According to our latest research study on “CNC Milling Machines Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Structure, X-Axis Working Range, Number of Axis, and Application,” the market is expected to grow from US$ 8,616.03 million in 2023 to US$ 14,419.53 million by 2028; it is estimated to register a CAGR of 10.8% from 2023 to 2028.
The growing demand for CNC milling machines across industries such as automotive, aerospace & defense, electronics, and medical device manufacturing for prototyping and producing components used for the manufacturing of the main product is creating the demand for advanced CNC milling machines. This is influencing the players to focus on the development of new products as per market requirements and expansion of their production centers for increasing the annual production volume. A few of the developments are mentioned below:
- In September 2022, Bantam Tools announced the launch of a new portable CNC milling machine. The product is available in a compact form and weighs less than 50 pounds, thereby offering ease in its transportation.
- In September 2022, Breton, a leader in the design and production of CNC machining centers, announced the launch of its latest technological solution, the Breton Hawx. The solution is designed to enhance precision in manufacturing for customers in industries such as aerospace, automotive, marine, and general manufacturing.
- In October 2021, UNISIGN announced the launch of its new CNC milling machine for the truck industry. The product is designed to enhance the accuracy and quality of rear axles and decrease both operational time and cost.
Thus, the rise in product development by various players across the globe is expected to contribute to the CNC milling machines market growth over the forecast period.
CNC Milling Machines Market Share – by Region, 2021
CNC Milling Machines Market Forecast to 2028 - Global Analysis By Structure (Gantry, Moving Table, Fixed Table, and Column Type), X-Axis Working Range (Less than 2,000 mm; 2,001 mm to 5,000 mm; 5,001 mm to 7,000 mm; and Above 7,000 mm), Number of Axis (3-Axis, 4-Axis, 5-Axis, and Others), and Application (Automotive & Transportation, Aerospace & Defense, Oil & Gas, and Others)
CNC Milling Machine Market Size, Report & Forecasts 2028
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Impact of COVID-19 Pandemic on CNC Milling Machines Market Analysis
The COVID-19 pandemic adversely affected the global automotive, aerospace, electronics & semiconductors, and oil & gas industries due to disruption in the supply chain activities and imposition of strict regulations on international trade by several countries to combat the spread of SARS-CoV-2. Furthermore, oil and gas prices increased significantly due to limited demand across the world. The discontinuation of activities in the oil & gas market reduced the demand for related products such as CNC milling machines and services. The automotive industry also experienced a significant decline in its revenues and production volume due to supply chain disruptions and labor shortages across production plants. Similarly, the aerospace & defense and electronic & semiconductors industries across the globe also experienced a temporary shutdown of production activities owing to the stringent government regulations. These factors hindered the CNC milling machines market in the first two quarters of 2020. However, the demand for CNC milling machines increased with the continuation of economic activities in Q3 of 2020.
The UK is one of the most developed countries in Europe and accounted for a significant share of the Europe CNC milling machines market in 2022. The country has a significantly developed automotive industry, which is a vital part of its economy. The UK has over 30 automotive manufacturers and more than 250 automotive component providers. The export of vehicles contributes to 10% of the total exports of the country. Thus, the growing automotive industry across the UK is driving the demand for CNC milling machines. Additionally, the UK has a developed aerospace & defense industry with the presence of companies such as Bae Systems Plc and Rolls Royce Plc. The increase in aircraft and aircraft components manufacturing by these companies is propelling the demand for CNC milling machines from the aerospace & defense industry across the UK.
The global CNC milling machines market size is segmented on the basis of structure, X-axis working range, number of axis, and application. Based on structure, the market is segmented into gantry, moving table, fixed table, and column type. Based on X-axis working range, the CNC milling machines market is categorized into less than 2,000 mm; 2,001 mm to 5,000 mm; 5,001 mm to 7,000 mm; and above 7,000 mm. Based on number of axis, the market is categorized into 3-axis, 4-axis, 5-axis, and others. Based on application, the CNC milling machines market is segmented into automotive & transportation, aerospace & defense, oil & gas, and others. By region, the CNC milling machines market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Okuma Corporation, Nidec, NICOLÁS CORREA S.A, AWEA MECHANTRONIC CO. LTD, and Emco are a few key players operating in the CNC milling machines market. During this study, several major CNC milling machines market players were analyzed to get a holistic view of the global market and its ecosystem.
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