CNC Machinery Market Expected to Reach $130.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “CNC Machinery Market," The CNC machinery market size was valued at $66.5 billion in 2020, and is estimated to reach $130.1 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.

Based on type, the milling segment accounted for the largest share of the overall market in 2020. The increase in aerospace in developing countries is expected to boost the market. Surge in demand for CNC machinery in industries such as automotive, constructions, electronics and aerospace and defense industries will positively impact the CNC machinery market growth.

Moreover, manufacturing sectors have grown in developing countries such as China, India, Vietnam, Indonesia, and Thailand. In addition, adoption of new technologies such as additive manufacturing, aerospace & defense automation, computerized numeric control (CNC), computer aided manufacturing (CAM) and 3D printing which helps in cost reduction and maximize the productivity.

By application, the automotive segment held the largest market share in 2020. The U.S. light vehicle market is projected grow by 12% in 2023 and European light vehicle market is expected to experience overall sales exceedingly more than 12 million vehicles.

In terms of revenue, Asia-Pacific region dominated the CNC machinery market in 2020. Asia-Pacific is one of the fastest growing regions in the world attributed to its large population and low-cost manufacturing sector. China and Japan are leading manufacturers of CNC machinery. Furthermore, the construction and manufacturing industry in countries such as India, Indonesia, Vietnam, and Bangladesh is experiencing significant growth. These factors boost the demand for CNC machinery as they are extensively used in construction equipment and the automotive industry.

CNC Lathe machines are widely used in many industries throughout the Asia-Pacific region. The region's three major economies are anticipated to be China, India, and Japan. Considering its position as the world's biggest manufacturing center, China is anticipated to remain a significant industry for CNC machinery market. The demand for advanced lathe machines is projected to increase as a result of the country's growing investment in automation and production technologies.

Major factors such as rising demand from several industries such as automation, growth in aerospace and defense sector are expected to boost the growth of the CNC machinery market. In addition, the rapid expansion in the automotive sector will boost the demand of the market. According to the EU Industrial R&D Investment Scoreboard, Germany based automotive companies increased their investment by 6% in 2021 as compared to the previous year. Moreover, the rise in manufacturing of light vehicles is anticipated to boost the need for welded automotive components, thus creating demand in the market.

CNC machinery has huge potential in the electric vehicle industry. India is fastly growing to become the global leader in the EV market. Major automakers are focusing on their capability to increase the production of high-performance EVs in India.

Furthermore, the wide network of retailers and wholesalers provides easy availability of CNC machinery, improving its sales in this region. The manufacturers are focusing on setting up production units in the developing region. This drive the growth of the CNC machinery market.

Many companies in the CNC machinery market are developing and introducing new products to the market. These new products are technologically more advanced than the previous range of their products. These new products are more efficient and effective in their performance and are widely used in industry. For instance, in September 2022, Mitsubishi Electric India launched M800V & M80V CNC series. The CNC series performs with high speed and high accuracy which enables smooth controlling of more complex mechanisms. Similarly, in September 2023, Japan based Star Micronics Co., Ltd launched SP-20/23, a CNC Swiss-type automatic lathe. This CNC machine support parts machining in various industries such as general machinery, automobiles, pneumatic equipment, hydraulic, and others. This aims to improve the product portfolio. This is expected to propel growth of the CNC machinery market during the forecast period.

During the lockdown in 2020, owing to coronavirus situation, various manufacturers in the CNC machinery market had to stop their CNC machinery production in countries such as China, the U.S., and India. This break directly impacted sales of CNC machinery companies. In addition, lack of manpower and raw materials led to halt in supply of CNC machinery in 2020.

Key Benefits for Stakeholders

• The report provides an extensive analysis of the current and emerging global CNC machinery CNC machinery market trends and dynamics.
• In-depth CNC machinery market analysis is conducted by market estimations for the key market segments between 2020 and 2032.
• Extensive analysis of the CNC machinery market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive CNC machinery market opportunity analysis of all the countries is also provided in the report.
• The global CNC machinery market forecast analysis from 2020 to 2032 is included in the report.
• The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the CNC machinery industry.