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The global lathe machines market size was USD 25.01 billion in 2018 and is projected to reach USD 40.22 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period.
Lathe machines play a significant role in the metal-working sector. Lathe machines have widespread applications including facing, sanding, knurling, cutting, and drilling. Furthermore, the increasing popularity of CNC (Computer Numerical Control) lathes is resulting in rise of lathe machines market revenue. This is attributed to the increasing number of automation industries. To improve the productivity and product quality, the manufacturing sector is continuously shifting towards automatic lathes. Manufacturers are more inclined towards flexible activity and thus are readily adopting technologically advanced lathes.
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Adoption of IoT- enabled machine is one of the emerging lathe machine market trends. The increasing adoption and utilization of real-time information access is giving rise to the IoT enabled devices. Surge in demand for time, cost and energy efficiency is resulting in the growth of IoT enabled lathe machines market. The IoT enabled machines can track energy consumption and provide greater visibility on optimization of production schedules and save energy. To better understand the manufacturing equipment’s operation, they are fitted with sensors and the data thus obtained is stored and analyzed for future needs. Furthermore, the advent in technologies such as IoT has resulted in the development of new machine features such as an application that monitors the machine, and timely notifies its's status to operators over computers and mobile phones. The manufacturing sector is focusing on the optimum tool utilization through real-time feed input, which is likely to drive the IoT enabled lathe machines market demand. The increasing need for human-machine interaction is further expected to drive the demand for IoT enabled manufacturing devices.
“CNC Lathe Machine is Expected to Propel the Market Revenue Owing to the Benefits such as High Accuracy and Reduced Operational Cost”
The increasing demand for CNC lathes is expected to boost the lathe machine market growth. This is attributed to the various benefits including increased production, high speed, increased safety, high efficiency and accuracy, and reduced production cost. The high operating accuracy of CNC machines results in optimum raw material usage and reduced wastage. Besides, the increasing demand for mass production in reduced time frame is resulting in greater adoption of CNC lathe machines. Additionally, CNC machines can be updated by enhancements in the existing software that is used to drive the machines. It also reduces the time taken to build a prototype as the design can be directly developed. This is expected to result in cost and time efficiency in terms of product manufacturing. Furthermore, the CNC machines have significantly reduced the labor cost in manufacturing industry since an operator can supervise many CNC machines at once. The increasing demand from the critical component product manufacturing is expected to drive the CNC lathe machines market owing to the high accuracy offered by it.
“Increasing Inclination Towards Industry 4.0 Owing to the Predictive Maintenance Feature Is Driving Market”
The increasing adoption of Industry 4.0 solutions is promoting the smart factories. The increasing demand for real-time connectivity is resulting in the growth of smart machines. This is attributed to the rising demand for high efficiency, productivity, reliability, and reduced waste generation. Industry 4.0 offers opportunities to optimize operations by projecting the area needing quick attention. The need to significantly reduce the downtime and repair cost is resulting in popularity of predictive and preventive maintenance in the manufacturing industry. The planning of maintenance schedule based on the real-time data helps to understand the exact need of the machine and helps save the hefty downtime and repair cost. Thus, predictive maintenance helps to improve decision making, significantly reducing the repair time. According to multiple sources, predictive maintenance avoids machine failures reducing downtime by approximately 50%. Furthermore, the Total Quality Management (TQM) is further driving the predictive maintenance as it focuses on the machines capability of meeting accuracy requirements, which ultimately reduces the need for final inspection.
“CNC Holds the Major Market Share and Is Expected to Remain Dominant, Owing to Increasing Automation in Manufacturing Sector”
Based on product, the market is segmented into CNC (Computerized Numerical Control) and Conventional. The increasing need for high flexibility and on demand manufacturing is expected to drive the automation in the manufacturing industry. The need for customized mass production in manufacturing is resulting in high speed and quality production which is further expected to boost the CNC lathe machines market. Furthermore, additive manufacturing is likely to result in the increasing adoption of CNC lathe machines. The increasing use of 3D printing in varied applications such as aerospace, defense, and automotive industry is expected to drive the market. The CNC horizontal lathe machines have major market share and are expected to remain the same over the period of time as a result of increasing demand from the automotive sector. The automotive industry has widespread application of lathes including camshafts, gearboxes, CV joints, and crankshafts. Thus, manufacturers are focusing on developing lathes that can perform multiple operations to develop a complex product. For instance, the Lunan 400MF multi-function CNC lathe developed by Dugard offers high rigidity and low cost of manufacturing per piece. Furthermore, the increasing demand for precision and quality in turning, grinding and measuring operations is expected to result in the growth of CNC lathe machines market. The vertical CNC lathes are used for machining and boring of conical, cylindrical and contoured surfaces, which are further expected to contribute to the lathe machines market growth. However, the conventional lathe machine segment is expected to witness stable growth as a result of lack of skilled labor.
Based on application, the market is divided into automotive, general machinery, precision engineering, transport machinery, and others.
Batch production in the automotive industry needs the bulk production of similar products at regular intervals. This, results in rise in demand for CNC lathes. The automotive industry requires various parts for production including the engine cylinder heads, gear boxes manufactured using lathe machines and is likely to result in the growth of market. Furthermore, the increasing demand for disk brakes is further expected to drive this market in the near future. The growth is attributed to the advantages provided by the disk brakes including their great stopping power, prevents damage to rim, and precise breaking with less chances of wheel lockup.
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The rise in demand for machineries from various industries including food processing, construction and packaging is driving the general machinery segment. Besides this, the increasing demand for complex part manufacturing from aerospace and military sectors is expected to drive the precision machinery segment over the forecast period. The increase in global trade is resulting in the growth of transportation machinery and in turn is anticipated to earn high lathe machines market share.
Geographically, the scope of the study is segmented across five major regions, such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America, which are further categorized into countries.
Asia Pacific Lathe Machines Market Size, 2018 (USD Billion)
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Asia Pacific holds the major lathe machines market share owing to the increasing demand from developing nations such as China and India. The Chinese government initiatives such as “Made in China 2025” focusing on becoming high end producer of goods is expected to result in the increased demand for machinery and equipment. Thus, the government initiatives favoring industrialization is expected to result in the lathe machines market growth in the near future.
The growing demand for prefabricated metal industry is also expected to earn high revenue across North America and Latin America. The increasing popularity of CNC lathe machines is further expected to drive the lathe machines market in Europe.
“Leading Players Are Focusing on Development of CNC Lathes “
Manufacturers are focusing on increasing their product portfolio and their geographical reach so as to cater their customers in a better way. The increasing adoption of Industry 4.0 has resulted in increasing penetration of smart machines. The key players are thus focusing on development of multitask lathes such as 5-axis multitask lathes.
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The report presents a comprehensive assessment of the global lathe machines market analysis by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the global lathe machines market.
Value (USD billion)
As per our (Fortune Business Insights) study, the global lathe machines market was valued at USD 25.01 billion in 2018 as a result of increasing demand from various industries such as aerospace, precision machinery and food processing.
In 2026, the global lathe machines market is expected to reach USD 40.22 billion in the future.
The lathe machines market is projected to grow at a CAGR of 6.0% during the forecast period (2019-2026).
The precision machinery segment is expected to lead the lathe machines market during the forecast period owing to the increase in demand from the critical product mass manufacturing
The increasing demand for CNC lathe machines will drive the lathe machines market. In addition, the increasing adoption of industry 4.0 is also resulting in the growth of lathe machines market.
Doosan Machine Tools Co., Ltd., DMG Mori Co., Ltd., Dalian Machine Tool Corporation, and Okuma Corporation are among the few key players in the global lathe machines market.
Asia Pacific is expected to be the fastest-growing region in the lathe machines market owing to the increasing demand from the industries, such as aerospace automotive, and food processing sectors. Furthermore, government initiatives such as ‘Made in China 2025’ by the Chinese government is resulting in the lathe machines market growth.
The adoption of IoT enabled devices for greater connectivity and operational efficiency is the emerging trend in the lathe machines market.
The automotive application segment holds the major market share of lathe machines market. This is attributed to the growing incorporation of automated concepts in the automotive industry.
Based on segmentation by product, the CNC segment is estimated to hold the major share of the lathe machines market and is expected to remain the same over the forecast period. This is owing to the increasing adoption of advanced technology in machinery and equipment.