USD 25.2 billion
Lathe Machine Market Size, Share, Growth Analysis, By Product Type(Horizontal Lathe Machine, and Vertical Lathe Machine.), By Control Type(CNC Lathe Machine and Conventional Lathe Machine.), By Application(Automotive, Transportation, General manufacturing, and others.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2288 |
Region:
Global |
Published Date: May, 2024
Pages:
202
|Tables:
88
|Figures:
76
Lathe Machine Market Insights
Global Lathe Machine Market size was valued at USD 25.2 billion in 2022 and is poised to grow from USD 26.57 billion in 2023 to USD 35.82 million by 2031, growing at a CAGR of 4.4% during the forecast period (2024-2031).
The global lathe machine market is expected to have rapid and continuous growth. The growing trend of industrial automation and precision manufacturing represents one of the major factors supporting the market growth as lathe machines enhance product uniformity and improve the value chain. The market growth is driven by factors like increasing industrialization, technological integration and demands from the key end-users from various industries.
The use of both conventional and CNC lathe machines has increased significantly in the past few years. Conventional lathe machines are extensively used in small scale industries whereas CNC lathe machines are used in advanced manufacturing facilities. Thus, the availability of lathe machines in various configurations and wide usability of lathe machines positively influence the lathe machines market growth.
The manufacturing and construction industry was badly affected by the covid-19, due to which the lathe machine market witnessed lower productions and sales in 2020. But after covid-19, the market normalized the sales volume increase in construction and manufacturing activities. There was a huge increase in automobile industry. For instance, the Indian automotive industry has grown by about 10% from about $100 billion in 2021 to about USD 110 billion in 2022. This significant growth in the developing regions further drives the adoption rate of lathe machines which is used to manufacture a wide range of automotive components. The rise in purchasing power of consumers in emerging economies has also fuelled the industry.
Furthermore, the global aerospace industry has also grown by nearly 15% from 2021 to 2022. The aerospace industry highly relies on lathe machines as they help in the manufacturing of a variety of complex components.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Horizontal Lathe Machine
Fastest Growth
Vertical Lathe Machine
Growth Rate
4.4% CAGR
Global Lathe Machine Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Lathe Machine Market Segmental Analysis
The global lathe machine market is segmented by product type, control type, application and region.
Based on product type, the market can be segmented into horizontal lathe machine and vertical lathe machine. Based on control type, the market can be segmented into CNC and conventional lathe machines. Based on application, the market is segmented into automotive, transportation, general manufacturing and others. And lastly, based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
Based on product type, the global lathe machine market is segmented into horizontal lathe machine and vertical lathe machine.
Horizontal lathe machines are dominating the global lathe machines market due to their versatility, ease of use and cost-effectiveness. These machines offer a wide range of turning operations and are more affordable which makes them suitable for various industries and their applications. Their accessibility, industry-standards and wide-ranging capabilities have contributed to their position as the favourable choice for turning operations in many manufacturing environments.
On the other hand, vertical lathe machines are witnessing rapid growth in the recent years. They widely in demand in industries like aerospace, automotive and energy as they provide superior rigidity and stability, enabling them to handle high-speed cutting and achieve precise results, particularly for components with complex geometries. As these industries are demanding for larger and more complex components, the versatility, precision, and efficiency offered by vertical lathe machines make them the fastest-growing segment in the lathe machines market.
Analysis by Control Type
Based on control type, the global lathe machine market is segmented into CNC lathe machines and conventional lathe machines. CNC or Computerized Numerical Controlled lathe machines holds the largest market share due to their precision, flexibility, automation and efficiency. The increased adoption of CNC lathe machines in the manufacturing sector for mass production of high-speed, high-quality products is driving the market expansion. Because of a scarcity of skilled workers, the traditional lathe machine market is predicted to increase steadily.
Whereas the conventional lathe machines have maintained their demand in some cases dur to their lower costs, reliability and sustainability. Especially in those industries struggling with budget constraints, generally opt for conventional lathe machines. Specialized applications where manual craftsmanship or unique turning operations are required, conventional lathe machines continue to be preferred. Additionally, businesses with existing infrastructure built around conventional lathe machines may be reluctant to transition to CNC technology due to associated costs and learning curves, thus sustaining demand for conventional models.
Analysis by Application
Based on application the global lathe machine market is segmented into automotive, transportation, general manufacturing and others.
Automotive segment holds the major portion of the market share and dominates the global lathe machines market. This is due to its high demand for precision-engineered components and large-scale production requirements. With the increase trade policies worldwide and increased connectivity, there is a significant growth in the automotive industry which furthers drives the demand for lathe machines to sustain the market needs. The global presence of automotive industry and constant rise in This sector further ensures a consistent demand for the lathe machines across different regions and maintain its dominance.
The transportation sector is said to be the fastest growing, especially the aerospace and railway industries are driving the lathe machines market in this segment. Due to sudden surge in travel and tourism along with boosting logistics supply chain to cater the demand for quick delivery of products has increased the need for the expansion and development aerospace and railways infrastructure, contributing to rising lathe machine demand for manufacturing their respective components. Also, the transportation sector's emphasis on precision engineering and lightweight materials drives its rapid growth and demand for lathe machines.
The general manufacturing segment maintains steady demand for lathe machines due to their widespread application in producing various components across industries. And the other segment includes a diverse range of industries and emerging applications such as electronics, medical etc., offer additional opportunities for lathe machine manufacturers to cater to specialized needs and expand their market presence.
Global Lathe Machine Market By Product Type
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Lathe Machine Market Regional Insights
Based on the geography, the global lathe machine market is dominated by Asia Pacific. China and Japan stand out as a major manufacturing powerhouse, with a vast industrial landscape demanding loads of machining solutions. Japan is renowned for its advanced technology and the country's manufacturing sector, particularly in automotive, electronics, and machinery, relies heavily on lathe machines for producing high-quality components and parts. India's flourishing manufacturing sector, coupled with government initiatives such as "Make in India," continues to drive demand for machinery and equipment, including lathe machines. With ongoing infrastructure projects and rapid urbanization across Southeast Asian countries, the demand for lathe machines remains robust in the region.
Europe is said to be the second largest and fastest growing market for lathe machines. Europe has one of the most globally competitive industries and holds more than a third of global machine tool output and half of global exports. Due to manufacturing of low-cost machines in Asian countries has repeatedly created a dent in the European market and undermined Europe’s advantage in recent times but on the other hand, the growth of the lathe Machines Market in Europe, is being aided by the European economic recovery and rising demand for automotive and aerospace manufacturing.
Global Lathe Machine Market By Region
- Largest
- Fastest
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Lathe Machine Market Dynamics
Drivers
Emergence of New Economies
- Emerging economies particularly in the Asia-Pacific regions like China, India and Southeast Asia are going through rapt industrialization which creates a major opportunity for the lathe machine market. With increasing investments in manufacturing infrastructure and rising demand for machine components with drive the market growth in this region.
Growing Manufacturing Sectors
- The expansion of various industries such as automotive, aerospace, electronics, and general manufacturing are expected to drive the demand for lathe machines. These machines are essential for machining various components and parts required in these sectors, driving market growth.
Restraints
Shortage of Skilled Labours
- Operating lathe machines requires skilled labour with specialized training and expertise. The shortage of qualified machinists and operators can limit the adoption and utilization of lathe machines, particularly in regions facing workforce challenges or skill gaps
Regular Maintenance Costs
- Lathe machines require regular maintenance to ensure efficient performance and longevity. The associated maintenance costs such as servicing, repairs, and replacement of parts, can add to the operational expenses for businesses which in turn affects their profitability
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Lathe Machine Market Competitive Landscape
The global lathe machine market is highly competitive with the presence of established industry leaders such as DMG Mori, Mazak Corporation, Haas Automation, and Okuma Corporation, among others. These companies engage in intense competition characterized by continuous product innovation, technological advancements, and a focus on quality and reliability. With a global reach through extensive distribution networks and strategic partnerships, manufacturers aim to meet the diverse needs and demands of customers across various industries while maintaining cost competitiveness. Strategic alliances and acquisitions are common strategies employed to strengthen market positions and access new technologies and markets.
Top Player’s Company Profiles
- DMG Mori (Germany)
- Mazak Corporation (Japan)
- Haas Automation, Inc. (United States)
- Okuma Corporation (Japan)
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools (South Korea)
- Hwacheon Machine Tool Co., Ltd. (South Korea)
- Hyundai WIA (South Korea)
- Romi Machine Tools Ltd. (Brazil)
- INDEX-Werke GmbH & Co. KG Hahn & Tessky (Germany)
- Tornos SA (Switzerland)
- Nakamura-Tome Precision Industry Co., Ltd. (Japan)
- Hardinge Inc. (United States)
- Citizen Machinery Co., Ltd. (Japan)
- Okuma America Corporation (United States)
- Dalian Machine Tool Group Corporation (China)
- Victor Taichung Machinery Works Co., Ltd. (Taiwan)
- Tsugami Corporation (Japan)
- Mori Seiki Co., Ltd. (Japan)
- Schaublin Machines SA (Switzerland)
Lathe Machine Key Market Trends
- Increased adoption of Industry 4.0 principles will lead to greater connectivity, automation, and data-driven decision-making in manufacturing processes. Lathe machines will be integrated with IoT sensors, AI and cloud-based analytics to optimize performance, monitor machine health, and enable predictive maintenance.
- With the arrival of technologies like CNC machining and automation, there will be a greater emphasis on skill development and training for machine operators and technicians. Training programs and educational initiatives will be essential to equip the workforce with the necessary skills to operate and maintain modern lathe machines effectively.
Lathe Machine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global lathe machine market analysis, lathe machines market growing continuously a market share of over 27% compared to other machine tools. The horizontal lathe machines and the CNC sector dominated the market globally in 2021, accounting for a revenue share of more than 88 percent. The Asia Pacific led the market in 2021 with a market share of more than 35%. It is also projected that Europe will account for a sizable portion of the global market. Furthermore, a rise in the usage of automatic machine tools is expected to propel North America's growth at a rapid rate. This market has immense opportunities due to rising urbanisation and expansion of various industries such as automotive, transportation etc. Bur at the same time, shortage of skilled labour and regular maintenance cost can create a challenge in the growth of this market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.2 billion |
| Market size value in 2031 | USD 35.82 million |
| Growth Rate | 4.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lathe Machine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lathe Machine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lathe Machine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lathe Machine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lathe Machine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lathe Machine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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