How Has the Lathe Machines Market Evolved Historically and What is its Current Size?
The lathe machines market has seen considerable growth due to a variety of factors.
• In the past few years, the lathe machines market size has seen consistent growth. It is projected to expand from $11.93 billion in 2024 to $12.25 billion in 2025, with a compound annual growth rate (CAGR) of 2.6%.
The upward trend during this historical period can be largely traced back to the growth in industrialization and manufacturing, along with the expanding automotive industry. There's also significant demand from the aerospace and defense sectors, in addition to general machinery production, and the needs for repair and maintenance.
What Does Future Hold for The Lathe Machines Market By 2029?
The lathe machines market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of lathe machines is predicted to undergo consistent growth in the upcoming years. The market is set to expand to $13.97 billion by 2029, with a compound annual growth rate (CAGR) of 3.3%.
The expected growth during the forecast period can be credited to factors such as the resilience of global manufacturing, development in the renewable energy sector, enlargement of medical device production, and worldwide infrastructural advancements. Notable trends anticipated during the forecast range involve the integration of automation and robotics, bespoke solutions for specific industrial requirements, a concentration on user-friendly human-machine interfaces (HMIS), and a commitment to predictive maintenance technologies.
What Are The Primary Growth Drivers In The Lathe Machines Market?
The escalating need for vehicles is anticipated to boost the lathe machine market's development in the future. Cars are predominantly four-wheeled machines aimed mostly at transporting passengers and are usually driven by an internal combustion engine that uses combustible fuel. These machines aid in the production and repair of various automotive parts by precisely turning down or removing the malfunctioning sections. For example, as reported by the European Automobile Manufacturers Association in May 2023, a European advocate for the car industry, global vehicle production recorded a rise of 5.7%, from 80.14 million in 2021 to 85.4 million in 2022. Furthermore, the number of newly registered commercial vehicles in the European Union saw an increase of 7.7%, moving from 329,984 vans in 2022 to 355,553 vans in 2023. Therefore, the augmenting demand for vehicles is fueling the growth of the lathe machine market. The widespread use of robotic devices is projected to act as another driver, pushing the lathe machine market's growth. Robotic devices are programmable machines capable of carrying out tasks without human interference. Integrating lathe machines can improve manufacturing procedures by automating operations like loading and unloading as well as machining tasks, resulting in better efficiency, productivity, and cost savings. Moreover, lathe machines can be coupled with robotic systems for activities like deburring, cleaning, and inspecting. As per a report from the International Federation of Robotics (IFR), a non-profit professional organization located in Germany, in September 2023, the recent World Robotics report disclosed a 5% rise in industrial robot installations around the world in 2022, amounting to 553,052. Out of these, Asia, Europe, and the Americas accounted for 73%, 15%, and 10%, respectively. Hence, the spreading use of robotic devices is going to significantly contribute to the lathe machines market's development in the foreseeable future.
What Is The Segmentation Of The Global Lathe Machines Market?
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
Subsegments:
1) By Vertical Lathes: CNC Vertical Lathes, Manual Vertical Lathes
2) By Horizontal Lathes: CNC Horizontal Lathes, Manual Horizontal Lathes, Multi-Tasking Horizontal Lathes
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How Are Emerging Trends Reshaping The Dynamics Of The Lathe Machines Market?
Leading firms in the lathe machine market are concentrating on the introduction of innovative products such as automated lathes in an effort to establish a stronger market presence. An automatic lathe is a machine that, through computer numerical control systems, can automate the cutting process and conduct a range of complex machining procedures. As an illustration, Star Micronics Co. Ltd., an electronics components and printers manufacturer based in Japan, launched its latest SP-20/23 CNC Swiss-type automatic lathe in September 2023. This ultra-accurate, computerized machine is built to create intricate small parts, catering to the increasing demand for advanced machining solutions in sectors such as automotive, hydraulics, pneumatics, and general machinery. The SP-20/23, which includes innovative features such as thermal displacement correction and an energy-saving ECO mode, is perfectly suited to produce high-precision components. This product introduction signals the industry's continued progression toward automation and intelligent manufacturing.
Who Are the Key Players In The Lathe Machines Market?
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.
What Are The Regional Insights Into The Lathe Machines Market?
Asia-Pacific was the largest region in the lathe machines market in 2024. The regions covered in the lathe machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
