“The automatic bending machine market to exhibit significant growth from 2019 to 2024”
The automatic bending machine market is expected to grow from USD 1.9 billion in 2019 to USD 2.4 billion by 2024, at a CAGR of 4.5%. The growth of this market can be attributed to the high safety and accuracy offered by programmable bending. However, the high maintenance cost, along with the need for qualified operators, hinders the market growth.
“Automatic bending machines capture larger market share than semiautomatic bending machines”
Automatic type bending machines are expected to account for a larger market share than semiautomatic types bending machines from 2019 to 2024. Semi-automatic type bending machines bend the workpiece automatically, but the workpiece has to be fed manually, while automatic type bending machines offer safe automatic loading and unloading of the workpiece, as well as accurate bending. Thus, safe automatic loading and unloading and ease of use drive the market for automatic bending machines.
“Electric bending machines are likely to hold largest market share of the automatic bending machine market”
Electric bending machines are easy to use and offer accuracy in bending tubes/pipes, metal sheets, and bars, as well as consume lower electricity than other types of bending machines such as pneumatic and hydraulic. Also, electric bending machines are cheaper than bending machines based on other technologies, which ultimately boosts the demand for electric bending machines.
“APAC to be fastest-growing market for automatic bending machines during forecast period”
Among all regions, the market in APAC is expected to grow at the highest rate from 2019 to 2024. The growth of the market in this region is attributed to technological innovations. World’s major automakers are focusing on establishing their manufacturing plants in the APAC region, and some of them are even offering tailored electric and hybrid vehicles in this region. Since the economic liberalization in 1991, India has attracted unprecedented attention from major automakers. Shipbuilding has shifted from Europe to APAC. Most of the shipbuilding construction (more than 80%) is concentrated in APAC countries such as Korea, Japan, and China. APAC also has a few of the vital shipbuilding companies that use automatic bending machines.
The break-up of profiles of primary participants for the report:
- By Company Type – Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation – C-level Executives – 70%, Managers – 20%, and Others – 10%
- By Region – North America – 35%, Europe – 25%, APAC – 25%, and RoW – 15%
Major players operating in the automatic bending machine market are TRUMPF GmbH + Co. KG (Germany), AMADA HOLDINGS Co., Ltd. (Japan), HACO BV (Belgium), Bystronic Laser AG (Germany), Prima Industrie S.p.A. (Italy), DANOBAT GROUP (Spain), WAFIOS AG (Germany), BLM Group (Italy), transfluid Maschinenbau GmbH (Germany), and AMOB (Portugal), among many others.
This global automatic bending machine market has been segmented by type, technology, application, industry, and geography. The automatic bending machine market based on type has been segmented into automatic and semiautomatic. The automatic bending machine market based on the technology has been segmented further into electric, hydraulic, pneumatic, and induction based. The automatic bending machine market by application has been segmented into tube/pipe, metal sheet, and bar. The industry segment has been further classified into automotive, shipbuilding, aerospace & defense, construction and mining, and others. The automatic bending machine market by geography has been segmented into 4 regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
- Illustrative segmentation, analysis, and forecast for the market based on type, technology, application, industry, and region have been included to give an overall view of the automatic bending machine market.
- Major drivers, restraints, opportunities, and challenges influencing the automatic bending machine market growth have been detailed in this report.
- The report includes detailed information on the competitive landscape, along with key players, in-depth analysis, and revenue of key players.