Portland,OR, April 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Lathe machines market by Type (Horizontal, and Vertical), Operation (Conventional, and CNC), and End User Industry (Automotive, Industrial machinery, Transportation, and Other): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global lathe machines industry generated $12,937.6 million in 2021, and is projected to reach $17,798.85 million by 2031, registering a CAGR of 3.1% from 2022 to 2031.
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Prime determinants of growth
Lathe machines are used to manufacture various automotive components such as gearbox cases and cylindrical heads. Thus, rise in automobile sales is anticipated to drive the growth of lathes market. Furthermore, the growing aerospace industry the demand for high quality aircraft is growing which in turn is anticipated to boost the CNC lathe machines market. However, the slowdown in global manufacturing industry restricts the market growth. Moreover, advancements in technology are expected to present new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $12.9 billion |
| Market Size in 2031 | $17.8 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 170 |
| Segments covered | Type, Operation, End User Industry, and Region. |
| Drivers | Growth of automotive industry Growth of aerospace industry Advantages of CNC lathe machines |
| Opportunities | Slowdown of global manufacturing industry |
| Restraints | Advancements in manufacturing technology |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global lathe machines market, owing to temporary closure of manufacturing facilities.
- Not only the production but also the sale of lathe machines was hampered due to the closure small scale manufacturing facilities across the world, especially in the initial period of the pandemic.
- However, the growth of manufacturing industry in emerging countries of Asia-Pacific region, has fuelled the recovery of the lathe machines market.
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The horizontal segment to maintain its leadership status throughout the forecast period
Based on type, the horizontal segment held the highest market share in 2021, accounting for more than four-fifths of the global lathe machines market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the vertical segment is projected to manifest the highest CAGR of 3.5% from 2022 to 2031, owing to the introduction of innovative vertical lathe machine that provides new levels of productivity due to its highly rigid mechanical configuration, extreme thrust and torque.
The CNC segment to maintain its leadership status throughout the forecast period
Based on operation, the CNC segment held the highest market share in 2021, accounting for nearly two-thirds of the global lathe machines market and is estimated to maintain its leadership status throughout the forecast period. The advantages of CNC lathe machines such as high level of automation, reducing the need for manual labor and increasing productivity drive the growth of the market. In addition, it is ideal for high-volume production runs. Furthermore, it is projected to manifest the highest CAGR of 3.2% from 2022 to 2031.
The automotive segment to maintain its lead position during the forecast period
Based on ed user industry, the automotive segment accounted for the largest share in 2021, contributing to more than two-fifths of the global lathe machines revenue, and is projected to maintain its lead position during the forecast period. Lathe machines are used in the automotive industry to produce high-quality parts at a relatively low cost per unit. This is important to produce large volumes of components. Furthermore, lathe machines can also be used for repairs and maintenance of automotive parts, as they can remove material to restore their original dimensions and surface finish. Thus, such factors are expected to drive demand for lathe machines in automotive industry. This segment is it is projected to manifest the highest CAGR of 3.4% from 2022 to 2031.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly three-fifths of the global lathe machines market revenue, and is likely to dominate the market during the forecast period. The government initiatives to boost manufacturing significantly promoted the growth of the lathe machines market in Asia-Pacific. However, the LAMEA region is expected to witness the fastest CAGR of 4.0% from 2022 to 2031. The rise in the transportation industry, owing to rising global investments, is expected to drive the growth of the LAMEA lathe machines market.
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Leading Market Players: -
- Dalian Machine Tool Group Corporation
- DMG Mori Co., Ltd.
- Ellison Technologies
- Haas Automation, Inc
- Hardinge Inc.
- HMT Machine Tools Limited
- JTEKT Machinery Americas Corporation
- Okuma Corporation
- SMEC CO., LTD.
- Yamazaki Mazak Pvt. Ltd.
The report provides a detailed analysis of these key players in the global lathe machines market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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