by The lathe machine market is a large and established manufacturing equipment market with versatile lathe machines having the ability to precisely shape various materials such as metals, wood, glass, stone, and plastics. Lathe machines are indispensable for manufacturing components ranging from small fasteners to aircraft engine parts. The demand for automated lathe machines has increased as they enhance productivity and quality by eliminating human errors and risks of accidents during operations.
The Global Lathe Machine Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to reach US$ 40.16 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Key Takeaways
Key players operating in the lathe machine market are Dalian Machine Tool Corporation, DMG Mori Co., Ltd., Doosan Machine Tools, EMAG Group, Haas Automation Inc., Hardinge, Inc., HMT Machine Tools, INDEX and TRAUB, JTEKT Corporation, Okuma Corporation, Samsung Machine Tools, Shaanxi Qinchuan Machine Tool and Tool Group, Tsugami Corporation, and Yamazaki Mazak Corporation. The growing demand from automotive, industrial machinery, medical devices, aerospace and defense sectors is driving the lathe machines market. Major lathe machine manufacturers are expanding their global footprint by setting up manufacturing plants and increasing distribution networks across regions to cater to the growing demand.
Market Key Trends
The increasing automation trend in the Lathe Machine Market Trends through computer numerical control (CNC) lathes is one of the major market trends. CNC lathes provide higher productivity, accuracy and consistency as compared to manual lathes. The demand for CNC lathes capable of machining complex components with tight tolerances from industries such as automotive and aerospace has increased significantly. This has prompted lathe machine manufacturers to develop sophisticated lathes integrated with latest CNC and automation technologies such as IoT connectivity, AI-enabled process optimization, automated tool changing and inspection systems.
Porter’s Analysis
Threat of new entrants: High cost of setting up manufacturing plants and obtaining high end technology makes threat of new entrants low.
Bargaining power of buyers: Large industrial buyers have significant bargaining power when it comes to pricing and discounts.
Bargaining power of suppliers: Suppliers of raw materials face less bargaining power due to many established suppliers in the market.
Threat of new substitutes: Threat of new substitutes is moderate as newly developed CNC machines can perform similar operations as lathe machines.
Competitive rivalry: The Lathe Machine Market Regional Analysis is consolidated with many large players competing globally.
Geographical Regions
North America accounts for the largest share of the global lathe machine market in terms of value. This is attributed to strong presence of automotive, aerospace and other manufacturing industries in the US and Canada. Asia Pacific region is expected to exhibit fastest growth during forecast period. Growing machine tool industry along with expanding manufacturing sector mainly in China and India is driving the market in Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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