Milling Machine Market Size - By Type (Vertical Milling Machine, and Horizontal Milling Machine), By Operating Technology (Computer Numerical Control (CNC), Conventional), By Axis Configuration, By End Use, By Distribution Channel & Forecast, 2024 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMilling Machine Market Size - By Type (Vertical Milling Machine, and Horizontal Milling Machine), By Operating Technology (Computer Numerical Control (CNC), Conventional), By Axis Configuration, By End Use, By Distribution Channel & Forecast, 2024 – 2032
Milling Machine Market Size
Picture thisIt's 2023 and the market for milling machines is booming, valued at a whopping $18.4 billion. Experts predict it'll keep growing at a steady pace of 7.4% from 2024 to 2032. Why the surge? It's all about the growing need for rapid prototyping and customization in industries everywhere. Companies want to create unique products and get them to market faster. That's where milling machines come in. They're like the Swiss army knives of manufacturing, capable of carving intricate designs into a wide range of materials with amazing precision. Manufacturers are investing heavily in machines that are flexible, giving them the freedom to work with different tools, adjust spindle speeds, and move axes in all kinds of ways. There's also a cool trend called hybrid manufacturing, where milling machines team up with additive manufacturing technologies like 3D printing. This opens up a whole new world of possibilities for businesses looking to stay ahead of the curve.
To get key market trends
Furthermore, the rising focus on miniaturization and micro-machining significantly influences the market growth. The trend towards miniaturization is pushing innovations in milling machine design, emphasizing compact footprints, enhanced rigidity for stability in small-scale operations, and advanced spindle technologies capable of achieving both high-speed and high-precision performance. Manufacturers are actively investing in research and development efforts aimed at enhancing machine capabilities to meet these evolving industry demands.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Milling Machine Market Size in 2023 | USD 18.4 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 7.4% |
| 2032 Value Projection | USD 34.4 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 310 |
| Tables, Charts & Figures | 300 |
| Segments covered | Type, Operating Technology, Axis Configuration, End-Use, Distribution Channel, Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
The acquisition and installation expenses for milling machines, particularly advanced CNC models featuring integrated automation and precise capabilities, can be considerable. This upfront financial commitment may dissuade smaller manufacturers or those in developing economies from embracing these technologies. SMEs often face difficulty in investing in sophisticated milling equipment due to these substantial initial costs, hindering their capacity to leverage modern machining technologies that could otherwise bolster productivity and competitiveness. Fluctuations in economic conditions, shifts in market demand, or advancements in technology can significantly influence the sustainability and profitability of such investments over the long term.
Milling Machine Market Trends
Global milling machine industry is also expanding due to technological advancements and rising focus on industrial automation and integration of CNC technology. The demand for automated and computer numerical control (CNC) milling machines is increasing due to their precision, efficiency, and ability to operate autonomously. Innovations in milling machine designs, such as improved tooling materials, advanced control systems, and integration with CAD/CAM software, are driving market growth. Furthermore, integration of industrial automation and CNC systems optimizes manufacturing workflows by automating tool changes. This automation significantly boosts productivity, minimizes cycle times, and accelerates the delivery of machined parts.
Milling Machine Market Analysis
Learn more about the key segments shaping this market
Based on type, the vertical milling machine segment was worth around USD 10.6 billion in 2023 and is expected to reach USD 20.6 billion by 2032. Vertical milling machines are often more cost-effective for smaller batch production runs or prototypes. They generally have lower initial costs and can be more economical to operate and maintain over time. These factors boost the demand for vertical milling machines. Therefore, vertical milling machines are preferred over horizontal milling machines due to several advantages such as versatility, ease of setup, space efficiency, cost-effectiveness, and compatibility with automation.
On the other hand, horizontal milling machine is machine where spindle is horizontally oriented and cutting tool moves parallel to the horizontal axis of the workpiece. Horizontal milling machines facilitate easier chip evacuation, allowing metal swarf to naturally fall away under gravity. This feature minimizes the accumulation of chips on cutting tools, leading to enhanced machining efficiency and improved surface finishes. Sectors like aerospace, automotive, and energy industries demand robust machining capabilities for machining large components. Horizontal milling machines are favored in these industries due to their strength and capability to tackle rigorous machining operations effectively.
Learn more about the key segments shaping this market
Based on end use, the automotive segment held a significant market share of around 35% in 2023. The automotive industry is at the forefront of adopting new technologies and materials to improve vehicle performance, safety, and efficiency. The automotive industry requires precise manufacturing for critical components such as engine parts, transmission components, and chassis assemblies. Milling machines are pivotal in achieving the precise tolerances necessary for these components. Vehicles today feature increasingly intricate designs and shapes aimed at improving performance, safety, and fuel efficiency. Milling machines are indispensable for accurately machining these complex contours and features on automotive parts.
Milling machines that can operate at high speeds and handle multiple workpieces simultaneously are essential for achieving production targets efficiently. Moreover, automotive components are crafted from diverse materials, including metals such as aluminum, steel, and titanium, as well as composites like carbon fiber reinforced plastics. Milling machines equipped with suitable tooling and cutting strategies are adept at machining these varied materials effectively. Therefore, collectively these factors drive the demand for milling machines in the automotive industry, supporting efficient production, adherence to quality standards, and the ability to meet evolving design requirements in vehicle manufacturing.
Looking for region specific data?
Asia PacificAsia Pacific region dominated 46% share of the milling machine market in 2023 and is predicted to grow over 8% CAGR during 2024 to 2032. The region's expanding economy, particularly in China, India, Japan, and South Korea, has driven up demand for milling machines in a variety of industries. The market in China was valued at USD 3 billion in 2023.
Asia's booming economies are churning out manufactured goods like crazy, and that means a huge need for milling machines. From fancy cars to sleek planes, techie gadgets to everyday stuff, businesses in this region are using these machines to make all sorts of things. The car and airplane industries here are taking off like rockets, thanks to more and more people wanting to ride and fly in style. And because the rest of the world wants to buy these Asian-made cars and planes, even more are being produced. These industries need milling machines that can handle even the tiniest details with precision and speed. And let's not forget about the big infrastructure projects happening all over Asia. Roads, bridges, railroads, power plants – they all need a ton of parts and pieces that are often made with the help of milling machines. So, with all this manufacturing and construction going on, it's no wonder that the demand for milling machines in Asia is skyrocketing.
North AmericaThe milling machines market in North America was valued at USD 4.6 billion and is projected to hit USD 8 billion in 2032. North America is at the forefront of technological innovation and the adoption of advanced manufacturing technologies. The automotive, aerospace, and defense sectors in the region rely heavily on high-precision milling machines that integrate automation and robotics to streamline production processes. These industries require sophisticated machining solutions to manufacture intricate and crucial components while adhering to stringent safety and performance standards.
Milling Machine Market Share
With several key players competing for market share. Companies such as AMADA MACHINERY CO., LTD., DMG MORI CO., LTD., Makino Inc., EMCO GmbH and OKUMA AMERICA CORPORATION were among the prominent players in this market. They are expected to hold a market share of around 25% in 2023 in the global market. There are large number of players operating in the market. However, consumers are more inclined towards branded and high-quality products across the world.
Milling Machine Market Companies
Some of the key players profiled in the milling machine industry report include
- AMADA MACHINERY CO., LTD.
- Amera-Seiki
- ANDERSON EUROPE GMBH
- Dalian Machine Tool Co., Ltd.
- DATRON AG
- DMG MORI CO., LTD.
- EMCO GmbH
- FANUC America Corporation
- GF Machining Solutions Management SA.
- Haas Automation, Inc
- Hurco Companies, Inc.
- Kingsbury
- Makino Inc.
- Okuma Corporation
- Phillips Machine Tools India Pvt. Ltd.
Milling Machine Market News
- At IMTS 2024, DATRON Dynamics will present their latest advancements in CNC machining technology aimed at revolutionizing precision manufacturing processes across various industries. DATRON Dynamics’ presence at IMTS underscores their commitment to driving innovation and fostering collaboration within the manufacturing community.
- From October 8 to 10 2023, DMG MORI CO., LTD. hosted the Qualification Tournament at Iga Campus, Japan, for the selection of the Japanese delegation for CNC Turning & CNC Milling categories at the 47th WorldSkills Competition. The WorldSkills Competition is held every two years to promote vocational training in the participating countries, international exchange and goodwill among young professionals.
This milling machine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Volume (Million Units) from 2018 to 2032, for the following segments
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Market, By Type
- Vertical Milling Machine
- Horizontal Milling Machine
Market, By Operating Technology
- Computer Numerical Control (CNC)
- Conventional
Market, By Axis Configuration
- 2-Axis Milling Machine
- 3-Axis Milling Machine
- 4-Axis Milling Machine
- 5-Axis Milling Machine
- Others (6-axis, 7-axis. Etc.)
Market, By End Use
- Aerospace & Defense
- Automotive
- Energy & Power
- Building & Construction
- Others (Healthcare, industrial tools & machinery, etc.)
Market, By Distribution Channel
- Direct Sales
- Indirect Sales
The above information is provided for the following regions and countries
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Indonesia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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