Analysis of the Current Situation of European Machine Tool Industry

It is reported that the European Machine Tool Industry Association's June 2009 information shows that the European machine tool industry was hit hard by the economic downturn; orders in the first quarter of 2009 fell by 53% year-on-year; investment in the automobile and machinery manufacturing industry was the most affected; renewable energy, Public transport, healthcare and precision manufacturing were relatively unaffected; sales to China and India showed some resilience during the 2009 recession. Due to weak global end-user demand, the consumption of European machine tools is expected to drop by 30% to 40% in 2009. In order to cope with the economic recession, European machine tool manufacturers strive to reduce inventory levels, reduce labor hours, flexibly arrange labor, and retain strategic technical strength. The European machine tool industry still holds 44% of the global market share. The European Machine Tool Industry Association looks forward to the EMO exhibition held in Milan, Italy from October 5 to 10, 2009 to bring good business opportunities to European machine tool manufacturers.