The global lathe machines market size was US$ 25.9 billion in 2021. The global lathe machines market is forecast to grow to US$ 36.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2030.
A lathe is a machine tool that is primarily used to shape wood, metal, or other materials. Lathe machines are majorly deployed by the metal-working industry, medical industry, and automotive industry.
Factors Influencing the Market
Growing urbanization and rising industrialization will escalate the growth of the global lathe machines market. In addition, the wide applications of lathe machines in the automotive, general manufacturing, and transportation industry will drive the lathe machines market forward during the study period.
CNC lathes enable the precise operation of stored programmable commands. The growing popularity of CNC lathes will contribute to the overall industry growth.
The growing demand for smart and sustainable manufacturing solutions will offer ample growth opportunities for the lathe machine market. In addition, growing innovations in the industry will benefit the market during the study period. For instance, in September 2018, Dugard unveiled the Hanwha sliding head CNC lathes and collaborative robots (Cobots) at the Dugard open house. These machines are made for the medical, electronic, defense, aerospace, and automotive industries.
Regional Analysis
During the forecast period, Asia Pacific is forecast to register the highest CAGR due to growing industrialization. In addition, policies like "Make in India" are forecast to surge the growth of the overall lathe machine industry. The Asia-Pacific region is home to many developing and underdeveloped countries that are making strides in fields such as manufacturing, technology, education, and others. Furthermore, the growing automotive and medical industry and increasing investments in these sectors will also drive the lathe machines market forward.
Japan is well-recognized for its early adoption and revolutionization of computer numerical control technology. It is regarded as a global powerhouse in machine tool manufacturing control and industrial robotics, which will contribute to the growth of the market. In addition, China is another leading country that has made significant progress in industrialization. Thus, the Asia-Pacific lathe machines market is forecast to hold dominance in terms of revenue.
COVID-19 Impact Analysis
The onset of the COVID-19 pandemic forced to stop activities in the manufacturing units. The automotive industry, which is one of the prominent end-users of lather machines, had to shut down activities for a short time. Thus, the market witnessed limited demand for lathe machines. Furthermore, imposed lockdown further made it difficult to maintain supply chain flow, which ultimately affected the global lathe machines industry.
Competitors in the Market
Market Segmentation
The global lathe machines market segmentation focuses on Type, Operation, End-Users, and Region.
By Type Outlook
By Operation Outlook
By End-Users Outlook
By Region
