CNC Milling Machine Market Research Report 2021-2031
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.
CNC Milling Machines Market Analysis
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:
- In September 2021, Ford announced the opening of its new electric vehicle manufacturing plant in the US with an investment of US$ 11.4 billion.
- In September 2022, Continental unveiled its new automotive production plant in Texas with an investment of US$ 110 million.
- In October 2021, Nissan announced the opening of its new production plant in Tochigi. The factory is engaged in the manufacturing of next-generation vehicles for attaining carbon neutrality.
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:
Country | 2021 | 2022 | % change |
United States | 9,167,214 | 10,060,339 | 10% |
Germany | 3,308,692 | 3,677,820 | 11% |
China | 26,082,220 | 27,020,615 | 3% |
India | 4,399,112 | 5,456,857 | 24% |
Indonesia | 1,121,967 | 1,470,146 | 31% |
South Africa | 499,087 | 555,889 | 11% |
Argentina | 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.
CNC Milling Machines Market Overview
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.
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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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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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CNC Milling Machines Market Drivers and Opportunities
Increase in Production of Military Aircraft
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.
Integration of Smart Manufacturing Technology with CNC Milling Machines
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.
CNC Milling Machines Market Report Segmentation Analysis
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 CNC milling machines market based on structure, the CNC milling machines market is segmented into gantry, moving table, fixed table, and column type. The gantry segment accounted for a larger market share in 2023.
- Based on x-axis working range, the CNC milling machine market is segmented into less than 2000 mm, 2001 mm to 5000 mm, 5001 mm to 7000 mm, and above 7000 mm. The less than 2000 mm segment accounted for a larger market share in 2023.
- Based on number of axis, the CNC milling machine market is segmented into 3-axis, 4-axis, 5-axis, and others. The 3-axis segment accounted for a larger market share in 2023.
- Based on application, the CNC milling machines market is segmented into automotive & transportation, aerospace & defense, oil & gas, and others. The automotive & transportation segment accounted for a larger market share in 2023.
CNC Milling Machines Market Share Analysis by Geography
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.
CNC Milling Machines Market Report Scope
CNC Milling Machines Market News and Recent Developments
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:
- In January 2023, EMCO and GLM are on their way to EMCO GLM GMBH. After a very successful preparatory phase, in which the cooperation of the two companies in the areas of sales, application technology, automation, and service has already got off to a good start, the foundation of the new company EMCO GLM GmbH, with a majority stake of EMCO, was initiated. (Source: EMCO, Press Release)
- In December 2022, TRIMILL has successfully delivered a 5-axis TRIMILL VFC 3021 milling machine to a customer in Germany. The milling machine is equipped with a 2-axis fork-type milling head T21C, designed for continuous milling and provides high precision and rigidity. TRIMILL claimed to provide its customers with high-quality and customized milling solutions, as well as its ability to deliver and install machines worldwide successfully. (Source: TRIMILL, Press Release)
CNC Milling Machines Market Report Coverage and Deliverables
The “CNC Milling Machines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- CNC milling machines market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
- CNC milling machines market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- CNC milling machines market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- CNC milling machines market landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Structure, X-Axis Working Range, Number of Axis, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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