements driving or hindering the market growth. It covers reliable data on volume, shares, revenues, key players, demand dynamics, probable growth avenues, and all important data on the market for machine tools for the forecast period of 2019–2028.

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Global Machine Tools Market: Growth Dynamics

The machine tools market is expected to grow at rapid pace owing to rising demand from wide range of industries. Automotive is one of the major end-use industries of machine tools. Thus, the thriving automotive sector will stimulate the growth of the global machine tools market. Many companies in the global machine tools market are strategizing their business moves to deal with the setback caused due to the COVID-19 epidemic. They are focused on incorporating technological developments in their products. This move is helping them to enhance the efficiency of their products. As a result, the global machine tools market is witnessing prominent demand avenues.

Several players in the global machine tools market are introducing new products with advanced features. A case in point here is the latest launch by Doosan Machine Tools. The firm recently announced that it has launched a new product to its portfolio. Thus, this product launch activity by Doosan Machine Tools is expected to help to grow its sales, thereby push the growth of the global machine tools market.

Global Machine Tools Market: Competitive Analysis

The global machine tools market is moderately fragmented in nature. Presence of many players in this market connotes that the competitive landscape is highly intense. Vendors working in the machine tools market are using diverse strategies to maintain their prominent position. Many enterprises are focused on research and development activities. They are growing investment to produce and launch innovative products. This move is allowing them to gain the leading position in the global machine tools market.

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The list of key players in the global machine tools market includes:

  • DMG MORI CO., LTD
  • Amada Holdings Co., Ltd
  • AIDA ENGINEERING, LTD.
  • Schuler Group
  • JTEKT Corporation
  • Okuma Corporation
  • Makino Milling Machine Co., Ltd
  • Hyundai Wia Corporation
  • Komatsu Limited

Global Machine Tools Market: Regional Assessment

The global machine tools market is spread across six key regions, namely, North America, Latin America, Europe, South Asia, East Asia, and Middle East and Africa. Of them, East Asia is one of the prominent regions of the market for machine tools. Presence of emerging economies such as China, Indonesia, and India is one of the key factors driving the market growth in East Asia. The machine tools market is expected to gather considerable amount in revenues from this region during forecast period of 2019 to 2028. This growth can be attributed to increased automotive demand and growing industrialization in East Asia.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.