PUBLISHER: Allied Market Research | PRODUCT CODE: 1298176
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298176
The global lathe machines size was valued at $12,937.6 million in 2021, and is projected to reach $17,798.85 million by 2031, registering a CAGR of 3.1% from 2022 to 2031.
A lathe machine can be defined as a stationary machine tool that is used to shape metal and wood workpieces. Lathe machines rotate the workpiece in a horizontal or vertical plane to remove the unwanted materials from the workpiece and produce the required shape.
Lathe machines are typically made of components such as main bed, main spindle, sub spindle, chuck, guideway, headstock, tail stock, tool turret and computer numerical control (CNC) systems and are available in a wide range on configurations. Vertical lathes rotates the workpiece in a vertical plane and the machinist works the workpiece in a top to down fashion, conversely a horizontal lathe rotates the workpiece in a horizontal plane and the machinist works the workpiece in a side to side fashion.
According to International Energy Agency, India has approximately 25 vehicles per thousand people as of 2020, and the number is expected to cross 150 vehicles per thousand people by the year 2040. The, rise in automobile sales is anticipated to drive the growth of lathes market as lathe machines are used for producing important automotive components such as nuts, bolts, piston, baseball bat, crankshafts, gearbox cases and cylindrical heads.
According to the World Bank have estimated that the world population is projected to reach above 9 billion in 2050, from around 7 billion in 2020. In addition, improvements in economic conditions across the world has enabled people to spend significantly on life enhancing and relatively luxurious products such as better furniture and cars. This, in turn, increases the use of lathe machines as they can be used for producing important automotive components such as nuts, bolts, piston, pump part, ram, train parts, gun barrels, candlesticks, cue sticks, wooden bowls, baseball bat, and crankshafts.
The global lathe machines market is segmented into type, operation, and end-user industry. By type, the market is categorized into horizontal and vertical. By operation, the market is bifurcated into conventional and CNC. By end-user industry, the market is categorized into automotive, industrial machinery, transportation and other. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players profiled in the lathe machines market report include: Dalian Machine Tool Group Corporation, DMG Mori Co., Ltd., Ellison technologies, Haas Automation, Inc., Hardinge Inc., HMT Machine Tools Limited, JTEKT Machinery Americas Corporation, Okuma Corporation, SMEC CO., LTD. and Yamazaki Mazak Pvt. Ltd.