LATHE MACHINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Lathe Machine Market Size and Trends

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.

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Traditionally heavy industry has been the biggest end user of lathe machines. However, with developments in automotive, electronics, and other manufacturing industries, demand for Computer Numerical Control (CNC) and precise lathe machines is increasing. Automation and requirement of high precision components across all Industry verticals is expected to drive further modernization and adoption of computer numerical controlled lathe machines globally. Though market saw initial slowdown during pandemic due to disruption of supply chains and operations, demand rebounded strongly post relaxation of restrictions indicating resilient end-use demand over long term. Market players are expected to gain opportunities in developing regions and focus on aftermarket services and advanced technological features to sustain growth trajectory in the global lathe machine market.

Rapid industrialization and infrastructure growth

With the rise in industrialization and increasing infrastructure development activities all over the world, the demand for lathe machines is witnessing a significant surge. Many developing economies across Asia, Africa, and Latin America are heavily investing in boosting their manufacturing capabilities and expanding industrial bases. This is generating massive demand for various manufacturing equipment and machinery, including metalworking tools like lathe machines.

Countries want to set up new production units for automobiles, shipbuilding, electronics, aerospace, and other major manufacturing sectors. This drives the need for precise and high-accuracy lathe machines that can efficiently mass produce components and parts for these industries. Additionally, several nations are focusing heavily on improving connectivity and transportation infrastructure through new road, rail and port projects. Lathe machines play a vital role in fabricating critical metal pieces needed for building bridges, tunnels, cargo containers, railway coaches, and other infrastructure structures.

Furthermore, urbanization is rapidly increasing around the world as more people migrate to cities for better jobs and amenities. This puts tremendous pressure on governments to develop new smart cities with modern residential and commercial complexes, industrial parks, utility networks and urban transportation systems. All these construction activities generate continuous requirements for lathe machines from industries to machine large volumes of fittings, fixtures, tools and equipment required in infrastructure and building construction.

Expansion of machine tool industry

The global machine tool industry has experienced steady growth over the past few decades driven by rising demand from end-use manufacturing sectors. As a pivotal segment of this industry, the lathe machine market is also witnessing expansion. Major players in the machine tool market are increasingly focusing on strengthening their lathe machinery portfolio by developing automated and computer numerical control (CNC) lathes with advanced features to gain competitive advantage.

Leading lathe producers are investing heavily in Industry 4.0 technologies like Internet of Things (IoT), additive manufacturing, robotics, AI and big data to launch smart, connected lathe solutions for manufacturers. This is allowing them to enhance productivity, reduce downtime and operational costs for customers. Given the product and technology upgrades, machine tool companies are expanding their global footprint by setting up new manufacturing plants, sales and service centers worldwide. They are also enhancing overseas distribution networks and collaborating with regional distributors to boost lathe machine exports.

The growing scale and investments of the machine tool industry have increased lathe manufacturing capacities and geographical reach.