Universal Milling Machine Market Outlook (2023 to 2033)

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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2018 to 2022 Global Universal Milling Machine Market Outlook Compared to 2023 to 2033 Demand Forecast

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

.Universal Milling Machine Market

Market-o-nomics - Highlighting the Key Trends

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

  • As engines have a shorter replacement cycle than their component equivalents, demand for the same is projected to grow, thereby pushing sales of universal milling machines.
  • Increasing demand for hybrid electric vehicles is likely to drive the need for specialist equipment and exhaust components, thus fueling demand.

RESTRAINTS

  • Compared to manual instruments, automated universal milling machines are more expensive, which may hamper sales.
  • Universal milling machines require workers who need proper training, and a lack of awareness programs in emerging nations may hinder growth.

OPPORTUNITIES

  • Automakers are set to spend more on the development of hatchbacks due to the ease of financing options, small sizes, and premium features, which would augment the demand for universal milling machines.
  • The advent of e-rickshaws in developing economies has pushed the need for unique spare parts, which would bolster companies spending on research activities.

THREATS

  • As universal milling machines start with a block of material and cut portions of it to form the finished part, they cause more material wastage than their traditional counterparts.
  • Universal milling machines are not appropriate for cutting radial cuts and they take up a lot of space, which would compel companies to go for rental services.
Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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Country-wise Insights

How are Universal Milling Machine Firms Faring in the USA?

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.

Will Universal Milling Machine Companies Gain New Growth Opportunities in India?

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.

Why is China Emerging as a High-potential Nation for Universal Milling Machine Companies?

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

Category-wise Insights

Which is the Highly Preferred Type of Universal Milling Machine across the Globe?

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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Competitive Landscape

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:

  • Bhambar Automations Inc., which is an ISO 9001 Certified Unit founded and established by Mr. Gurjeet Singh Bhambar in 1962, is a manufacturer of high-quality milling machines and machining solutions. It provides automation and quality assurance services to its large client base. The company is based in Ludhiana and strives for continuous improvement in its quality management & production systems in accordance with real-time needs.

Scope of the Universal Milling Machine Market Report

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

Universal Milling Machine Market Outlook by Category

By Product Type:

  • Adjustable Cutter Head
  • Automated Adjustable

By Application:

  • Plastic Industry
  • Wood Industry
  • Metal Industry

By Number of Axis:

  • 3Axis
    • X-Travel
    • Y-Travel
    • Z-Travel

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

Frequently Asked Questions

How big is the universal milling machine market?

The universal milling machine market size is set to reach USD 17,572.9 Million by the end of 2023.

At what rate is the universal milling machine market expected to rise?

The universal milling machine market is expected to rise at a CAGR of 4.9% in the forecast period.

What is the outlook of the market for universal milling machines in North America?

The North America universal milling machine market is expected to register an 38% CAGR between 2023 and 2033.

Which are the major countries driving demand for universal milling machines?

The USA, China, Canada, Germany, and Mexico are the major countries driving demand for universal milling machines.

At what rate will the demand for universal milling machines grow in China?

The China universal milling machine market is projected to grow at a CAGR of 5.7% in the forecast period.

At what rate will the sales of universal milling machines grow in the UK?

Sales of universal milling machines are projected to grow at a CAGR of 5.3% in the UK during the assessment period.

At what rate will sales of universal milling machines grow in India?

The India universal milling machine market is projected to grow at a CAGR of 6.3% in the evaluation period.

At what rate will sales of universal milling machines grow in the USA?

Sales of universal milling machines in Europe is expected to grow at 32.7% CAGR in 2023.

At what rate will the demand for universal milling machines grow in Japan?

The demand for universal milling machines in Japan is expected to grow at 8.0% CAGR in 2023.

At what rate will the demand for universal milling machines grow in Australia?

The demand for universal milling machines in Australia is expected to grow at 2.7% CAGR in 2023.

What is the demand outlook forecast for the universal milling machine market?

The global universal milling machine market is estimated to surpass USD 28,352.9 Million by the end of 2033.

Table of Content
  • 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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