According to the latest report by IMARC Group, titled "Lathe Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global lathe machines market reached a value of US$ 22.7 Billion in 2021. Lathe machines are widely used for shaping and removing unwanted pieces from wood or metal products. Besides this, they are also utilized for reaming, drilling, tapping, grooving, knurling, threading and facing of a workpiece. They comprise a bed, tailstock, headstock, tool rest, spindles, feed rod, lead screw, speed controller, chip pan and motor that help in achieving the desired shapes and size of the final product. As a result, they are gaining widespread prominence across the globe and are employed across several industries for metalworking, glass processing, thermal spraying and wood tuning of various artistic products.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Lathe Machines Market Trends:
The global market is primarily driven by the increasing demand for precision manufacturing across the industrial sector. Coupled with the rising focus on sustainable and smart manufacturing due to the growing need for minimizing wastage, this is creating a positive market outlook. Along with this, the increasing preference for superior quality products has encouraged leading manufacturers to heavily invest in the deployment of advanced automated machines, thereby driving the demand for lathe machines. Moreover, the widespread adoption of the tool in the metalworking industry to transform unfinished metal sheets into vehicle bodies and spare parts is impacting the market growth favorably. Furthermore, continual technological advancements and the introduction of industry 4.0 that has led to the incorporation of the internet of things (IoT) with lathe machines are significantly supporting the demand on the global level. Other factors, including rapid industrialization, intensive business competition and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 31.12 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
- On the basis of the type, the market has been segmented into vertical and horizontal lathes.
- Based on the operation, the market has been segregated into conventional and CNC lathes.
- On the basis of the capacity, the market has been classified into heavy, medium and low duty.
- Based on the end-user, the market has been bifurcated into automotive, general manufacturing, transportation and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include DMG Mori Co. Ltd, Doosan Machine Tools Co. Ltd., EMAG GmbH & Co. KG, Fair Friend Group, Haas Automation Inc., Hardinge Inc., HMT Machine Tools Limited (HMT Limited), Hurco Companies Inc., JTEKT Corporation, Macpower CNC Machines Limited, Mazak Corporation, Okuma Corporation and SMEC CO. LTD.
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