Machine Tool Market - Forecast(2020 - 2025)
Machine Tool Market Overview: According to the International Trade Center (ITC), total trade of machine tools was evaluated at $3.43 billion in 2018. Machine tools are an indispensable part of engineering & construction projects, and intermittently used in operational manufacturing units for maintenance purposes. Owing to prevalent applications of machine tools in various industries, machine tool market had a valuation of $62.6 billion in 2018. Furthermore, machine tool market is expected to escalate with a CAGR of 6.60% during the forecast period 2019-2025. APAC has been observing a continuous growth in various industries such as energy, construction, and automotive. Machine tools are commonly used in these industries for various purposes such as grinding, turning, boring, and broaching. The growth of these industries is leading to an augmented demand for machine tools, which happens to be the reason machine tool market had made greater revenues as compared to other regi