The global lathe machines market size is USD 24.9 billion in 2020 and is anticipated to reach USD 31.5 billion by 2027, registering a CAGR of 4.0% during the forecast period. A lathe is a machine tool principally used for shaping articles of wood, metal, or other materials. It is one of the most important machine tools in the metal-working industry and operates on a rotating workpiece and a fixed cutting tool. In a lathe machine, the cutting tool is fed into the workpiece that rotates about its axis and causes the workpiece to form the required shape. Some of the key components of a lathe machine include bed, carriage, headstock, tailstock, feed rod, and lead screws.

Lathe machine is one of the important machine tools used in the metal-working industry. Lathes are considered as powerful metal shaping machine tools. They can transform the unfinished metal sheet into various finished metal products, precise machine components, automotive spares and body parts, and much more. Lathe machines include metal cutting tools that cut the metal sheets into required sizes and engrave desired designs to create customized shapes by shaving off the unwanted metal from the surface.

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The significant factors impacting the growth of the lathe machines market include growing disposable income, growing automotive industry, producing aerospace industry, high demand from end-user industries, and increasing dominance of CNC machines. However, market growth is being restrained by China’s economic slowdown and uncertainty in the European economy. Each of these factors is expected to impact the global market during the forecast period directly. The adoption of lathe machines is increasingly being used among key end-use industries such as automotive, transportation, general machinery, and others. In addition, the automotive industry has been observed to grow at a high pace, which is expected to affect the market growth positively. The uncertainty in the global manufacturing sector is likely to hamper market growth.

CNC Lathes are automatic machine tools that allow for the precise operation of stored programmable commands. In conventional machines, an operator decides and adjusts various machines parameters like feed and depth of cut depending on the type of job and controls the slide movements by hand. In a CNC machine, motors using computer programs control functions and slide movements. The demand for CNC lathe machines is being spurred by the rising adoption of CNC cutting, which reduces the production time and element of human error to a great extent. Through the adoption of CNC machines, enterprises are gaining significant competitive advantages. Due to the R&D efforts undertaken in the CNC machines market over the last couple of decades, CNC manufacturing offers a wide variety of benefits. Essentially, CNC cutting enables the precise cutting of metal while taking into account various requirements. This increasing demand for CNC machines drives the market for lathe machines.

Global manufacturing growth is expected to remain low over the next few years due to the prevailing uncertainty in the global economy. Several industrial economies in North America, Europe, and East Asia are trapped in a low growth trap while the manufacturing growth of the number of emerging industrial economies is also decreasing. The uncertainty caused by Brexit has affected the growth prospects of many of the European economies, while the growth performance of manufacturing in the U.S. has remained lower than expected. Among other emerging industrial economies, China’s growth has slowed down and a severe downturn of Latin America. One of the key reasons for the present situation is the lack of adequate support from the financial sector. Investment has severely declined in industrialized economies while foreign direct investment in developing countries remained lower than during the pre-crisis period. This uncertainty in the global manufacturing sector hampers the growth of the lathe machines market.

The evolution of the IIoT (Industrial Internet of Things) has aided the concept of smart manufacturing. As manufacturing processes evolve, consumers are also on the lookout for additional functionality in the form of manufacturing intelligent tools that help them address essential manufacturing requirements and improve the overall efficiency of their operations. Smart manufacturing involves using sensors, automation, and digital technologies to adapt to changing demands for a more efficient manufacturing system. It connects manufacturing and logistics to gather, visualize, analyze, and monitor machines, processes, and other sensor data. Machine tools such as lathe machines are an integral part of this ecosystem and play a key role in achieving smart and sustainable manufacturing. The usage of smart machine tools enables companies to reduce energy consumption and increase operational efficiency. The use of equipment such as electric drives and integrated hydraulic systems increases operational efficiency and capacity. The practical design of such equipment enhances the heat dissipation, thereby reducing the cooling requirements. Integrating automation systems with energy-intelligent systems helps users monitor the performance of the machines and provide them with key data on energy consumption.

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The study categorizes the lathe machines market based on type, operation, end-users, and region.

By types, segmentation done for lathe machines includes horizontal and vertical lathes. Horizontal lathes were the highest contributor to the lathe machines market in 2020, with a market share of 85.1%. A horizontal lathe is a machine tool designed for cutting different profiles in revolving steel or wood workpieces. A horizontal lathe typically has a base with a drive mechanism or precision machined bed and headstock at one end and a supporting tailstock at the other. The workpiece is held firmly in the headstock in horizontal lathe machines and rotated rapidly around its axis. An appropriate machine tool is then used to bear against the workpiece that cuts the required profile. Horizontal lathes are used extensively in high precision machining operations and are available in a wide range of sizes and designs.

Horizontal lathes cut cylindrical shapes from square stock or cut decorative profiles such as table legs, pens, chess pieces, and lampstands. Precision engineering parts such as engine components, medical equipment, aircraft parts, and spherical joints are also turned on horizontal lathes. Steel and wood products featuring shoulders, tapers, grooves, or other intricate profiles can also be produced on these machines. Over the years, horizontal lathes have grown considerably with the introduction of new materials. Horizontal lathes are being used in various ways with a huge choice of materials. With constant advancements in technology, CNC (Computer Numerical Controlled) is steadily replacing the previous production lathes because they are simple to set up and operate.

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Asia Pacific accounts for the highest CAGR during the forecast period

The geographical segmentation of the lathe machines market is as follows: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global lathe machines market during the forecast period. The Asia-Pacific region comprises many developing and under-developed countries, which are on the verge of advancements in various fields, such as manufacturing, technology, education, and others. Japan is one of the best-known countries for the adoption of computer numerical control technology and revolutionizing it. It is considered a global powerhouse in manufacturing control for the machine tool industry and industrial robotics. Another leading country is China, which has shown significant improvements in manufacturing facilities and automation using CNC. Leading Asian-Pacific players include Mitsubishi Corporation, Fanuc Corp, and Yaskawa Electric Corp, which offer various products across manufacturing, robotics, and other automation products.

After the Asia Pacific, North America is the fastest-growing region with a CAGR of 2.8% during the forecast period. North America is one of the most advanced regions globally and has been aggressive in the manufacturing industry. Manufacturing companies in North America use automation in their processes because of the high presence of CNC machine providers and the willingness of the people to adapt to technology. The manufacturing sector in North America continues to evolve, and its share of the total economic output has fallen since its peak. In North America, the U.S. is the most dominant manufacturing market and accounts for around 80% of the region’s economic output.

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Leading companies in the global lathe machines market are profiled in the company profiles section with details about their business, financial data, and operating segments. These key players include Dalian Machine Tool Group Corporation, DMG Mori Co., Ltd, Doosan Machine Tools, Haas Automation Inc., Hardinge Inc., HMT Machine Tools, JTEJT Corporation, Okuma Corporation, Samsung Machine Tools, and Yamazaki Mazak Corporation.