Press release
Lathe Machines Global Market Size, Share, Emerging Trends, Key Growth, Challenges and Forecast By 2033 | JTEKT Corporation, EMCO Corporation, DMG Mori Co. Ltd., Hardinge Inc., HMT Limited
Lathe Machines Global Market
The lathe machines market size is expected to see steady growth in the next few years. It will grow to $13.41 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to global manufacturing resilience, renewable energy sector growth, expansion of medical device manufacturing, global infrastructure development.. Major trends in the forecast period include automation and robotics integration, customization and tailoring to specific industry needs, focus on user-friendly human-machine interfaces (hmis), emphasis on predictive maintenance technologies..
Market Overview -
A lathe machine is a type of machine that rotates a workpiece along an axis of rotation to carry out a variety of operations, including cutting, sanding, drilling, deformation, facing, and turning, using tools used to manufacture symmetrical objects. They are used to shape wooden or metallic products. The lathe machine removes the undesired material from a rotating workpiece in the form of chips with the help of a tool that is traversed across the work and can be fed deep into the work.
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Automobile Industry Growth Fuels Surge In Lathe Machine Market
The increasing demand for automobiles is expected to propel the growth of the lathe machine market going forward. An automobile is a four-wheeled, mostly passenger-focused vehicle typically powered by an internal combustion engine that burns flammable fuel. Lathe machines manufacture automobile components and repair damaged car parts by turning down or removing defective areas with precision. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Europe-based advocate for the automobile industry, global motor vehicle production increased by 5.7% to 85.4 million in 2022 from 80.14 million in 2021. Further, the number of new commercial vehicle registrations in the European Union increased by 7.7% from 329,984 vans in 2022 to 355,553 vans in 2023. Therefore, the increasing demand for automobiles is driving the lathe machine market.
Competitive Landscape -
Major companies operating in the lathe machines market report are Doosan Machine Tools Co. Ltd., JTEKT Corporation, EMCO Corporation, DMG Mori Co. Ltd., Yamazaki Mazak Corporation, Bolton Group, Okuma Corporation, Smec Co. Ltd., Haas Automation Inc., Hardinge Inc., Hurco Companies Inc., Ellison Technologies Inc., Hasegawa Machine Works Ltd., HMT Limited, Batliboi Ltd., Clausing Industrial Inc., Milltronics USA Inc., Goodway Machine Corporation, Fadal Engineering Inc., Chiah Chyun Machinery Co. Ltd., Intelitek Inc., Dalian Machine Tool Group Corporation, Fryer Machine Systems Inc., Fair Friend Group, Ajax Machine Tools International LTD, American Machine Tools Corporation, Carl Benzinger GmbH, Ace Micromatic Group, Citizen Machinery Co. Ltd., Strojimport A.S.
Innovation Drives Advancements In The Lathe Machine Market
Major companies operating in the lathe machine market are focused on developing innovative products, such as automated lathes, to strengthen their position in the market. An automatic lathe is a lathe with an automatically controlled cutting process controlled by computer numerical control systems to be programmed to perform various complex machining operations. For instance, in September 2021, Star Micronics Co Ltd., a Japan-based manufacturer of electronic components and printers, launched the two latest SL Series Swiss-type automated lathes, the SL-7 and SL-10. They are uniquely designed to address tiny-diameter machining requirements in devices and equipment in the data and communication, automobile, and medical sectors. These two models will add to Star's multi-processing capabilities, including the SR-10J type C in its diminutive diameter processing portfolio. Material sizes of as little as 7 mm and 10 mm can be processed using the SL-7 and SL-10, respectively. The improved multi-processing capacity in back-working will reduce cycle time through effective process splitting. The features of SL Series Swiss-type automated lathes are high efficiency and productivity, as well as high accuracy, operability, and usability.
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Key Segments -
The lathe machines market covered in this report is segmented -
1) By Type: Vertical Lathes, Horizontal Lathes
2) By Operation: Conventional Lathes, CNC Lathes
3) By Capacity: Heavy Duty, Medium Duty, Low Duty
4) By End User Industry: Automotive, General Manufacturing, Transportation, Other End User Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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