According to the report, this is due to the rapid technological advances and frequent changes characteristic of the machine tool industry. Consumer preferences also constitute a significant risk factor for vendors operating in this market.
As a result, success in the multi-tasking machine tools market depends on vendors being able to distinguish their product offerings and services through a clear and unique value proposition. The report also states that the development of innovative technologies such as additive manufacturing will help the market grow during the forecast period.
“The global multi-tasking machine tools market is expected to show an upward trend during the forecast period [2017-2021] due to the expected growth in end-user industries such as aerospace and medical devices, which accounted for close to 95 percent of the total market share in 2016,” said Gaurav Mohindru, a lead tools and components analyst from Technavio.
The report identifies the following companies as the top five global vendors of multi-tasking machine tools (in alphabetical order):
For more information, or to request a sample of the report, visit the Technavio website.