H. Yoo
Research expert covering South Korea
European machine tool industry - statistics & facts
Machine tools are an inherent part of manufacturing industries and indispensable particularly to those reliant on interchangeable components. Nevertheless, global production value of machine tools has been continually fluctuating in the past seven years, recording a net decrease of 14.6 billion U.S. dollars between 2019 and 2020. Germany was the highest-ranking European country, coming in second with a market share of 15 percent. Across members of the European Association of the Machine Tool Industries (CECIMO), consumption was valued at 12.4 billion euros in 2020 and was estimated to increase to 15.9 billion euros by 2024.
