The global lathe machines market size is prognosticated to be worth USD 40.22 billion by the end of 2026 owing to the augmenting popularity of CNC (Computer Numerical Control) lathes worldwide. In a report by Fortune Business Insights titled, “Lathe Machines Market Size, Share & Industry Analysis, By Product (CNC, Conventional), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026,” the market will rise from USD 25.01 billion in 2018 exhibiting a CAGR of 6.0% between 2019 to 2026.
Advent of Internet of Things (IoT) to Drive the Market
Lathe machines play a crucial role in the machinery industry with wide applications such as cutting, drilling, facing, knurling, sanding, and others. The surge in the number of automation in industries will help promote market growth in the forecast period. Moreover, the gradual shift of manufacturing industries towards automatic lathes for improvement in productivity and product quality may further fuel the demand for lathe machines in the market. On account of the surging need for customized mass production in manufacturing industries, there is high speed and quality production of lathe machines. This will also help to fuel demand for lathe machines in the market.
Furthermore, the advent of the Internet of Things (IoT) enabled machines is anticipated to emerge as one of the key lathe machines market trends. Besides this, manufacturing industries are focusing on the utilization of an optimum tool with real-time feed input. This will further help to increase the market size in the coming years.
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Key Segments of Lathe Machines Market
- Product – The product segment is further categorized into CNC or computer numerical control and conventional segment. Among these, the CNC segment is further bifurcated into horizontal CNC lathe machines and vertical CNC lathe machines. Among these, the CNC horizontal lathe machines segment is dominating the market owing to the surge in demand from the automotive sector. In addition, the rise in demand for quality and precision in operation functions such as grinding, turning, and measuring operations are further expected to help promote the use of CNC horizontal lathes.On the other hand, the lack of skilled labor may cause the conventional lathe machine segment to witness steady growth.
- Application – The application segment is further classified into transport machinery, precision engineering, general machinery, automotive, and others (Energy, Electrical, and others). Among these, the automotive segment emerged dominant with a lathe machines market share of 43.0 % in 2018. This is on account of the need for producing various automotive parts such as gearboxes, cylinder heads for engines, disk brakes, and others that require lathe machines. The surge in revenue collection from the automotive sector is prognosticated to accelerate the market growth in the forthcoming years.
- Region –Geographically, the market covers five main regions namely Europe, Latin America, Asia Pacific, North America, and the Middle East and Africa. Among these, the market value stood at USD 12.64 billion in Asia Pacific in 2018. This dominance is the result of various initiatives taken by emerging nations such as India and China to promote industrialization. On the other hand, the surging demand for prefabricated metal industries and the rise in popularity of CNC lathe machines will help Latin America and North America witness significant growth in the future.
Expansion of Geographies to Help Increase Company Portfolios
manufacturers are emphasizing on spreading to unexplored geographies for increasing their product portfolio. Players are also adopting Industry 4.0 to increase the penetration of smart machines into the market. This will not only intensify the market competition but also help in generating more lathe machines market revenues in the future.
Recent key industry developments of the lathe machines market include
- September 2018 – The Hanwha Cobots or sliding head CNC lathe and collaborative robots were launched by Dugard in September 2018 at the Dugard open house. These Cobots are applicable in a wide range of industries such as automotive, aerospace, defense, electronics, and medical.
- October 2018 – Ace Micromatic Group (AMG) installed its CNC lathe machines, machining centers, and grinding machines in about 60 Chinese cities and more. The company also built its state-of-the-art tech center in Shanghai, China, for catering to the demand of Chinese consumers.
Some of the significant manufacturers of this market are as follows:
- Dalian Machine Tool Corporation
- Doosan Machine Tools Co., Ltd.
- Hardinge Inc.
- Samsung Machine Tools
- Yamazaki Mazak Pvt. Ltd
- DMG Mori Co., Ltd.
- Okuma Corporation
- Haas Automation, Inc.
- HMT Machine Tools Ltd.
- Yamazaki Mazak Corporation
- Ace Micromatic Group
The global lathe machines market is segmented in the following manner:
Value (USD billion)
- CNC (Computer Numerical Control)
- Vertical CNC Lathe machines
- Horizontal CNC Lathe machines
- General Machinery
- Precision Engineering
- Transport Machinery
- Others (Energy, Electrical, and others.)
- North America (U.S. and Canada)
- Europe (Germany, UK, Russia, Italy, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)