Overview and Scope
A lathe machine is a type of machine that rotates a workpiece along an axis of rotation to carry out a variety of operations, including cutting, sanding, drilling, deformation, facing, and turning, using tools used to manufacture symmetrical objects. They are used to shape wooden or metallic products. The lathe machine removes the undesired material from a rotating workpiece in the form of chips with the help of a tool that is traversed across the work and can be fed deep into the work.
Sizing and Forecast
The lathe machines market size has grown steadily in recent years. It will grow from $11.53 billion in 2023 to $11.93 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expanding automotive industry, aerospace and defense sector demand, general machinery production, repair and maintenance needs..
The lathe machines market size is expected to see steady growth in the next few years. It will grow to $13.41 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to global manufacturing resilience, renewable energy sector growth, expansion of medical device manufacturing, global infrastructure development.. Major trends in the forecast period include automation and robotics integration, customization and tailoring to specific industry needs, focus on user-friendly human-machine interfaces (hmis), emphasis on predictive maintenance technologies..
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Segmentation & Regional Insights
The lathe machines market covered in this report is segmented –
1) By Type: Vertical Lathes, Horizontal Lathes
2) By Operation: Conventional Lathes, CNC Lathes
3) By Capacity: Heavy Duty, Medium Duty, Low Duty
4) By End User Industry: Automotive, General Manufacturing, Transportation, Other End User Industries
Asia-Pacific was the largest region in the lathe machines market in 2023. The regions covered in the lathe machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for automobiles is expected to propel the growth of the lathe machine market going forward. An automobile is a four-wheeled, mostly passenger-focused vehicle typically powered by an internal combustion engine that burns flammable fuel. Lathe machines manufacture automobile components and repair damaged car parts by turning down or removing defective areas with precision. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Europe-based advocate for the automobile industry, global motor vehicle production increased by 5.7% to 85.4 million in 2022 from 80.14 million in 2021. Further, the number of new commercial vehicle registrations in the European Union increased by 7.7% from 329,984 vans in 2022 to 355,553 vans in 2023. Therefore, the increasing demand for automobiles is driving the lathe machine market.
Key Industry Players
Major companies operating in the lathe machines market report are Doosan Machine Tools Co. Ltd., JTEKT Corporation, EMCO Corporation, DMG Mori Co. Ltd., Yamazaki Mazak Corporation, Bolton Group, Okuma Corporation, Smec Co. Ltd., Haas Automation Inc., Hardinge Inc., Hurco Companies Inc., Ellison Technologies Inc., Hasegawa Machine Works Ltd., HMT Limited, Batliboi Ltd., Clausing Industrial Inc., Milltronics USA Inc., Goodway Machine Corporation, Fadal Engineering Inc., Chiah Chyun Machinery Co. Ltd., Intelitek Inc., Dalian Machine Tool Group Corporation, Fryer Machine Systems Inc., Fair Friend Group, Ajax Machine Tools International LTD, American Machine Tools Corporation, Carl Benzinger GmbH, Ace Micromatic Group, Citizen Machinery Co. Ltd., Strojimport A.S.
The lathe machines market report table of contents includes:
1. Executive Summary
2. Lathe Machines Market Characteristics
3. Lathe Machines Market Trends And Strategies
4. Lathe Machines Market - Macro Economic Scenario
5. Global Lathe Machines Market Size and Growth
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32. Global Lathe Machines Market Competitive Benchmarking
33. Global Lathe Machines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Lathe Machines Market
35. Lathe Machines Market Future Outlook and Potential Analysis
36. Appendix
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