CNC Milling Machine Market Size, Report & Forecasts 2028

The CNC milling machines 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.

Computerized numerical control (CNC) milling machines are the most important machines for subtractive manufacturing, removing materials from the workpiece to create a finished product. This differs from additive manufacturing processes such as 3D printing, casting, or injection molding, in which material is added to create a finished product. The process begins with a two- or three-dimensional computer-aided design (CAD) representation of the part to be produced. CAD guides the cutting process of the workpiece and precisely defines the measurements and requirements for the part. CNC milling can reshape various materials such as metal, glass, alloy, plastic, or wood. It is the most common CNC process and can be programmed to produce custom-designed parts to exact and accurate specifications. Presently, many market players offer a broad range of products with various specifications, sizes, and functionalities. CNC machining also helps the automotive industry develop functional prototypes, which can go into mass production after testing and validation. Thus, the growth of the automotive industry is primarily driving the CNC milling machines market growth.

CNC Milling Machines Market -

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CNC Milling Machines Market: Strategic Insights

Market Size Value in	US$ 8,616.03 million in 2023
Market Size Value by	US$ 14,419.53 million by 2028
Growth rate	CAGR of 10.8% from 2023 to 2028
Forecast Period	2023-2028
Base Year	2023

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Impact of COVID-19 Pandemic on CNC Milling Machines Market

According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic has severely affected several countries, such as India, Australia, China, and Japan. India is the worst-hit country by the pandemic in this region. Governments of these countries imposed limitations to control the spread of SARS-CoV-2 during the initial period of the outbreak. Also, limited workforce and social distancing norms reduced the manufacturing volume, thereby hampering the CNC milling machines market from both the demand and supply side. China imposed strict lockdown and social isolation norms during the COVID-19 outbreak, which stopped oil & gas exploration activities and reduced the demand for oil and other energy commodities across the country. It also hindered the manufacturing activities across the country. Similarly, India, another manufacturing country in the region, imposed a nationwide lockdown to control the growing number of COVID-19 cases. Thus, the overall decline of manufacturing industries hampered the demand for CNC milling machines across APAC during the first two quarters of 2020. However, as the economies in Q3 of 2020 reopened and industries began their operations, the requirement for CNC milling machines increased gradually from various end-use industries such as automotive, electronic & semiconductors, and oil & gas.

Lucrative Regions for CNC Milling Machines Market

Smart manufacturing, over the years, has gained momentum across all manufacturing plants, including electronics, automobiles, and aircraft. smart manufacturing enables automation across production plants, thereby reducing operational time and cost. CNC milling machines are being increasingly integrated with smart manufacturing technology as it allows program-specific machining operations. This is enabling the manufacturers to enhance the precision and accuracy of operations by reducing human error. Further, the integration of smart manufacturing technology with CNC machining is also enabling the automation of repetitive functions. Thus, the integration of smart manufacturing technologies with CNC milling machines is expected to contribute to the CNC milling machines market growth over the forecast period.

Number of Axis-Based Insights

Based on number of axis, the CNC milling machines market size is segmented into 3-axis, 4-axis, 5-axis, and others. The 3-axis segment accounted for the largest market share in 2022. 3-axis CNC milling machines are the most common and low-priced machines. In these machines, the cutting tool operates along the XYZ plane to trim the material and is mostly suited for parts that do not require much detailing or depth. The workpiece generally remains fixed in a single position while the movement of the spindle is available in the x, y, and z-axes. 3-axis CNC milling machines can work on all six sides of a part but require a new fixturing setup for each side. Only one side of the workpiece can be machined for a single fixture setup. These machines are commonly utilized for drilling holes, milling slots, forming sharp edges, and other 2D and 2.5D geometry. Since these machines are used widely, finding operators with technical knowledge of these machines is easier. Additionally, 3-axis CNC milling machines are relatively affordable and easier to set up and operate. Despite the growing popularity of 5-axis machines, 3-axis machines are considered the workhorse by several verticals and are witnessing widespread adoption.

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 CNC milling machines 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 CNC milling machines market players operating across the world.

CNC milling machines market players are mainly focused on the development of advanced and efficient products.

• In 2022, Zimmermann announced the launch of its new FZU 5-axis gantry milling machine, designed for prototype, tool, and mold making. The FZU is a compact and thermo-symmetrical machine that provides maximum productivity and accuracy, making it an ideal entry point to Zimmermann's machine line. The machine is suitable for machining plastics and casting resins such as Ureol and aluminum. The FZU's development will help Zimmermann close the gap in the lower weight class, according to Frieder Gänzle, General Manager and Partner at Zimmermann in Germany.