Post COVID-19, the global machine tool market size is projected to reach USD 68.9 billion by 2021 from an estimated USD 65.6 billion in 2020, at a CAGR of 5.0%. The projections were based on the ongoing automotive industry production drop, which is the biggest consumer of machine tools and, additionally, the supply chain disruptions caused by the COVID-19 pandemic in the manufacturing industry.
The machine tool market reached an all-time high in 2018. However, with the continuous decrease in automotive production over the last 2-3 years, the trade war (between the US and China) on tariffs creating a weak demand in downstream industries and the uncertainty in the international relations has impacted investment decisions, resulting in ~11% decline in the machinery demand for 2019.
A full report of COVID-19 Impact on Global Machine Tool Market is available at: https://www.orionmarketreports.com/covid-19-impact-on-global-machine-tool-market/45537/
COVID-19 Impact on Global Machine Tool Market Segmentation
Based on machine type:
• Metal Cutting Machine
• Metal Forming Machine
Based on the automation type:
• CNC Machine tools
• Conventional Machine tools
Based on the industry:
• Automotive Industry
• Sheet Metal Industry
• Capital Goods
• Energy Industry
Based on the Sales Channel:
• Direct Sales
• Events & exhibitions
• Dealers & distributors
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