The global milling machine market size is expected to be worth around US$ 200,861.0 million by 2030, according to a new report by Vision Research Reports.
The global milling machine market size was valued at US$ 64,156.5 million in 2020 and is anticipated to grow at a CAGR of 8.0% during forecast period 2021 to 2030.
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|Market Size||USD 200,861.0 million by 2030|
|Growth Rate||CAGR of 8.0% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, End-Use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||AMADA CO., LTD.; Amera Seiki; DATRON Dynamics, Inc.; DMG MORI CO., LTD.; Haas Automation, Inc.; FANUC CORPORATION; Okuma Corporation; Shenyang Machine Tool Co., Ltd.; Hurco Companies, Inc.; Dalian Machine Tool Group Corporation (DMTG); and Yamazaki Mazak Corporation.|
The growing popularity of multi-axis milling machines, which can potentially transform the overall machining process by making it more accurate, reducing the amount of human intervention required, and improving the surface finish of the final product, is expected to contribute to the growth of the market.
The demand for fabricated metal products, particularly from the construction and machinery industries, is growing across the globe. Fabricated metal products are widely used in a variety of commercial as well as household use products such as ammunition, cutlery and utensils, and building items. The growing demand for such and other fabricated metal products is driving the demand for milling machines globally.
By Type Analysis
On the basis of type, the milling machine market has been segmented into horizontal milling machines and vertical milling machines. The horizontal milling machines segment dominated the market in 2020 owing to the growing popularity and users’ preference for horizontal milling machines.
the vertical milling machines segment accounted for a considerable share of the market in the said year, owing to features such as high visibility, affordable costs, ease of use, and high accuracy. These mills are mainly used for drilling and plunging cuts and are available in a wide range of specifications depending on different end uses.
By End-Use Analysis
On the basis of end-use, the market has been segmented into automotive, aerospace & defense, construction equipment, power & energy, industrial, and others. The industrial segment dominated the market in 2018 owing to the extensive use of horizontal milling machines for result-driven operations.
The automotive segment is expected to register the highest CAGR over the forecast period in line with the rising preference of OEMs to metal parts with precise cuts. The power & energy segment also accounted for a significant share in 2020.
By Regional Analysis
Asia Pacific dominated the market in 2020 owing to the rising adoption of metal cutting processes in the region. Given that Asia Pacific is home to some of the key market companies in the milling machine industry, it is anticipated to continue dominating the global market over the forecast period.
Europe accounted for a substantial share in 2020 owing to an aggressive adoption of milling machines by the automotive manufacturers in the region.
AMADA CO., LTD.; Amera Seiki; DATRON Dynamics, Inc.; DMG MORI CO., LTD.; Haas Automation, Inc.; FANUC CORPORATION; Okuma Corporation; Shenyang Machine Tool Co., Ltd.; Hurco Companies, Inc.; Dalian Machine Tool Group Corporation (DMTG); and Yamazaki Mazak Corporation
- Horizontal Milling Machines
- Vertical Milling Machines
- Aerospace & Defense
- Construction Equipment
- Power & Energy
- North America
- Asia Pacific
- Latin America
- North America
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