CNC Milling Machines Market worth USD 21.5 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "CNC Milling Machines Market by Product Type (Vertical CNC Milling Machines, Horizontal CNC Milling Machines, Universal CNC Milling Machines), by Axis Type Outlook (3-Axis, 4-Axis, and Other-Axes), by End-User Outlook (Automotive, Electrical & Electronics, Aerospace & Defense, and Others), by Region – Global Share and Forecast to 2027". The global CNC milling machines market size is expected to grow from USD 13.05 billion in 2020 to USD 21.5 billion by 2027, at a CAGR of 8.7% during the forecast period. CNC technology is generally termed as an “outdated” technology since it was first developed in the 1950s. By the 1970s, it had become widespread throughout the manufacturing industry. The CNC machines have upgraded the capabilities of small and medium enterprises. The acquisition of CNC machines enables SMEs to remain competitive in the market. The productivity and efficiency of the manufacturing process are increased through computerized precision. The faster pace of output by using CNC machines is one of the factors for its higher adoption. Such capabilities of CNC machines have fueled market growth.

Global CNC Milling Machines Market Segmentation

The overall CNC milling machines market has been segmented into the product type, axis type, end-user, and region.

• By Product Type (Vertical CNC Milling Machines, Horizontal CNC Milling Machines, Universal CNC Milling Machines)
• By Axis Type Outlook (3-Axis, 4-Axis, and Other-Axis)
• By End-User Outlook (Automotive, Electrical & Electronics, Aerospace & Defense, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

3-Asis Type, by axis type, is estimated to hold the largest market share during the forecast period

In terms of axis type, the global CNC milling machine market has been divided into three major segments that are 3-axis, 4-axis, and other-axis. 3-Axis has the largest market revenue share in 2020. The 3-axis type CNC milling machine is an essential and most popularly used machine. Major factors leading to the high penetration of 3-axis CNC milling machines can be attributed to their low price and convenience. However, the limitation of the 3-axis mill is that the tool has limited access to the part thus cannot machine a part with complex geometry such as undercuts and others in one operation. Such limitation in the 3-axis CNC milling machine coupled with increasing advances and development of machines with a higher number of the axis has restrained its market growth.

The 3 axis CNC milling machine, which evolved from the process of rotary filling, has cutting parts on three axes - X, Y, and Z. The workpiece remains stationary as the cutting tool moves along the three axes to mill the item in a 3-axis CNC milling machine. 3-axis machines are one of the most extensively used techniques for fabricating mechanical parts since they can do many operations and take up more space.

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Asia Pacific accounts for the largest market share in CNC milling machines market 2020

Based on the regions, the global CNC milling machines market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, APAC accounted for the highest share of over 45% in the global CNC milling machine market due to the increasing number of investments in fully automated industrial machinery and YoY growth in government spending toward defense aircraft and automotive industries in major economies across the region. The Chinese market significantly depends on its manufacturing industries; hence the demand for CNC milling machines is high. Europe is the second-largest contributor to the market.

In the Asia Pacific, emerging countries such as India, Brazil, Mexico, and a few others are expected to witness the highest CAGR during the forecast period due to rising investments in the manufacturing sector, especially in the automotive industry. The fiscal measures and auto industry policies taken post the pandemic outbreak is expected to fuel the growth of the automotive industry port 2021 hence driving demand for CNC milling machines.

This research report includes a study on the development and marketing strategies and a survey of the product portfolios and winning strategies of the leading companies operating in the CNC milling machines market. It also consists of the profiles of leading companies such as Doosan, F-Zimmermann, Jtekt, Makino, Ace Micromatic Group, Chiron Group SE, General Technology, DMG Mori, Falcon Machine Tools, Electronica Hitech, GF Machining, Gleason Corporation, Grob-Werke, Haas Automation, Hyundai Wia, Okuma Corporation, Komatsu, Schuler AG, 600 Group, Spinner, and Yamazaki Mazak. These market players have focused on acquisitions and expansion to gain a larger market share in the CNC milling machines market.

Browse complete report: https://www.marketstatsville.com/cnc-milling-machines-market

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