The CNC machines market was USD 59.9 billion in 2022, and it will advance at a 10.5% compound annual growth rate, to touch USD 133.4 billion, by 2030.
The surging requirement for CNC machines is attributed to the rising acceptance of IoT-enabled automation by various industries in their manufacturing procedures to enhance productivity and efficiency. Moreover, the industry will further advance because of the advancement in manufacturing technologies, such as the integration of higher-accuracy functionalities, including 5-axis and 4-axis movement.
In 2022, the lathe machines category, accounted for the largest share, of 30%. This is attributed to the mounting requirement for CNC lathes in the automotive sector for drilling, shaping, cutting, and sanding metals for personalized components, such as cylinder heads, starter motors, and gearboxes.
Moreover, technological advancement in the current lathe systems such as enhanced automation, better precision, multi-axis machining capabilities, incorporation of IoT and connectivity, improvements in tooling materials, and enhance software and programming options will further boost the progression of this category throughout this decade.
Whereas, the miller machines category is growing at the fastest rate because of the construction of numerous metalworking facilities and the expansion of the global metalworking industry. Additionally, the integration of advanced technologies, including AI, ML, and robotics, along with the rising focus on Industry 4.0 has made milling machines efficient and intelligent tools that can execute complex tasks.
Based on end users, the industrial machinery category accounted for the largest CNC machines market share owing to the surging acceptance of automated manufacturing technologies to boost production accuracy and quality by reducing errors.
Whereas, automotive is the fastest-growing category, primarily owing to the mounting demand for quicker production of highly effective automobile parts, such as components for suspension systems, combustion engines, and exhaust parts, including cylinder heads, crankshafts, motor pumps, bushings, and fluid systems.
In 2022, APAC accounted for the largest share in the industry, of 40%, and it will advance at 12% CAGR by the end of this decade. This is because of the rising need for CNC machines in various industries, such as consumer goods, electrical & electronics, aerospace & defense, and automotive.
Moreover, APAC has experienced significant industrial progression with the rapid expansion of its manufacturing sector in the past few years. China, India, South Korea, Taiwan, and Japan, particularly have become major manufacturing hubs globally.
North America will observe significant growth in the years to come, owing to the increasing funding for automation in the continent, to provide efficient manufacturing operations. Additionally, the industry is also boosted by the surging acceptance of advanced CNC machines in Canada and the U.S. to meet the surging requirement for semiconductor chips.
It is because of the increasing acceptance of IoT-enabled automation in manufacturing processes and the advancement in manufacturing technologies, the CNC machines industry will continue to advance in the years to come.
