U.S.: Machine Tool Market 2024

Machine Tool Market Size in the U.S.

For the third consecutive year, the U.S. machine tool market recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption recorded a significant expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the near future.

Machine Tool Production in the U.S.

In value terms, machine tool production shrank modestly to $X in 2022. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Machine Tool Exports

Exports from the U.S.

In 2022, overseas shipments of machine tools decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, machine tool exports expanded notably to $X in 2022. In general, exports saw a mild curtailment. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons) was the main destination for machine tool exports from the United States, with a X% share of total exports. Moreover, machine tool exports to Mexico exceeded the volume sent to the second major destination, Belgium (X tons), twofold. Canada (X tons) ranked third in terms of total exports with an X% share.

From 2013 to 2022, the average annual growth rate of volume to Mexico stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Canada (X% per year).

In value terms, Mexico ($X), Canada ($X) and China ($X) were the largest markets for machine tool exported from the United States worldwide, together comprising X% of total exports. Belgium, the Netherlands, Germany, India, Brazil and the UK lagged somewhat behind, together accounting for a further X%.

The Netherlands, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average machine tool export price amounted to $X per ton, surging by X% against the previous year. Overall, the export price, however, faced a deep setback. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (X%), while the prices for the other major destinations experienced a decline.

Machine Tool Imports

Imports into the U.S.

Machine tool imports into the United States skyrocketed to X tons in 2022, growing by X% on 2021. Over the period under review, imports posted significant growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, machine tool imports surged to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2013 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of machine tool imports to the United States, together comprising X% of total imports. South Korea, Germany, Italy, Canada, Switzerland, Thailand, India, Vietnam, the UK and Mexico lagged somewhat behind, together comprising a further X%.

From 2013 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest machine tool suppliers to the United States were Japan ($X), Germany ($X) and Italy ($X), together accounting for X% of total imports. South Korea, China, Canada, Taiwan (Chinese), Switzerland, the UK, Thailand, Mexico, India and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average machine tool import price stood at $X per ton in 2022, declining by X% against the previous year. Overall, the import price faced a dramatic decline. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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