Milling Machines Market by Product and Geography — Forecast and Analysis 2020–2024

The milling machines market is expected to grow at a CAGR of over 3% during the forecast period. The report also analyzes the market by product (Horizontal milling machines and Vertical milling machines) and geography (APAC, Europe, North America, South America, and MEA).

59% of the milling machines market growth will originate from APAC.

Increasing demand for fabricated metal products will be a major factor that will significantly impact the growth of the market in the APAC. Moreover, development of the 6-axis CNC machines will also influence the demand for milling machines market during the forecast period.

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APAC dominates the global milling machines consumption owing to the presence of a strong manufacturing base in countries such as China, Japan, India, and South Korea. These countries are among the largest manufacturing countries across the world. Milling machines can perform diverse functions, including turning, fillet making, chamfering, facing, slot cutting, gear cutting, and drilling. These machines can also perform multiple cuts simultaneously by installing multiple cutters.

China, Japan, and South Korea generate the majority of the demand for fabricated metals in the region, as these countries are major automotive and industrial manufacturing hubs. These factors have increased the demand for milling machines in APAC. Furthermore, government initiatives and increasing demand for automobiles manufactured in the region are some of the key factors that are leading to the growth of milling machines in the automotive industry in APAC. Hence, above factors are contributing to the growth of the global milling machines market during the forecast period.