Lathe Machines Market worth USD 31.5 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Lathe Machines Market by Type (Vertical lathes and Horizontal lathes), by Operation (Conventional lathes and CNC lathes), by End-Users (Automotive, General Manufacturing, Transportation and Others), by Region – Global Share and Forecast to 2027". The global lathe machines market size is expected to grow from USD 24.9 billion in 2020 to USD 31.5 billion by 2027, at a CAGR of 4.0% during the forecast period. The automotive industry is one of the key end-user segments for the lathe machines market. The automotive market globally is expected to grow during the forecast period due to low-interest rates and increasing disposable income. Global automotive sales reached record levels in 2020, and this trend is likely to continue throughout the forecast period. German supplier Continental Automotive estimates that the worldwide production of cars and light trucks will grow slightly during the forecast period. The increase in sales is being witnessed in Asia-Pacific, North America, and the Middle East & Africa, while moderate growth is seen in Europe. Although penetration of automobiles into households has increased over the past decade, there is scope for further gain as the middle class in these countries continues to expand.

Global Lathe Machines Market Segmentation

The overall lathe machines market has been segmented into type, operation, end-users, and region.

• By Type (Vertical lathes and Horizontal lathes),
• By Operation (Conventional lathes and CNC lathes)
• By End-Users (Automotive, General Manufacturing, Transportation and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

CNC lathes, by operation, is estimated to hold the largest market share during the forecast period

The lathe machines market by mode of operation has been segmented into conventional or manual lathes and CNC lathes. CNC lathes were the highest contributor to the lathe machines market in 2020 and had a market share of 81.8%. CNC lathes are computer numerical controlled machines that perform cutting operations on a workpiece while it is rotated. Computer numerical control (CNC) system offers automation in lathe machines by enabling a workpiece of the desired profile to be formed with minimum supervision from an operator. The CNC lathes are comprised of a peghead or headstock assembly for rotating and holding the desired workpiece or cutting tool for cutting a workpiece while being rotated, and a tailstock for holding the workpiece from its rear end. The conventional models of CNC lathes were manufactured not to permit them to be dismantled and were bulky.

Innovation in the product design of CNC lathe machines and focus on supportive needs such as service providers for the design and fabrication of customization, apparatus, trading, and training drive the growth in this market. The development of platform technologies for enhanced teaching of manufacturing and engineering design is expected to support the growth of the CNC lathes market. Furthermore, the development of solutions for teaching CAD/CAM and manufacturing such as software training, engineering drawing e-learning software, CAD simulator, and an educational CNC machine is the primary focus of leading vendors in this market. Advancements in lathes that can be easily assembled and dismantled, compact design, and longitudinally movable cutting tools are expected to provide growth opportunities for the CNC lathes in the near future.

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The Asia Pacific accounts for the largest market share in lathe machines market 2020

Based on the regions, the global lathe machines market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 43.8% in the global lathe machines market and was anticipated to maintain its dominance throughout the forecast period. China and Japan together accounted for about 62.8% of the total Asia-Pacific lathe machines market in 2020, with the former constituting around 44.3%. From a growth perspective, India and China are the two potential markets expected to witness considerably higher growth rates over the forecast period. Currently, these two segments account for 59.9% of the Asia-Pacific lathe machines market. India is expected to grow at a lucrative rate of 4.5% during the forecast period.

The increase in adoption of automation in manufacturing, advancements in technology, rise in living standards, and improvement in the regional economy have boosted the growth opportunities for the CNC lathe machines market in the Asia-Pacific region. Southeast Asia has become a powerhouse for the automotive industry and is expected to maintain its dominant position over the forecast period. The Asia-Pacific region comprises large markets with significant sales potential and important automotive manufacturing hubs. The slowdown of China’s automotive sales is one of the key factors hindering the lathe machines market growth in Asia-Pacific.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the lathe machines market. It also consists of leading companies such as Dalian Machine Tool Group Corporation, Doosan Machine Tools, Haas Automation Inc., DMG Mori Co., Ltd, Hardinge Inc., JTEJT Corporation, Okuma, HMT Machine Tools, Samsung Machine Tools, and Yamazaki Mazak Corporation.

Browse complete report: https://www.marketstatsville.com/lathe-machines-market

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