Press release
Global Lathe Machines Market Projected to Grow at 3.1% CAGR, Reaching $13.62 Billion by 2029
Lathe Machines
What Will the Lathe Machines Industry Market Size Be by 2025?
The market size for lathe machines has seen slight growth in recent years. The market is expected to expand from a value of $11.93 billion in 2024 to $12.05 billion in 2025, with a compound annual growth rate (CAGR) of 0.9%. Factors contributing to the growth during the historical period include the growth of industrialization and manufacturing, a burgeoning automotive industry, rising demand in the aerospace and defense sectors, and increased production of general machinery, as well as growing needs for repair and maintenance services.
What's the Long-Term Growth Forecast for the Lathe Machines Market Size Through 2029?
The market size of lathe machines is anticipated to experience consistent expansion in the imminent years, reaching $13.62 billion in 2029 with a compound annual growth rate (CAGR) of 3.1%. The surge during the prediction period is credited to the resilience of global manufacturing, the escalating growth in the renewable energy sector, the enlargement of medical device manufacturing, and worldwide infrastructure evolution. Significant trends observed in the prognosis period encompass automation and the incorporation of robotics, customization to cater to individual industry demands, concentration on intuitive human-machine interfaces (HMIS), and significance placed on predictive maintenance technologies.
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What Are the Key Growth Drivers Fueling the Lathe Machines Market Expansion?
The lathe machine market is predicted to grow due to the amplified demand for cars. Cars are generally passenger-oriented, four-wheeled vehicles driven by an internal combustion engine that consumes combustible fuel. By precisely eliminating or reducing faulty regions, lathe machines facilitate the production of car parts and the repair of damaged ones. As stated by the European Automobile Manufacturers Association, an organization based in Europe advocating for the automobile sector, the global production of motor vehicles jumped by 5.7% to 85.4 million in 2022, up from 80.14 million in 2021. In addition, new registrations for commercial vehicles in the European Union saw a rise of 7.7%, from 329,984 vans in 2022 to 355,553 vans in 2023. Consequently, the escalating demand for cars is fuelling the growth of the lathe machine market.
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What Are the Key Trends Driving Lathe Machines Market Growth?
Leading companies in the lathe machine market are concentrating on the creation of innovative goods such as automated lathes, in an effort to solidify their presence in the market. An automated lathe refers to a lathe that has automatic control over the cutting process, governed by computer numerical control systems that can be programmed to handle a variety of intricate machining tasks. For instance, in September 2023, Japan's Star Micronics Co. Ltd., a producer of electronic components and printers, unveiled their new SP-20/23 CNC Swiss-type automatic lathe. This computer-regulated machine of high precision is engineered to create small, complex parts, fulfilling the expanding demand for sophisticated machining solutions in sectors including automobile, hydraulics, pneumatics, and general machinery. The SP-20/23 comes with increased versatility and advanced features such as thermal displacement correction, plus an energy-saving ECO mode, making it perfect for the production of high-precision components. Its introduction signifies the industry's continual move towards automation and intelligent manufacturing.
How Is the Lathe Machines Market Segmented?
The lathe machinesmarket 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
Subsegments:
1) By Vertical Lathes: CNC Vertical Lathes, Manual Vertical Lathes
2) By Horizontal Lathes: CNC Horizontal Lathes, Manual Horizontal Lathes, Multi-Tasking Horizontal Lathes
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Which Companies Are Leading the Charge in Lathe Machines Market Innovation?
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.
Which Regions Are Leading the Global Lathe Machines Market in Revenue?
Asia-Pacific was the largest region in the lathe machines market in 2024. The regions covered in the lathe machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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