The lathe machines market size is projected to be worth USD 40.22 billion by 2026, from USD 25.01 billion as in 2018. The forecast period is set from 2019 to 2026, and the market is anticipated to exhibit a CAGR of 6.0%. A recent report by Fortune Business Insights titled, “Lathe Machines Market Size, Share & Industry Analysis, By Product (CNC, Conventional), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecasts, 2019-2026,” discusses the market and its trajectories in details. As per current lathe machines market trends, the automotive segment is leading in terms of application with 43.0% market share.
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Some of the significant lathe machines market manufacturers are listed below:
- Yamazaki Mazak Pvt. Ltd
- Samsung Machine Tools
- Hardinge Inc.
- Doosan Machine Tools Co., Ltd.
- Dalian Machine Tool Corporation
- Ace Micromatic Group
- Yamazaki Mazak Corporation
- HMT Machine Tools Ltd.
- Haas Automation, Inc.
- Okuma Corporation
- DMG Mori Co., Ltd.
The report on lathe machines market contains the following:
- 360-degree overview of the lathe machines market and major key drivers and restraints.
- Important segments in which the market is categorized and the contribution of every segment to the overall market revenue.
- Interesting insights into the market in the form of recent innovations, developments, and lathe machines market trends.
- Names of players enlisted in the market and their key strategies such as company collaborations, product launches, mergers and acquisitions, and others.
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Increasing Adoption of Machinery and Equipment to Help Dominate Market in Asia Pacific
The lathe machines market is geographically categorized into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. Among these, Asia Pacific dominated the market, on account of the rising adoption of Industry 4.0 trend. In 2018, Asia Pacific held a lathe machines market size of USD 12.64 billion. In addition, there is a rise in demand for machinery and equipment especially from developing nations such as China and India. The Chinese government is promoting industrialization by taking initiatives such as “Made in China 2025,” under which they are aiming at becoming the high-end producer of goods in terms of machinery and equipment. Such initiatives are expected to help the regional market continue its dominance in the forthcoming years as well.
Geographical Expansion of Companies will Prove Beneficial for Market Players
Lathe machines market manufacturers are emphasizing on expanding their geographical presence and increasing their product portfolio worldwide. This will help to cater to the needs of customers worldwide and generate huge lathe machines market revenue in the forecast duration. Furthermore, the development of 5-axis multitasks lathes, and other multitask lathes will further propel the lathe machines market growth in the years to come.
Key Industry Developments
Some of the key industry developments in the lathe machines market include:
September 2018 – The Hanwha sliding head CNC lathes and collaborative robots (Cobots) was launched by Dugard at the Dugard open house. The company aimed to be at the top of CNC automatic lathe manufacturers and invented the Cobots for application in various sectors such as defense, automotive, electronics, medical, and aerospace.
October 2018 – For catering to the demand of the Chinese customers, a state-of-the-art technological center was built in Shanghai, China, by Ace Micromatic Group (AMG). The product of this company such as grinding machines, machining centers, and CNC lathes, were installed in about more than 60 cities all over China.
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An Overview of the Impact of COVID-19 on this Market:
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