During the projected period (2023 to 2033), the global universal milling machine market is expected to grow at a CAGR of 4.9%. The market is set to surpass USD 28,352.9 Million by the end of 2033. It is anticipated to reach a valuation of USD 17,572.9 Million in 2023.
A universal milling machine is a machine that was primarily designed to perform a wide range of operations, including those involving polishing and sharpening tools. The machine's rotating fixture allows the table top to rotate at a precise angle, while the indexing head is useful for performing work on spiral surfaces.
An affordable type of universal milling machine is simple and is characterized by a dividing head with changing gears. This kind of machine can perform all kinds of milling operations such as smoothing surfaces to create fissures. An automatic tool changer allows a universal milling machine to be paired with all types of extremely simplified milling equipment.
The next type of universal milling machine comes with a changeable cutter head, enabling an individual to create various shapes of components. A high-quality machine can cost up to twice as much as a low-end machine. Thus, various companies nowadays prefer to purchase a used model.
However, the best alternative for one’s economic strategy is purchasing a well-priced used universal milling machine. These machines are capable of creating any component that a person needs at a superior rate.
Increasing disposable income, rising population, and easy availability of credit & financing in both developed and developing countries are projected to drive the demand for universal milling machines in the automotive industry. The market is also expected to grow at a considerable pace with high demand for commercial vehicles amid a flourishing passenger transport and logistics sector.
As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2020, nearly 227082 commercial vehicles were produced in Germany, 1107532 in Japan, 6895604 in the USA, and 1048942 in Canada. High demand for light commercial vehicles (LCVs) on the back of ongoing expansion of the retail e-commerce industry is anticipated to drive the market.
Apart from that, vendors are nowadays focusing on untapped regional markets, including semi-urban and rural areas to enhance sales. Also, better financing and credit options are anticipated to support sales of universal milling machines in the next ten years.
According to the European Automobile Manufacturers Association (ACEA), in 2021, Europe accounted for around 22% of global passenger car sales. It is in the third position after Asia Pacific (48.2%) and the Americas (25.3%). Similarly, shares in the battery electric vehicles sector surged in the third quarter of 2022. Owing to the high demand for passenger cars and commercial vehicles, the need for universal milling machines is anticipated to surge in the assessment period.
| Attributes | Key Insights |
|---|---|
| Global Universal Milling Machine Market Estimated Size (2023E) | USD 17,572.9 Million |
| Projected Market Valuation (2033F) | USD 28,352.9 Million |
| Value-based CAGR (2023 to 2033) | 4.9% |
| Market Share of the USA | 32.7% |
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According to a new report by Future Market Insights, the global universal milling machine market exhibited considerable growth at a CAGR of 4.0% during the historical period from 2018 to 2022. Increasing demand for technologically advanced mills, which is mainly being driven by rapid urbanization and industrialization is set to aid growth. Besides, the rapid expansion of the aviation and automotive industries is another crucial factor that would push sales of universal milling machines in the forecast period.
FMI states that the market is anticipated to exhibit growth at a CAGR of 4.9% in the evaluation period. Owing to increasing online activities among people, the demand for spare parts is anticipated to surge in the evaluation period. Significant improvements and technological advancements in the field of logistics would help producers to provide high-quality products quickly. Development of mobile purchasing platforms and online purchasing for automotive spare parts are also expected to boost the global universal milling market
.
A number of influential factors have been identified to stir the soup in the universal milling machine market. Besides the proliferating aspects prevailing in the market, lead analysts at FMI have also analyzed the restraining elements, lucrative opportunities, and upcoming threats that can pose a challenge to the progression of the universal milling machine market.
The drivers, restraints, opportunities, and threats (DROTs) identified are as follows:
DRIVERS
RESTRAINTS
OPPORTUNITIES
THREATS
Principal Consultant
Increasing Demand for Electric Vehicles in the USA to Spur Sales of Universal Milling Head Machines
In the USA, the universal milling machine market is set to be affected by several factors. Expansion of the automotive industry is one of the major factors driving sales in the USA market. Increasing demand for electric vehicles to control pollution and global warming levels would augur well for the USA market in the evaluation period.
As per the International Energy Agency (IEA), nearly 13% of new cars sold in 2022 will be electric vehicles. In 2021, sales of electric vehicles nearly doubled to 6.6. million in 2021. Apart from that, rising demand for military equipment owing to political tension and enhancement of the Army’s strength is projected to fuel the USA market.
Universal Horizontal Milling Machines to Gain Impetus in India Amid Rising Automotive Manufacturing
A universal milling machine is a versatile piece of equipment that can be used for a wide variety of machining operations. India is a country with a rapidly growing manufacturing sector, and there is a high demand for universal milling machines. There are many opportunities for businesses to sell universal milling machines in India.
A universal milling machine is an important tool for many industries in India. The machine is used in the country to create various parts for everything- right from cars to airplanes. Besides, increasing production of automotive in the country is projected to drive the demand in the next ten years.
This provides ample opportunities for those who want to enter the field of milling machine manufacturing. There is a high demand for these machines from small- and medium-sized businesses. These businesses are looking for cost-effective ways to increase their production capacities. Universal milling machines are considered to be an ideal solution for these businesses.
Government Support to Accelerate ‘Made in China 2025’ Plan will Boost Sales of Universal Mill Grinders
Rising government investments in various sectors such as infrastructure and manufacturing in China are anticipated to drive the universal milling machine market during the evaluation period. The Chinese government has also been supporting the Made in China 2025 initiative, which primarily aims to expand the domestic manufacturing industry. Owing to the aforementioned factors, it is anticipated that demand for universal milling machines will increase significantly in China during the forecast period
Demand for Automated Adjustable Universal Mill Grinders to Surge among Spare Parts Companies
Based on product type, the automated adjustable segment is anticipated to remain at the forefront in the next ten years. This growth is attributed to the rising need for spare parts as the scrapping of engines and automobiles surges. Owing to strict norms in industrialized nations to control environmental pollution, scrap rates are high, which can result in the frequent replacement of motor vehicles, as well as their engines.
Besides, increasing the adoption of novel technologies to develop new engines such as hybrid engines would spur the growth of the segment. High demand for new vehicles with low fuel consumption, as well as rising government support to tighten emission standards is anticipated to push sales of automated adjustable universal milling machines with unique features.
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The global universal milling machine market is highly competitive with the presence of a large number of manufacturers. Key players in the market are focusing on product innovation and development to gain a competitive edge. Some of the other manufacturers are also investing in research & development activities to expand their product portfolios. In addition, leading players are adopting various strategies such as mergers & acquisitions, partnerships, and joint ventures to gain a larger share of the market.
The competitive landscape of the universal milling machine market is expected to intensify in the next ten years with the entry of new players. New entrants are set to focus on offering innovative products and solutions to customers at competitive prices.
These players are investing heavily in research & development activities to come up with advanced products. Some of the key players in the global market are Centauro, Kaast Machine tools Inc., Shenzhen Joint Industry Co., Ltd, Knuth Machine tools, DMG Mori, and Kwality Machinery Export among others.
One of the leading players operating in the global market include:
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 17,572.9 Million |
| Projected Market Valuation (2033) | USD 28,352.9 Million |
| Value-based CAGR (2023 to 2033) | 4.9% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (USD Million) |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Oceania; Middle East and Africa (MEA) |
| Key Countries Covered | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Argentina, South Africa, UAE |
| Key Segments Covered | Product Type, Number of Axis, Application, Region |
| Key Companies Profiled | Centauro; Kaast Machine tools Inc.; Shenzhen Joint Industry Co., Ltd; Knuth Machine tools; DMG Mori; Kwality Machinery Export |
| Report Coverage | Market Forecast, Company Share Analysis, Competitive Landscape, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The universal milling machine market size is set to reach USD 17,572.9 Million by the end of 2023.
The universal milling machine market is expected to rise at a CAGR of 4.9% in the forecast period.
The North America universal milling machine market is expected to register an 38% CAGR between 2023 and 2033.
The USA, China, Canada, Germany, and Mexico are the major countries driving demand for universal milling machines.
The China universal milling machine market is projected to grow at a CAGR of 5.7% in the forecast period.
Sales of universal milling machines are projected to grow at a CAGR of 5.3% in the UK during the assessment period.
The India universal milling machine market is projected to grow at a CAGR of 6.3% in the evaluation period.
Sales of universal milling machines in Europe is expected to grow at 32.7% CAGR in 2023.
The demand for universal milling machines in Japan is expected to grow at 8.0% CAGR in 2023.
The demand for universal milling machines in Australia is expected to grow at 2.7% CAGR in 2023.
The global universal milling machine market is estimated to surpass USD 28,352.9 Million by the end of 2033.
1. Executive Summary | Universal Milling Machine Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Adjustable Cutter Head 5.2. Automated Adjustable 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Plastic Industry 6.2. Wood Industry 6.3. Metal Industry 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Number of Axis 7.1. 3Axis 7.1.1. X-Travel 7.1.2. Y-Travel 7.1.3. Z-Travel 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. East Asia 8.5. South Asia 8.6. Oceania 8.7. Middle East and Africa (MEA) 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Centauro 18.2. Kaast Machine tools Inc. 18.3. Shenzhen Joint Industry Co., Ltd 18.4. Knuth Machine tools 18.5. DMG Mori 18.6. Kwality Machinery Export 19. Assumptions & Acronyms Used 20. Research Methodology
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Universal Milling Machine Market
