The global Lathe Machine Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period from 2024 to 2031.
Lathe machines are used to remove material from a rotating workpiece in order to generate complex shapes. They are widely used in end-use industries such as automobile, aerospace and defense, general machinery, and transportation. The demand for lathe machines has been increasing owing to the need for complex parts and components used in various machinery and tools. Lathe machines allow high precision machining and processing of materials like metal, wood, plastic and others.
Key Takeaways
Key players operating in the Lathe Machine Market are Areema, CHIC Robotics, Hover-1 (DGL Group), Hoverboard (Cynova), InMotion, Jetson, Koowheel, Leray, Lime, Segway-Ninebot, Swagtron, TOMOLOO, VEVELINE, VeeBee, and Xiaomi. Key players are focusing on adopting strategies such as new product launches, mergers, acquisitions, partnerships and regional expansion to gain a competitive edge in the market.
The key opportunities in the Lathe Machines Market Demand include growing applications in Industries such as automotive, aerospace, metal fabrication and medical. Lathe machines demand for manufacturing complex components used across these industries is opening up new avenues for growth.
The companies operating in the market are expanding globally especially in emerging regions of Asia Pacific, Middle East and Latin America. These regions are witnessing rapid industrialization and faster growth in end-use industries driving the demand of lathe machines. Key players are investing in these high potential markets through partnerships and joint ventures with local players.
Market drivers: Growing applications of lathe machines across automotive, aerospace and other manufacturing industries owing to demand for high precision components. Rising focus on industrial automation is another key factor driving increased adoption of CNC lathe machines.
Market restraints: High initial investment cost associated with lathe machines can restrain their adoption especially among small scale industries. Rising labor costs and availability of substitutes like milling machines are other challenges faced by the market.
Segment Analysis
For the Lathe Machine Market, metal cutting lathes form the dominant sub-segment currently. This is because metal cutting lathes are versatile machines and are used across various end-use industries like automotive, machinery, and shipbuilding for hollow spindle turning, outside diameter turning, hole drilling, grooving and facing applications. They find extensive usage for turning metal workpieces like components for automobiles, household appliances etc. with high precision and accuracy. Other sub-segments include metal forming lathes and special purpose lathes but their demand remains relatively lower compared to metal cutting lathes.
Regional Analysis
Asia Pacific region is currently the fastest growing as well as the dominant region in the global Lathe Machine Market. This is attributed to strong growth in end-use industries like automotive, heavy machinery and construction equipment manufacturing in countries such as China, India, Japan and South Korea. Growing industrialization and manufacturing activities are driving demand for advanced lathe machines from the region. Europe and North America remain other major markets driven by automotive production and presence of leading market players. However, their market growth is expected to be moderate during the forecast period.
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