Machine Tools Market Is Expected To Expand At A CAGR Of 5.80% From 2024 To 2030
Machine Tools Industry Overview The global machine tools market size was estimated at USD 92.78 billion in 2023 and is anticipated to grow at a CAGR of 5.8% from 2024 to 2030. The market growth is attributed to advancements in technologies for machine tools, such as multi-axis arms & robotics, as well as the growth in the manufacturing industry. Apart from this, the growing focus on augmenting productivity and reducing downtime is further promoting market growth. The presence of well-established automobile manufacturers such as General Motors, Nissan, Tesla, and Ford, suitable infrastructures for producing electric vehicles, and high disposable income are expected to fuel the growth of the electric vehicle market in North America over the forecast period, which in turn is likely to augment the market growth of machine tools during the projected timeframe. Furthermore, the growing demand for automotive components from the region has increased the demand for the market in North...