“Enhanced focus on precision and machining quality of European machine tools have successfully driven the demand for European manufactured machine tools even with a higher price tag as compared to a similar machine in the same category”
Analysts at Ken Research in their the latest publication “Europe Machine Tool Market Outlook to 2023 – by Type of Machine (Cutting and Forming), By End Users (Automobile Industry, Aerospace, Energy, Engineering, Electrical and Electronics, and Others) and by Sales Channel (Distributor and Direct)” expect that with the introduction of new technology and growing demand from Eastern European Countries will have a positive impact on the market. The focus on the development of high precision and intelligent machines will drive the demand for European manufactured machine tools. It is expected that the European machine tools market will register a five-year CAGR of 6.8% during the period 2018-2023.
Market Structure and Size: Europe Machine tools market is in the matured stage and has been the market leader for centuries before the shift happened to Japan and the US market. Growth was mainly driven by demand from Italian and German-made products which are in high demand across the European and Global market. Switzerland and Spain are other significant countries which have focused on the export of machine tools.
Rise of Italian Machine Tools Market: Machine tool market is on a constant increase in Italy registering a five-year CAGR of 23.6% during 2013-2018. The growth was largely driven by increased production and imports. Robotic machinery is in high demand accounting for 15-20% of the total machine tools sales.
High Cost of Manufacturing: Europe has very well defined laws governing labor market. Machine tools being traditional industries still have labor unions which regularly negotiate various salaries and associated benefits for people working in the industry. The minimum wages are much higher compared to China and India, even in Europe; it is much lower in Eastern Europe as compared to Western Europe. Majority of the components are to be imported from other countries due to a decline in associated industries and local manufacturing. The manufacturing sector is hit across the world. Decline was registered in Europe across many important machine tools user industries such as Automobile and construction (especially Germany).
Key Segments Covered:-
By Type of Machine Tools
Cutting Machine Tool (Machining Centres and Flexible machines, Turning Machine, Laser and electric discharge machine, Milling machines, Grinding, honing, lapping and polishing machines, Transfer machines, Gear cutting and finishing machines, Drilling machines, boring machines and boring-milling machines, Sawing and cutting-off machines)
Forming Machine Tool (Forging machines and hammers including presses, Wire working machines, bending, folding and straightening machines, shearing, punching, notching machines)
By End Users
Electrical and Electronics
By Sales Channel
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2023
Key Companies Covered:-
DMG Mori Aktiengesellschaft
Gregory Fischer Machining Solution
For More Information, Refer To Below Link:-
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