The new report by Expert Market Research titled, ‘Global Lathe Machine Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global lathe machine market size, assessing the market based on its segments like type, machine type, capacity, operation, end uses and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 6% (Global Industrial Machinery Market)
The demand for lathe machines is driven by the expanding manufacturing and automotive sector. In terms of end use, the automotive sector is leading the market with a significant share of 43% based on current market trends. The rise of IoT and its application is a crucial driver of the market.
The key players in this market are focusing on the development of more energy efficient lathe machines. As the demand for precision large-scale manufacturing is on the rise, demand for the CNC lathe machines is the major driving factor for this market. Factors such as growing industries in the emerging economies are expected to push the market growth further in the forecast period.
Industry Definition and Major Segments
Lathe is a machine tool that is principally used for shaping articles of metal, wood, or other materials. Lathe machines are one of the most important machine tools used in the metal working industry. Lathes are considered as powerful metal shaping machine tools. Lathe machine plays a significant role in the metal-working sector. Lathe machines have widespread applications including sanding, knurling, cutting, and drilling.
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On the basis of type, the industry is divided into:
In terms of capacity, market can be segmented into:
- Heavy Duty
- Medium Duty
- Low Duty
Based on machine type, the industry can be divided into:
The market is segmented on the basis of operation into:
- Manual Chucks
- Power Chucks
On the basis of end uses, the market is segmented into:
- General Machinery
- Oil and Gas
- Paper and Pulp
The regional markets for the product include:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
The global market for lathe machines is driven by the increased demand for mass production in reduced time frames. The market is aided by the growth of Industry 4.0 and the demand for IoT for smart manufacturing. The rise in demand of machines from various other sectors such as food processing, construction, packaging is another driving factor for the market.
Complex part manufacturing from aerospace industry and military sector is expected to drive the precision machinery segment, a niche part of the lathe machine market. Initiatives such as “Made in China 2025” are expected to augment the market for lathe machine and manufacturing industries in emerging economies in the forecast period.
Furthermore, the increasing popularity of CNC (Computer Numerical Control) lathes is resulting in the rise of lathe machines market revenue. This is attributed to the increasing number of automation industries.
Key Market Players
SMEC CO. LTD, Haas Automation Inc, Okuma Corporation, Accurate Machine Tools, and EMAG GmbH & Co. KG, among others are the key players in the global lathe machine market.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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