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

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.