Global Computer Numerical Control Market

Computer Numerical Control Market Size, Share, Growth Analysis, By Type(Lathe Machines, Milling Machines), By End-Use(Automotive, Aerospace & Defense) - Industry Forecast 2024-2031

Report ID: SQSG25J2008 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 68 | Figures: 75

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Computer Numerical Control Market size was valued at USD 56.4 billion in 2019 and is poised to grow from USD 62.13 billion in 2023 to USD 135.92 billion by 2031, growing at a CAGR of 10.2% in the forecast period (2024-2031).

The competitive landscape for the computer numerical control (CNC) machine market includes information from competitors. The company's financials, revenue generated, market potential, investment in R&D, new market initiatives, presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. The aforementioned data points are limited to the companies' market concentration on computer numerical control (CNC) machines. 'Siemens AG', 'Mitsubishi Electric Corporation', 'FANUC Corporation', 'Bosch Rexroth AG', 'Haas Automation, Inc.', 'Hurco Companies, Inc.', 'Okuma Corporation', 'DMG MORI CO., LTD.', 'Yamazaki Mazak Corporation', 'Sandvik AB', 'GF Machining Solutions', 'Doosan Machine Tools Co., Ltd.', 'Trumpf Group', 'AMADA MACHINERY CO., LTD', 'JTEKT Corporation', 'Makino Milling Machine Co. Ltd.', 'Komatsu Ltd.', 'Schuler AG', 'Brother Industries, Ltd.', 'INDEX-Werke GmbH & Co. KG Hahn & Tessky.'

One of the key drivers propelling the growth of the computer numerical control (CNC) machine market is the rise in demand for a variety of industrial devices and equipment, such as medical devices, telecom communication devices, and semiconductor production equipment, and electric vehicles (EV). The market is expanding due to the rising demand for ultra-precision and five-axis milling machines, both of which are essential for producing electric vehicles (EVs).

The industrial sector's growing need for automated manufacturing has led to an increase in the use of CNC machines. Also encouraging the use of computer numerical controls in this industry is the development of industrial facilities in the Asia Pacific. Since power generating demands extensive automation, CNC machines are very frequently used in this industry. CNC has become increasingly important in the automotive industry. Modern automobiles contain a considerable number of elements made entirely by CNC tools and machines, from die-casting related components to creating unibody frames. In reality, CNC machines are used in the production of engine housings, axles, bearing caps, suspension parts, and carburetor housings. Another example of how numerical control machining is used while producing vehicle components is the milling of acrylic/PMMA for headlights, exterior lighting, and interior lights. Due mostly to the rising rate of automated automobile manufacturing, the automotive sector is predicted to experience rapid growth in the upcoming years.

In 2021, the Asia Pacific region held more than 35% of the market share, and it is expected that it would continue to hold the top position during the projected period. Sales of CNC machines are expected to reach 800,000 units in 2022 and quadruple by 2028. The market demand is attributed to the surge in industrial equipment manufacturing outsourcing services, the availability of inexpensive raw materials in abundance, and low operational costs that fuel the demand for manufacturing outsourcing and increase the sales of CNC machines over the forecast period. During the projection period, Europe is expected to experience a CAGR of 9%. Germany, Italy, France, and the nations of Central and Eastern Europe are the main drivers of the expansion. Over the next few years, market growth is expected to be driven by a lack of workforce forcing metalworking companies to raise their investment in automation to boost the productivity of their CNC machines.

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Global Computer Numerical Control Market

Product ID: SQSG25J2008