Lathe Machine Market poised to grow at highest pace owing to rapidly growing manufacturing industry
A lathe machine is a wood or metal-working machine tool used principally for shaping articles through rotating the workpiece and advancing a tool bit that cuts material from the workpiece to produce cylindrical or tapered shapes. Lathe machines are extensively used in manufacturing industries for machining metal or wood components to extremely high precision and accuracy.
The global Lathe Machine Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Lathe Machine Market are Areema, CHIC Robotics, Hover-1 (DGL Group), Hoverboard (Cynova), InMotion, Jetson, Koowheel, Leray, Lime, Segway-Ninebot, Swagtron, TOMOLOO, VEVELINE, VeeBee, and Xiaomi.
The rising demand for machinery from various end-use industries such as automobile, aerospace, construction, electronics and general manufacturing is fueling the Lathe Machines Market Growth. Technological advancements in lathe machines such as computer numerical control systems, automatic lathes and multi-spindle machines have boosted their adoption across industries.
Market Trends
The trend of automation and computer numerical control (CNC) lathes is gaining traction in the market. CNC lathes provide precision, consistency and reduce production time. They are programmed to repeatedly perform tasks with a high degree of accuracy. Another key trend is the increasing adoption of multi-spindle lathes. Multi-spindle lathes can generate multiple parts simultaneously using different spindle heads. They offer mass production capabilities and higher productivity compared to conventional lathes.
Market Opportunities
Growing manufacturing industry in developing regions of Asia Pacific and Latin America presents lucrative opportunities. Countries like China, India, Mexico, Brazil and others are witnessing rapid industrialization which is surging the demand for machine tools like lathe machines. Furthermore, the shift towards Industry 4.0 and smart manufacturing practices is expected to boost the demand for advanced lathe machines integrated with IoT and analytics in the coming years.
Impact of COVID-19 on Lathe Machine Market
The outbreak of COVID-19 pandemic has significantly impacted the Lathe Machine Market. During the initial lockdown phase, production facilities were temporarily shut down and supply chain was disrupted which halted the manufacturing of lathe machines. With the stoppage of production, the demand from end use industries such as automotive, industrial machinery, transport equipment, and metal fabrication also declined sharply. This had a negative impact on the market growth in 2020. However, with relaxation in lockdown restrictions and reopening of manufacturing plants in late 2020, the market has started recovering.
Some of the key strategies that market players are focusing on in the current scenario include promoting remote monitoring of machines, increasing digitalization by integrating lathe machines with IoT and Industry 4.0 technologies, and enhancing aftersales support services. The demand from healthcare sector for medical devices has helped sustain the sales of smaller lathe machines during the pandemic. Geographical regions like Asia Pacific and Europe which are major manufacturing hubs have been able to bounce back faster compared to other regions owing to lifting of lockdowns. While uncertainty still prevails, the market is expected to gain traction in coming years supported by initiatives to strengthen domestic manufacturing sector.
Geographical Regions with Highest Lathe Machine Market Value
Asia Pacific region holds the largest share of the global Lathe Machine Market in terms of value. Countries such as China, Japan, India, and South Korea are key industrial economies and major producers as well as consumers of lathe machines. Availability of low cost skilled labor and growing infrastructure development activities in the region have propelled the demand over years. In 2020, the Asia Pacific market was temporarily impacted but has regained momentum with resumption of industrial activities. Europe takes the second position in terms of value, driven by automotive, aerospace, and manufacturing industries of Germany, UK, France, and Italy.
Fastest Growing Regional Market for Lathe Machines
The market in North America region is witnessing the fastest value growth between the forecast period. This can be attributed to revival of manufacturing sector in US under initiatives like 'Made in America' and emphasis on nearshoring of production. Countries like Mexico are also emerging as outsourcing hubs which aids the regional market growth. Rising demand for CNC lathe machines from sectors such as electronics, aerospace and medical devices is fueling the demand. Furthermore, increasing government spending on infrastructure projects and economic development plans are anticipated to boost the adoption of lathe machines across various end use industries in coming years.
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