Summary

The drilling machines market is expected to register a moderate growth during the forecast period (2019-24). The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, aerospace and others, across the world. Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, advancement in the manufacturing processes, and adoption of latest technologies. Development of multi-purpose material removal machines, which consists of different cutting equipment in a single machine (like milling cum drilling, etc.), have gained traction. The metal fabrication market may be less prone to wild fluctuations than other industries, which will allow these conventional machining processes to grow moderately. For instance, in India, the annual growth rate of fabricated metal products production followed negative trend during the period 2013-15. Whereas, after 2015, the production rate witnessed positive trend with lesser growth rates.
Following two years of quiet moderation, the worldwide production of machine tools underwent explosive growth in 2017. Since drilling machines market is a sub-segment under the machine tools market, the growth of the machine tool market is a positive sign for the current market studied. China is the global leader in the machine tool market. Worldwide, the machine tool cutting sector represented a major share in terms of production volume when compared to forming technology. The machine tool cutting sector comprises of lathes, drilling machines, boring machines, milling machines, etc.


Key Market Trends

Positive Outlook for the Automotive Industry

The major factor boosting the growth of drilling machines is the increasing demand from the automotive industry. Drilling machines have a significant share in the automotive industry and are used for several operations to fabricate automotive car parts, frames, etc. Hole drilling plays a critical role in automotive manufacturing. Hundreds of holes must be drilled while manufacturing each vehicle, which includes those in transmission shafts, engine blocks, airbag propellant chambers, camshafts, and other internal engine parts.
Despite some headwinds, the automotive industry is looking bright globally. U.S. light vehicle sales peaked in 2016 with 17.46 million and 2018 marked the fourth straight year with over 17 million unit sales. According to industry sources, global light vehicle production units have been remarkable and it only continues to grow. APAC is expected to register the highest growth rates in terms of production volumes followed by North America. This scenario is expected to create demand for the drilling machines and other related machines associated with the manufacturing process.

Asia-Pacific to Dominate the Drilling Machines Market

According to analysis, Asia-Pacific (APAC) is estimated to hold the highest market share in the current market studied. The region has the highest number of manufacturing plants where adoption of drilling machines is substantial. China is expected to be the major country in the region owing to its vast manufacturing sector. Additionally, automotive is one of the China’s pillar industries, and it continues to be the largest vehicles market in the world. The country’s total automotive production reached 27.8 million units in 2018, which is far ahead of major markets like the United States (11.3 million units), Japan (9.7 million units), and Germany (5.1 million units).
Coming to ASEAN, the manufacturing sector has been one of ASEAN’s key economic growth drivers. Economies in this region have low operating costs, which attract businesses from larger manufacturing bases and countries. In recent times, China has seen tighter regulations and rising wages, which have led to an increase in operating costs as it plans to shift towards higher value manufacturing. Hence, to replace the role that China once used to play, companies are looking to the ASEAN region for lower-value production networks which have also been largely integrated into global manufacturing value chains. As per the analysis, drilling machine manufacturers should align their distribution channels to focus on the growing markets by serving the emerging manufacturing sectors to increase their sales.


Competitive Landscape

The drilling machines market is fairly fragmented in nature with the presence of large global players and small and medium sized local players with quite a few players who occupy the market share. When analyzing major countries’ manufacturing establishments, it is revealed that many of the global companies have footprint in the major countries. Detailed analysis of major companies, which include company overview, financials, products offerings, recent developments, etc. are covered in the report.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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