The Latin America, Middle East and Africa Press Brakes Market would witness market growth of 8.4% CAGR during the forecast period (2023-2030).
The Brazil market dominated the LAMEA Press Brakes Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $16,768 Thousands by 2030. The Argentina market is showcasing a CAGR of 9.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 8% during (2023 - 2030).
These machines are used in the railway and transportation industry to fabricate components used in locomotives, railcars, subway systems, and infrastructure. Applications include manufacturing frames, chassis, brackets, and various vehicle and system interior fittings. Also, these machines offer flexibility and versatility for producing custom and specialty components tailored to specific customer requirements.
Several trends shape the market, reflecting manufacturers' evolving needs and preferences across industries. These trends highlight the ongoing innovation, technological advancements, and market dynamics driving the development and adoption of press brake machines. Automation and robotics are revolutionizing press brake operations, enabling autonomous bending processes and reducing reliance on manual labor.
As the automotive industry expands in Saudi Arabia, there is a growing need for precision-formed metal components used in vehicle manufacturing, which increases the use of these machines. According to the ITA, the Middle East and North Africa (MENA) region is predicted to develop at a rate of 36%, with Saudi Arabia ranking first in the regional industry. Nearly 52% of cars sold in the Gulf Cooperation Council (GCC) and 35% in the Middle East and North Africa (MENA) were sold in Saudi Arabia in 2020. 2019 saw a total of 556,000 cars sold in Saudi Arabia, while 2020 saw 436,000 sold. By 2025, 543,000 units are expected to be sold. In conclusion, the expansion of the region's automotive industry is propelling the market's growth.
Free Valuable Insights: The Worldwide Press Brakes Market is Projected to reach USD 831.5 Million by 2030, at a CAGR of 5.7%
Based on Power Source, the market is segmented into Electric, and Hydraulic. Based on Axis, the market is segmented into 2 to 4 Axis, 4 to 6 Axis, and 6 to 8 Axis. Based on Product Type, the market is segmented into Hydraulic, Servo-Electric, Hybrid, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Power Source
By Axis
By Product Type
By Country
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