COVID-19 Impact On Global Machine Tool Market
According to a MarketsandMarkets report, the COVID-19 impact on global machine tool market size is projected to reach USD 68.9 billion by 2021 from an estimated USD 65.6 billion in 2020, growing at a CAGR of five percent.
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. Economies rely on machinery for production, and machine tools form the crux of it.
Companies are expected to recover from the recession slowly by taking preventive measures to meet production needs. Chinese firms have also become creative and resourceful to recruit the workforce. Some firms negotiated with local governments for permission to send in charted buses and even airplanes to bring back the workforce from remote regions. Others have started to adopt automation to make up for labour shortages. Some are also applying technologies to do crash training for newly recruited manual labour workforce.
Asia Pacific is expected to recover at a faster growth than compared with other regions post COVID crisis during the forecast period
Even with COVID-19 originating from China, the country has been successfully implementing strategies to control the spread, where it has been successful when compared to Europe and North America. Recently, China has slowly started its production activities with the minimum workforce.
With Asia being the largest automotive producer, the Machine Tool Market is expected to rebound faster with investments in new technologies like Chipmaking equipment, which is expected to propel growth. The field likely will see an increase in demand amid advancement in technologies for 5G communication and artificial intelligence.
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