The latest research study by IMARC Group, “Lathe Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global lathe machines market analysis. The global lathe machines market reached a value of US$ 22.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 31.12 Billion by 2027 exhibiting a CAGR of 5.10% during 2022-2027.
Lathe Machines Industry Outlook:
Lathe machines are used to transform wood, metal, and other materials into desired shapes and dimensions. These machines work on the rotating workpiece principle and rely on fixed cutting tools for tapping, thread cutting, facing, centering, knurling, drilling, boring, reaming, chamfering, and parting off. They consist of the leg, bed, tool post, lead screw, chuck, apron, headstock, tailstock, carriage, saddle, cross-slide, compound rest, feed rod, and main spindle. They help enhance product uniformity and improve the value chain. Currently, lathe machines find extensive applications in metal spinning, glass working, thermal spraying, woodturning, and parts reclamation.
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The global lathe machines market is primarily driven by the rising trend of precision manufacturing and industrial automation. Moreover, the surging adoption of lathe machines for fabricating different parts of vehicles due to the escalating demand for fuel-efficient automobiles with advanced safety features is positively influencing the market growth.
Additionally, several foreign firms are setting up manufacturing facilities in emerging countries, such as India and China, due to the widespread availability of technical expertise, cheap labor, and economical raw material costs. This, in turn, offers lucrative opportunities for manufacturers to expand their consumer base and maintain a competitive edge.
Furthermore, the rising applications of lathe machines to manufacture medical implants and equipment owing to their accuracy, high speed, and low operating costs have catalyzed market growth. Other factors, including the advent of the Fourth Industry Revolution (Industry 4.0), growing automotive production demand, and technological advancements, are also anticipated to drive the market further.
Key Market Segmentation:
The report has segmented the global lathe machines market on the basis of type, operation, capacity, end user and region.
Breakup by Type:
- Vertical Lathes
- Horizontal Lathes
Breakup by Operation:
- Conventional Lathes
- CNC Lathes
Breakup by Capacity:
- Heavy Duty
- Medium Duty
- Low Duty
Breakup by End User:
- General Manufacturing
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are DMG Mori Co. Ltd, Doosan Machine Tools Co. Ltd., EMAG GmbH & Co. KG, Fair Friend Group, Haas Automation Inc., Hardinge Inc., HMT Machine Tools Limited (HMT Limited), Hurco Companies Inc., JTEKT Corporation, Macpower CNC Machines Limited, Mazak Corporation, Okuma Corporation and SMEC CO. LTD.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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