According to the industry market research organization Freedonia Group, by 2014, the demand for machine tools in the Chinese market will increase by 14.2% to 389 billion yuan. This strong growth momentum will consolidate China's current status as the world's largest machine tool consumer and producer. The supply and demand of the industry will benefit from the “Twelfth Five-Year Plan†formulated by the government. The “Twelfth Five-Year Plan†specifically targets the machine tool industry as one of the strategic emerging industries (SEIs), which will receive government support and promote independent innovation.
High-end equipment manufacturing is listed as a strategic emerging industry, and will focus on fostering development in the future. Advanced machine tool manufacturing is an important part of high-end equipment manufacturing, so the industry can receive subsidies from central and local governments for research and development. Sales of high-end machine tools can also benefit from tariff policies, thereby increasing sales of local products.
Machine tools in China's main markets are industrial machinery and equipment, transportation equipment, primary metal products and electrical and electronic equipment. Among them, industrial machinery has become the largest market for machine tools because it is widely used in various industrial fields. Due to the explosive development of China's auto industry, transportation equipment manufacturing has been the second largest market for machine tools in the past 10 years.
Metal cutting machines are the largest product category, three times the size of metal forming machines. In 2014, the demand growth rate of China's machine tool accessories market will reach 16.1%, faster than metal cutting machine tools and forming machine tools.
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