CNC machine tools market size increases amid COVID-19 pandemic
“The global CNC machine tools market size is expected to reach USD 117.65 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period”, according to market research report by Fortune Business Insights.
The CNC machine tools market is increasing owing to the coronavirus pandemic and demand of face shields and plastic partitions, which are manufactured using CNC routers. As more brick & mortar, restaurants and stores reopen, the demand for plastic partitions is expected to soar, creating numerous opportunities for manufacturers of CNC machine tools.
Other key driver of CNC machines market size is the demand from the Automotive Industry
• The use of CNC machine tool in the automotive industry is expansive. Automobile manufacturers extensively make use of CNC machine technology to increase efficiency and productivity in assembly plants. As an example, CNC machining can be used to design and engineer many of the vehicle’s critical engine components, which can be fitted into the engine block through this machining technique.
• In addition, advantages offered by CNC machine tools are many for the automotive industry further driving growth of CNC machine tools market.
• Another significant benefit of CNC machining is speed. Also, as they are operated automatically through computer programs, these tools do not require manpower intervention in the manufacturing process. With that added advantage, they can work without breaks and can enhance production levels of a plant, especially when producing parts in large volumes.
According to the market report, Asia Pacific is expected to hold a significant place in the CNC machine tool market share during the forecast period owing to the promising growth displayed by the automotive industry in China and India. In the coming future, demand of automobile is going to only increase owing to the rising urban population in the APAC region. Furthermore, demand is going to increase further due to several other industries such as aerospace, transportation, and equipment manufacturing.