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Lathe Machines Market Size, Share, Trends Analysis, And Forecast To 2033
Lathe Machines Market Size
According to The Business Research Company's, The lathe machines market size has grown steadily in recent years. It will grow from $11.53 billion in 2023 to $11.93 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expanding automotive industry, aerospace and defense sector demand, general machinery production, repair and maintenance needs..
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..
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Lathe Machines Market 2024 Key Insights:
• The Lathe Machines is expected to grow to $13.41 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Automobile Industry Growth Fuels Surge In Lathe Machine Market
• Innovation Drives Advancements In The Lathe Machine Market
• Asia-Pacific was the largest region in the lathe machines market in 2023
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