CNC Market by Offering (Machines, Parts & Accessories, Services), Product Type (Milling Machines, Machining Centers, Lathe Machines, Laser Machines, Drilling Machines, Grinding Machines, EDM Machines), End-User Industry & Region - Global Forecast to 2028

CNC Market by Offering (Machines, Parts & Accessories, Services), Product Type (Milling Machines, Machining Centers, Lathe Machines, Laser Machines, Drilling Machines, Grinding Machines, EDM Machines), End-User Industry & Region - Global Forecast to 2028

The CNC market is expected to grow from USD 67.5 billion in 2023 to USD 80.4 billion by 2028, at a CAGR of 3.5% during the forecast period. Increasing automation in manufacturing industries globally and rising mass production of high-precision components for high-growth are driving the CNC market.

“Services segment is expected to grow at the highest CAGR during the forecast period”

The services segment is expected to grow at the highest CAGR during the forecast period. CNC machine service providers often offer installation services, assembling and setting up the CNC machine at the client's facility. The growing CNC services market is a response to the increasing importance of CNC machines in modern manufacturing, the need for expertise in operating and maintaining these machines, and the desire of businesses to maximize their operational efficiency and ROI. As technology advances, the CNC services sector will likely evolve to meet new challenges and opportunities in the industry.

“Laser Machines product type is expected to register highest CAGR during the forecast period”

The Laser machines product type is expected grow at the highest CAGR during the forecast period. The Laser machines market growth is mainly due to their ability to perform a wide range of tasks with exceptional precision and their utilization across diverse industries, including semiconductors and medical. Furthermore, they are known for their energy-efficient operation and their capacity to function autonomously. With ongoing advancements in laser technology, their popularity continues to rise. They are particularly favored by industries that place a premium on precision and efficiency, which explains their strong growth in the CNC market.

“CNC market in Asia Pacific region to register highest CAGR between 2023 and 2028”

The CNC market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The region's robust economic growth, rapid industrialization, investments in technology, emerging market status, ongoing infrastructure development, and a rising middle-class consumer base. These elements collectively contribute to a strong demand for CNC machinery, particularly in industries like automotive, aerospace, semiconductos, and medical, making the Asia Pacific region a thriving hub for CNC technology adoption and market expansion. Moreover, all the leading players in the CNC market are generating the majority of their revenues from the Asian region only. China, Japan, India, and South Korea have a large customer base. These nations are home to companies prioritizing research and development, further contributing to the industry's potential.

Breakdown of primaries

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the CNC market space. The break-up of primary participants for the report has been shown below:

By Company Type: Tier 1 – 35%, Tier 2 – 35%, and Tier 3 – 30%

By Designation: C-level Executives – 45%, Directors – 35%, and Others – 20%

By Region: North America –25%, Europe– 30%, Asia Pacific – 35%, and Rest of the World – 10%

Key players in the CNC market are DMG MORI (Japan), Okuma Corporation (Japan), Makino Milling Machine Co., Ltd. (Japan), Haas Automation, Inc (US), JTEKT Corporation (Japan), DN SOLUTIONS (South Korea), TRUMPF (Germany), Hurco Companies, Inc. (US), Yamazaki Mazak Corporation (Japan), GF Machining Solutions Management SA (Switzerland), CHIRON Group SE (Germany), and others.

The CNC market has been segmented into offering, product type, end-user industry, and region. The CNC market has been studied in North America, Europe, Asia Pacific, and the Rest of the World.

Reasons to buy the report:

The report will help the market leaders/new entrants with information on the closest approximate revenues for the CNC market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers (increasing automation in manufacturing industries globally, rising mass production of high-precision components for high-growth industries, and reduced operating costs and enhanced production efficiency of manufacturing plants with deployment of CNC machines ), restraints (high installation and maintenance costs of CNC machines), opportunities (increasing demand for artificial intelligence-based systems in manufacturing and integration of additive manufacturing with CNC machining), and challenges (lack of expert technicians to operate CNC machines and need for frequent technological upgrades).

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the CNC market.

Market Development: Comprehensive information about lucrative markets – the report analyses the CNC market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the CNC market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like DMG MORI (Japan), Okuma Corporation (Japan), Makino Milling Machine Co., Ltd. (Japan), Haas Automation, Inc (US), JTEKT Corporation (Japan), among others.