Lathe Machine Market is driven by growing Demand in Automotive Industry
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 industries such as automotive, aerospace, bearings, general machinery, and metal fabrication is driving the Lathe Machine Market Trends for advanced CNC and automatic lathes. Lathe machines allow manufacturers to produce complex geometries efficiently and meet industry quality standards.
Globally, the Asia Pacific region dominated the Lathe Machine market in 2021. Countries such as China, Japan, India are witnessing rapid industrialization and the growth of the manufacturing sector. Additionally, the presence of a large number of lathe manufacturers in the region aids market growth. However, growing infrastructure development and automotive production in North America and Europe are also expected to drive the regional lathe machine markets.
Market Drivers
The growing automotive production globally is a major factor fueling the lathe machine market growth. Lathe machines find widespread adoption in the automotive industry for machining engine components, brake disks, cylinder heads, and transmission components among others. With the rising demand for passenger vehicles, commercial vehicles, and electric vehicles, the need for high-precision machining of complex auto components is increasing. This ispropelling the lathe machinerymarket. Additionally, the trend of Industrial automation and adoption of CNC/automated lathe machines is supporting the market growth over the forecast period.
Impact of geopolitical situation on Lathe Machine market growth
The Lathe Machine market is facing challenges due to the volatile geopolitical environment across several regions. The ongoing Russia-Ukraine war has significantly disrupted global supply chains and export-import activities. Both Russia and Ukraine are major exporters of raw materials used in lathe machines such as steel and electrical components. The conflict has led to sharp increases in prices of these inputs, negatively impacting machine tool manufacturers. Similarly, political instability and economic sanctions on countries like Iran and North Korea have restricted international trade flows impacting availability of certain components.
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