by The lathe machine market provides metalworking tools and equipment for various industrial applications including automotive, general machinery, precision parts, and electronics. Lathe machines offer capabilities for precision drilling, tapping, reaming, boring, and other metal cutting processes with high accuracy and efficiency. They help in the production of cylindrical parts with intricate designs and multiple diameters. The growing need for precision components across industries has increased the demand for CNC and multi-axis lathe machines globally.
The Global Lathe Machine Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to reach US$ 40.16 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Key Takeaways
Key players operating in the lathe machine market are Dalian Machine Tool Corporation, DMG Mori Co., Ltd., Doosan Machine Tools, EMAG Group, Haas Automation Inc., Hardinge, Inc., HMT Machine Tools, INDEX and TRAUB, JTEKT Corporation, Okuma Corporation, Samsung Machine Tools, Shaanxi Qinchuan Machine Tool and Tool Group, Tsugami Corporation, and Yamazaki Mazak Corporation.
The growing automation across manufacturing industries offers lucrative opportunities for CNC and multi-axis lathe machines. Increasing R&D investments by manufacturers towards product development with advanced technologies is further expected to augment the market growth.
With the rising globalization, major manufacturers are expanding their presence across emerging countries in Asia Pacific and Latin America. Growing foreign direct investments in manufacturing sectors in these regions will further propel the adoption of advanced automated lathe machines.
Market Drivers
The major market driver for Lathe Machine Market Demand is the increasing automation across manufacturing industries. Automation enables mass production of parts with high precision and consistency. This has increased the adoption of CNC lathe machines over conventional lathe machines. Further, growing focus of industries towards automated robotic processes is also expected to drive the market growth during the forecast period.
PEST Analysis
Political: The political landscape can impact the lathe machine market through government regulations and policies supporting the manufacturing industry. Changes in import-export policies and trade relations can affect the demand and supply of lathe machines.
Economic: Economic growth and the manufacturing sector performance determine the demand for lathe machines from end-use industries like automotive, transportation, and metal fabrication. Recession or slowing economic conditions may negatively impact the market.
Social: Advancements in technologies are increasing automation in industries. The Lathe Machine Market Regional Analysis adapts to developing new advanced computer numerical control lathes to meet precision requirements from industries. Growing applications of lathe machines create new demand.
Technological: The lathe machine market is driven by innovations enhancing machine functionality, productivity, automation, and computer integration. Developments in controls, chucking systems, tooling, and machine structures help achieve close tolerances, better surface finishes, and high-speed machining. Integration of internet of things aids data collection for predictive maintenance and operation optimization.
In terms of value, the Asia Pacific region holds the largest share of the lathe machine market due to high manufacturing output from China, Japan, India, and other developing Asian economies. Within Asia Pacific, China leads as the largest lathe machine consumer globally owing to its enormous industrial and export base. North America and Europe are other major traditional regional markets, whereas demand is growing rapidly from Central and South American and Middle Eastern countries with expanding manufacturing industries. Among all regions, the Asia Pacific market for lathe machines is projected to advance at the fastest pace during the forecast period supported by ongoing industrialization and infrastructure investment programs across the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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