The global universal milling machine market is expected to grow at a CAGR of 4.9%. The market is set to surpass US$ 28,352.9 Mn by the end of 2033. It is anticipated to reach a valuation of US$ 17,572.9 Mn in 2023.
The growing demand for universal milling machines is due to the advancement in technology in the market. These machines offer higher accuracy and precision than conventional milling machines. The rising demand for miniaturization of components is another factor driving the growth of the milling machine market.
The increasing adoption of Industry is one of the major growth drivers for the market. This technology helps in reducing production costs and increasing efficiency. The rising demand from the automotive industry is another factor driving the growth of the market.
There has been a continuous advancement in milling technology which has resulted in better productivity and accuracy.
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Key takeaways from Universal Milling Machine Market
- Expansion of the automotive industry is one of the major factors driving sales in the U.S. market. Increasing demand for electric vehicles to control pollution and global warming levels would augur well for the U.S. market in the evaluation period.
- Rising government investments in various sectors such as infrastructure and manufacturing in China is anticipated to drive the universal milling machine market during the evaluation period.
- the automated adjustable segment is anticipated to remain at the forefront in the next ten years. This growth is attributed to rising need for spare parts as the scrapping of engines and automobiles surges
- The global universal milling machine market is expected to grow at a CAGR of 4.9% during the forecasting period.
Increasing demand from the automotive industry: Universal milling machines are extensively used in the automotive industry for machining engine parts, door handles, exhaust systems, etc. The automotive sector is currently witnessing strong growth globally on account of factors such as increasing vehicle production and sales, particularly in emerging economies. This is expected to drive the demand for universal milling machines over the forecast period.
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Who is winning?
The rising competition from China and other Asian countries is one of the major challenges faced by the players in the universal milling machine market. The leading players in the market are investing in research and development activities to expand their product portfolio. Some of the key players operating in the global universal milling machine market are Dalian Machine Tool Group Corporation, Doosan Infracore Co., Ltd., EMCO Group, Haas Automation, Inc., Hurco Companies, Inc., Johnford Machinery Co., Ltd.
Get Valuable Insights into Universal milling machine Market
FMI, in its new offering, provides an unbiased analysis of the Universal milling machine equipment market presenting historical demand data (2017-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for Universal milling machine equipment based on Product Type (Adjustable Cutter Head, Automated Adjustable), Number of Axis (3 Axis), Application (Plastic Industry, Wood Industry, Metal Industry)
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