Machine Tool Market Projects Asia-Pacific to Continue Its Domination Till the End of Forecast Period
Machine tools employ some sort of tool that does the cutting or shaping. Based on the product type, the machine tools are segmented into metal cutting tools, metal forming tools and special machine tools. Generally, these are used in various end-user industries such as automotive, aerospace, primary & fabricated metals, electrical & electronic equipment and others.
The rising demand for drilling machines & earth movers, due to increasing mining activity and increase in production of heavy manufacturing/industrial machinery results in a rise in demand for machine tools. This factor drives healthy growth for the Machine Tool Market. Also, the market is expected to be driven by growth in global fabricated metal products market. Furthermore, technological innovation has led to the development of advanced milling machines that advances the machine tool industry.
The growing demand for automated manufacturing in the industrial sector resulted in the increasing uptake of CNC machine tools. Asia-Pacific is dominating the Machine Tool Market and is also projected to register the fast growth, during the forecast period. Government initiatives in the countries such as India and China like SEZs, subsidies, and tax exemption to manufacturers also enhance market growth in this region. North America is registering second highest growth, followed by Europe and Rest of the World.
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