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The global lathe machines market was valued at US$ 22.7 Billion in 2021.
We expect the global lathe machines market to exhibit a CAGR of 5.10% during 2022-2027.
The growing utilization of lathe machines in woodturning, metal spinning, thermal spraying, etc., owing to the rising trend of industrial automation and precision manufacturing, is primarily driving the global lathe machines market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries for lathe machines.
Based on the type, the global lathe machines market has been segmented into vertical lathes and horizontal lathes. Currently, horizontal lathes hold the majority of the total market share.
Based on the operation, the global lathe machines market can be divided into conventional lathes and CNC lathes, where CNC lathes currently exhibit a clear dominance in the market.
Based on the capacity, the global lathe machines market has been categorized into heavy duty, medium duty, and low duty. Among these, heavy duty accounts for the majority of the global market share.
Based on the end user, the global lathe machines market can be segregated into automotive, general manufacturing, transportation, and others. Currently, the automotive industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global lathe machines market 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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