The CNC milling machines market size is projected to reach US$ 19571.55 million by 2031 from US$ 8616.03 million in 2023. The market is expected to register a CAGR of 10.8% in 2023–2031. The growing demand for electric vehicles globally is strongly driving the automotive industry. The automotive industry across the globe is experiencing significant changes such as rise in production of electric vehicles and autonomous vehicles. Many automotive manufacturers have increased their production through the adoption of automation and production plant expansion across the globe. As per the International Energy Agency (IEA), electric vehicle (EV) sales nearly doubled in 2021 compared to 2020, despite supply chain bottlenecks and the COVID-19 pandemic. Nearly 6.6 million EVs were sold in 2021, and a total of 16.5 million EVs were present on the road globally. In 2021, 3.3 million EVs were sold in China, compared to 1.2 million in 2020. The automotive industry is one of the largest users of CNC milling machines. In the automotive industry, CNC milling machines manufacture interior panels, traction motors, and various custom parts. 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.
The automotive industry across the globe is experiencing significant changes such as rise in production of electric vehicles and autonomous vehicles. Many automotive manufacturers have increased their production through the adoption of automation and production plant expansion across the globe. A few of the new manufacturing plants opened in recent years are mentioned below:
The opening of new production plants across the globe is contributing to the rise in vehicle production. The rise in vehicle production in units across a few countries in 2022 compared to 2021 is mentioned below:
9,167,214
10,060,339
10%
3,308,692
3,677,820
11%
26,082,220
27,020,615
3%
4,399,112
5,456,857
24%
1,121,967
1,470,146
31%
499,087
555,889
11%
434,753
536,893
24%
Source: International Organization of Motor Vehicle Manufacturers
CNC milling machines are used widely for automotive production, including the manufacturing of several parts such as interior panels, gearboxes, custom parts, and motors. Thus, the growing automotive production across the globe is driving the demand for CNC milling machines, thereby contributing to the growth of the CNC milling machines market.
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 was the first type of CNC process used in 1952 and 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.
The defense aircraft industry is tremendously dynamic in terms of orders, production volume, component supply, supply, profits, and cost. Governments of various countries, as well as public and private companies, are investing capital in enhancing aircraft capabilities to meet the aircraft requirements during combat or non-combat scenarios. For instance, the US government announced the inaugural of new F-16 production facility in North Carolina. The rising threat of terrorism, troop transportation, and border security is creating an immense need for advanced military aircraft support.
CNC milling machines are used in aircraft production for manufacturing and assembling several aircraft parts. Thus, the rising production of military aircraft is driving the demand for CNC milling machines, thereby contributing to the growth of the 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 growth of the CNC milling machines market over the forecast period.
Key segments that contributed to the derivation of the CNC milling machines market analysis are structure, x-axis working range, number of axis, and application.
The global CNC milling machines market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). Based on geography, the North America CNC milling machine market is segmented into the US, Canada, and Mexico. The US and Canada have a significant presence of automotive and aerospace manufacturing companies, which is influencing the rise in demand for CNC milling machines across the region, thereby contributing to the North America CNC milling machines market.
Ford, Chevrolet, Jeep, GMC, Dodge, Cadillac, Chrysler, Tesla, and Lucid are among the major automotive manufacturers present in North America. The region has experienced a significant rise in investment by these automotive companies to expand their geographical presence and increase their annual production, which is further increasing the demand for CNC milling machines from the automotive industry. Since 2010, the US automotive industry has witnessed an increase in investments to develop new manufacturing plants. For instance, Ford, Rivian, and Hyundai invested ~US$ 33 billion in 2022 to establish electric vehicle and battery manufacturing plants nationwide. Similarly, in September 2022, Hyundai announced the development of its electric vehicle production plant in the US. CNC milling machines are widely used across the automotive industry for vehicle prototyping applications and for producing several parts of cars, such as internal panels, starter motors, cylinder heads, drive axles, and gearboxes. Thus, the constant growth in the automotive industry across the region is fueling the growth of the North America CNC milling machines market.
North America homes a robust aerospace industry. The aircraft manufacturing industry has experienced constant pressure from the commercial aviation sector to deliver the required volume of aircraft. The growing demand for aircraft is majorly due to the rise in expansion strategies adopted by full-service carriers (FSC). Aircraft manufacturers such as Boeing is thereby increasing several commercial aircraft manufacturing orders from across the globe. Boeing delivered 340 commercial aircraft in 2021 and 157 aircraft in 2020. CNC milling machines are widely used across the aerospace industry for designing and producing complex aircraft parts. Thus, the rise in aircraft production across the region is propelling the growth of the North America CNC milling machines market.
The regional trends and factors influencing the CNC Milling Machines Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses CNC Milling Machines Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8616.03 Million |
| Market Size by 2031 | US$ 19571.55 Million |
| Global CAGR (2023 - 2031) | 10.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Structure
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The CNC Milling Machines Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the CNC Milling Machines Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The CNC milling machines market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “CNC Milling Machines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: