Conventional Lathe Machine Market Size Worth $1.473 Billion by 2028 with 9.2% CAGR During 2023

The conventional lathe machine market incremental growth to be recorded during (2023-2028) is USD 523.50 million, which is driven by increasing production of automotive vehicles, growing general machinery manufacturing industry and rising oil & gas industry.

Pune,India, June 21, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Conventional Lathe Machine Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis – by Spindle Orientation, Number of Axis, End-User, Lathe Type, and Geography”, the market is expected to grow from USD 0.949 billion in 2023 to US$ 1.473 billion by 2028; it is estimated to register a CAGR of 9.2% from 2023 to 2028.

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Global Conventional Lathe Machine Market Report Scope, Segmentations, Regional & Country Scope:

Market Size Value in

USD 0.949 Billion in 2023

Market Size Value by

USD 1.473 Billion by 2028

Growth rate

CAGR of 9.2% from 2023 to 2028

Forecast Period

2023-2028

Base Year

2023

No. of Pages

209

No. of Tables

142

No. of Charts & Figures

97

Historical data available

Yes

Segments covered

Spindle Orientation, Number of Axis, End-User, and Lathe Type

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Companies Covered

Myday Machinery Inc.; Romi Machine Tools, Ltd.; Colchester Machine Tools Solutions; Pinacho; KNUTH Werkzeugmaschinen GmbH; OPTIMUM MASCHINEN; WINHO TECHNOLOGY INDUSTRIAL CO., LTD.; COMEV S.P.A.; ITAMA; CNC-TAKANG CO., LTD, GDW Werkzeugmaschinen GmbH; Summit Machine Tool; L and L Machinery Industry Co., Ltd.; International Machinery, Co; and Annn Yang.

Browse key market insights spread across 209 pages with 142 list of tables & 97 list of figures from the report, "Conventional Lathe Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis – by Spindle Orientation (Horizontal and Vertical), Number of Axis (2 and 3), End-User (Automotive, General Machinery, Aerospace, Electronics, Oil & Gas, Others), Lathe Type (Universal Lathe and Oil Country Lathe), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/conventional-lathe-machine-market

Global Conventional Lathe Machine Market: Competitive Landscape and Key Developments

Knuth Werkzeugmaschinen GmbH, Colchester Machine Tool Solutions Ltd, Summit Machine Tool LLC, L&L Machinery Industry Co Ltd, and Metalurgica Torrent SA. are among the key conventional lathe machine market players profiled in the study.

In 2022: Romi launched the C 1100H heavy-duty flatbed lathe, designed for machining large parts. It features a monoblock cast iron bed for enhanced rigidity and accuracy. The lathe also includes a cast iron headstock with Timken bearings, a coolant and lubricating system with sensors, and a high-torque AC motor for efficient operation.

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The conventional lathe machine is used for holding and turning different types of materials, such as metal, wood, plastic, and other composite materials, against a cutting tool to give the required shape to an object. The machine consists of a workpiece, chuck, tool post, single-point cutting tool, and many other parts which help perform various operations, such as turning and cutting. Conventional lathe machines are used to create several wooden objects such as wooden furniture and sports goods.

The growing production and sales of automotive vehicles worldwide are raising the demand for conventional lathe machines as they help in the production of automobile parts such as disc brakes and engine parts. In 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA) statistics, 85.01 million units of vehicles were produced worldwide. Further, it is also seen that the demand for electric vehicles is increasing worldwide. According to the International Energy Agency (IEA), in 2022, more than 10 million electric cars were sold worldwide. Thus, the increase in production and sales of vehicles is fueling the market growth. Similarly, the rise in oil exploration activities is boosting the demand for conventional lathe machines as they help in the production of metallic pieces, engine shafts, sucker rods, and other oil exploration components for quick replacement in the oil field. Hence, the growing oil & gas industry is boosting the growth of the conventional lathe machine market.

Global Conventional Lathe Machine Market: Number of Axis Overview

Based on number of axis, the global conventional lathe machine market is bifurcated into 2 axis and 3 axis. In 2022, the 2 axis segment accounted for a larger share of the global conventional lathe machine market. A 2-axis conventional lathe machine is the most basic version of a lathe having an X-axis and Z-axis. The tool moves from front to back along X-axis and from left to right along Z-axis. These lathe machines are used to perform turning operations of solid or hollow cylindrical parts. Thus, due to its growing use of 2-axis conventional lathe machines for the above operations, its demand in machinery manufacturing is increasing, encouraging the market players to provide lathes. A few of the market players providing the 2-axis conventional lathe machines are Pinacho, Colchester Machine Tool Solutions, KAAST Machine Tools, and Fullton Machinery Group. Therefore, all the above factors are fueling the growth of the 2-axis segment.

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Impact of Covid-19 Pandemic on Global Conventional Lathe Machine Market:

In 2020, the rapid increase in COVID-19 cases urged governments across the world to impose strict restrictions on human movement. Travel bans, mass lockdowns, and business shutdowns adversely affected economies and countless industries in various countries. Furthermore, various production facilities were temporarily shut down due to the imposition of lockdowns and restrictions on human movement to stop the spread of SARS-CoV-2 caused by human interactions. Thus, all these above factors hampered the conventional lathe machine market during the pandemic.

Since Q3 of 2020, the conventional lathe machine market has started to stabilize due to the ease of lockdown restrictions. Conventional lathe machine manufacturing also restarted, which fuels the market growth. In addition, due to the rising tourism post-lockdown, the demand for aircraft increased across the world. As a result, various aircraft manufacturers are expanding their production facilities in different countries. In October 2022, Airbus and Tata Advanced Systems (TASL) announced that they would manufacture the C-295 transport aircraft for the Indian Air Force (IAF) in Gujarat, India. This new manufacturing plant of C-295 transport aircraft will also be manufacturing additional aircraft as per the requirements of the IAF. Thus, the growing aircraft manufacturing is positively impacting the conventional lathe machine market growth during the forecast period.

Key Findings of Conventional Lathe Machine Market Study:

APAC accounted for the highest share in the global conventional lathe machine market in 2022. APAC is one of the biggest producers of general machinery, which includes engines, compressors, fans, pumps, and electric motors. Governments of various countries in APAC are continuously working on expanding the production of the above machinery by taking various initiatives. For example, the Indian government is taking multiple steps to expand its manufacturing sectors, such as the reduction in corporate tax, FDI policy reforms, etc. Furthermore, due to the US-China trade war, different countries, such as Taiwan, Vietnam, Thailand, Indonesia, and India, are continuously focusing on expanding their general equipment manufacturing. Thus, the growing general machinery manufacturing in the region is expected to fuel the conventional lathe machine market growth during the forecast period.

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