Milling Machine Market Expected to Reach USD 108.7 Billion by 2032 | Growing at a CAGR of 5.20%

Market Research Future (MRFR) has published a cooked research report on the “Milling Machine Market” that contains information from 2018 to 2032. The Milling Machine Market is estimated to register a CAGR of 5.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Milling Machine Market— Datron Dynamics Inc., Yamazaki Mazak Corporation, Amera-Seiki Corporation, Hass Automation Inc., Anderson Europe GMBH, Hurco Companies Inc., EMCO Group, Okuma Corporation, Buhler Group, CPM Roskamp Champion, ANDRITZ Group, and Sprout Waldron & Company.

Milling Machine Market Highlights

The global Milling Machine Market is accounted to register a CAGR of 5.20% during the forecast period and is estimated to reach USD 108.73 billion by 2032.

Milling machines are projected to experience a growth rate due to their versatile functionality in various industries. They can perform essential functions such as drilling, chamfering, turning, slot cutting, fillet making, and more. These machines play a crucial role in metal-cutting applications, offering efficiency and effectiveness in performing diverse tasks. As indispensable tools, milling machines are essential for multiple industries, catering to different operational requirements.

Segment Analysis

The global Milling Machine Market has been segmented based on Product, Application, and Distribution channels.

Based on the Product, the market is segmented into Vertical Mills and Horizontal Mills. The Vertical Mills segment was attributed to holding the largest market share in 2022.  The primary benefit of utilizing a vertical milling machine in a business context is its space efficiency, occupying less floor space compared to horizontal counterparts. This is particularly advantageous for small businesses or those with limited workshop areas. Additionally, vertical milling machines often present a more cost-effective investment compared to their horizontal counterparts.

Based on the Application, the Milling Machine Market has been segmented into Automotive, General Machinery, Precision Engineering, Transport Machinery, and Others. The Automotive segment was expected to hold the largest market share in 2022. The automotive industry stands as a significant contributor to the global economy and exhibits robust growth across various regions. In response to globalization trends, numerous international players within the automotive sector are strategically enhancing their operations and extending their footprint to capitalize on advantageous Foreign Direct Investments (FDIs) and corporate-friendly policies. Furthermore, Europe and North America confront heightened competition from manufacturers of Asia-Pacific-based vehicles. These dynamics collectively contribute to an increased demand for CNC milling machines within the automotive industry.

Based on the Distribution Channel, the Milling Machine Market has been segmented into Online and Offline. The Offline segment was expected to hold the largest market share in 2022. Offline milling machines provide heightened security and operational control during the machining process. Operating independently, these machines exhibit reduced vulnerability to cybersecurity threats that commonly target internet-connected systems. This attribute holds particular significance in industries prioritizing data security and protection.

Regional Analysis

The global Milling Machine Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Milling Machine Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Milling Machine Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Milling Machine Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Milling Machine Market was maintained by the North American regional sector. The substantial scale of end-user industries is a primary driver for the demand for milling machines in North America. These industries are subject to rigorous standards and regulations, with the region being a pioneer in manufacturing innovations. The presence of a well-established and advanced electric grid, a focus on comprehensive product development emphasizing energy efficiency and sustainability, and a sophisticated retail and distribution network further contribute to the region's manufacturing prowess. As per data from the US Energy Information Administration, renewable energy accounted for approximately 13.1% of total primary energy consumption and about 21.5% of total utility-scale electricity generation in the United States in 2022. These factors collectively create favorable conditions for the growth of the milling machine market in North America.

Moreover, the Europe market has been persistently growing over the forecast period.  While Europe serves as a hub for numerous automotive manufacturers, the adoption of multi-tasking machines extends to companies in the rail industry within key European countries such as Germany, France, and the U.K. The regional market's growth is also influenced by the expanding energy sector, leading to increased demand for precision-machined parts like turbines and motors. Eurostat data for 2022 indicates that renewable energy accounted for 23.0% of total energy consumption in the EU, up from 21.9% in 2021. Furthermore, the share of renewable energy in the EU transport sector rose to 9.6% in 2022, compared to 9.1% in 2021.

The Asia Pacific region is poised to command a significant market share, driven by the presence of diverse manufacturing industries in countries like China, Japan, India, and South Korea. Factors such as the growing awareness of energy-efficient production processes, the ascent of economically developing nations, and rapid industrialization contribute to the robust growth of the milling machine market. China, for instance, exhibited an increase in renewable energy consumption, reaching 13.3 exajoules in 2022 from 11.27 exajoules in the previous year, marking a continuous annual rise between 2010 and 2022. Key manufacturers are strategically establishing their manufacturing facilities in the Asia Pacific region, leveraging its advantages of low-cost labor, land, and expenses. Countries such as India, Japan, and South Korea are expected to lead in milling machine market revenue, driven by the heightened demand for high-output products with minimal downtime.

Furthermore, the rest of the world's Milling Machine Market is divided into the Middle East, Africa, and Latin America. Industrial production in Latin America has experienced significant growth, particularly in the automotive, electrical, and electronics sectors, contributing to a heightened demand for milling machines. Emerging markets like Argentina, Colombia, Peru, and Chile are expected to be focal points for market development due to growing infrastructure projects and the increasing need for advanced machine tools. In the Middle East and Africa, there are noteworthy growth opportunities, particularly in countries like Oman, Qatar, and Kuwait. The GCC region was anticipated to generate USD 138.50 billion in construction contracts by the first quarter of 2020, but the COVID-19 outbreak slowed down market growth. The manufacturing industry in the Middle East is undergoing a substantial transformation driven by rapid technological advancements. While the oil and gas industry traditionally played a major role in the UAE's GDP, declining profits have prompted the government to diversify its focus toward other sectors like manufacturing and transportation, contributing to the overall growth of the milling machine market.

Key Findings of the Study

• The global Milling Machine Market is expected to reach USD 108.73 billion by 2032, at a CAGR of 5.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the burgeoning industrialization, particularly in China and India, coupled with increasing investments in infrastructure and manufacturing.


• Based on Product, the Vertical Mills segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• Datron Dynamics Inc., Yamazaki Mazak Corporation, Amera-Seiki Corporation, Hass Automation Inc., Anderson Europe GMBH, Hurco Companies Inc., EMCO Group, Okuma Corporation, Buhler Group, CPM Roskamp Champion, ANDRITZ Group, and Sprout Waldron & Company