Turret Lathe Market Size, Share, and Growth Analysis, By Type (Manual, Semi-Automatic, Automatic, and CNC), By Application (Machinery & Equipment, Automotive, Medical Devices, Aerospace & Defense, and Others), Regional Forecast From 2024 to 2031

Updated On: 01 April 2024

Turret Lathe Market Report Overview

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The global turret lathe market size expanded in 2022 and is expected to experience consistent growth by 2031 exhibiting a positive CAGR.

The global COVID-19 pandemic has been unprecedented and staggering, with turret lathe experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The main use of a lathe is to shape objects made of metal, wood, or other materials. The lathe is one of the most crucial machine tools in the metalworking industry. Powerful metal-shaping machine tools include lathes. They may produce a wide range of completed metal goods, accurate machine components, automotive spare parts and body parts, and much more using the raw metal sheet. By shaving off the excess metal from the surface, metal cutting tools used in lathe machines can cut metal sheets into the appropriate shapes and engrave desired patterns.

Lathe machines play a crucial role in the metalworking sector. Lathe equipment is frequently used for faceting, sanding, knurling, cutting, and drilling. Machine market revenue is increasing due to the growing use of CNC lathes. This might be attributed to the growth of the automation industry, which is working to raise industrial productivity and quality. Because they are more likely to engage in flexible activity, manufacturers are more inclined to adopt cutting-edge lathes. These machines are used to manufacture fasteners such as screws, bolts, and others. They are also used to form materials like wood, metal, and others into useful shapes. Growing urbanization has raised market demand for the transportation, general machinery, and automobile industries.

COVID-19 Impact: Disruption of Manufacturing Industries Retarded Growth of the Market

The COVID-19 outbreak has developed into a global problem, seriously affecting the global commercial economy. The import and export of turret lathe machines have been disrupted due to the worldwide industry's rapid operational slowdown or forced shutdown of its companies. Nonetheless, the demand for lathe machines is anticipated to increase due to the favorable prognosis for the automotive industry, the anticipated increase in vehicle production, and the expansion of the manufacturing sector. At the same time, well-known manufacturers decided how to handle any potential global supply chain interruption in the turret lathe market.

LATEST TRENDS

"Rising Consumer Awareness of Quality to Drive Market Trends"

Manufacturers have begun automating their production processes as consumer awareness of quality grows. Demand for lathe machines has grown due to firms' growing need to produce superior goods using cutting-edge automated technologies. Also, the growing demand for new, technologically advanced cars with improved safety features has increased the demand for lathe machines, further driving the global market. Automation industries expansion will prosper the demand for turret lathe in the global market.

Turret Lathe Market Segmentation

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• By Type Analysis

By type, the market is segmented into manual, semi-automatic, automatic, and CNC.

• By Application Analysis

Based on application, the market is classified into machinery & equipment, automotive, medical devices, aerospace & defense, and others.

DRIVING FACTORS

"High Accuracy and Low Cost to Boost Product Adoption"

Turret lathe is an advanced form of metalworking lathe which finds applications in the repetitive production of duplicate machine parts, which are interchangeable due to the nature of the cutting process. It offers accuracy and low operating costs, predicted to bolster turret lathe market growth. Moreover, it provided higher speed and enhanced safety. The demand for mass production in a time frame was launched, which led to an increased number of machines being used for production. Rising inclination towards the industry is noticed owing to the predictive maintenance feature. 

"Steady Adoption of IoT-Enabled Machine to Cater To Market Growth"

One of the new developments in the lathe machine industry is the adoption of IoT-enabled equipment. The development of IoT-enabled devices results from real-time information access becoming more widely adopted and used. The market for IoT-enabled lathe machines is expanding due to the rise in demand for time, cost, and energy efficiency. The IoT-enabled devices can monitor energy use, give better visibility into production schedule optimization, and save energy. They are equipped with sensors to understand better how the production equipment functions and the data gathered is recorded and analyzed for later use. Also, emerging technologies like IoT have led to new machine features like an app that monitors the machine and promptly notifies its status.

RESTRAINING FACTORS

"Slowed Growth in Manufacturing Industries to Impede Market Expansion"

Major manufacturers of turret lathes in China; the slowed growth of this region is estimated to impede turret lathe market growth in the foreseeable future. Moreover, the region is predicted to experience 

Turret Lathe Market Regional Insights

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"Asia Pacific to Lead Market Due to the Presence of Emerging Markets in the Region"

Asia Pacific is expected to be the dominant region as it is the engine of global economic demand. Product demand from the domestic sector is predicted to contribute to the turret lathe market growth. The government’s focus on promoting India’s to become a manufacturing hub will support major growth in the region.

Europe is estimated to hold a significant part of the turret lathe market share as the region generates more than one-third of global machine tools.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis on the Development of Advanced Technology"

Key market players are focused on strengthening their presence by adopting advanced technologies. The competitors are adopting strategies to gain mergers and acquisitions in the global market. Major players of the market are emphasizing on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Citizen Machinery Miyano Co.,Ltd (Japan)
• Cmz (U.K.)
• Dmg Mori (Japan)
• Index-Werke (Germany)
• Nakamura-Tome Precision Industry (Japan)
• Star Micronics Machine Tools (U.S.)
• Shye Towen Machinery Co., Ltd (Japan)
• Victor Taichung Machinery Works (Taiwan)
• Cnc-Takang Co., Ltd (Taiwan)
• Chiah Chyun Machinery Co., Ltd. (Taiwan)
• Po Ly Gim Machinery Co., Ltd (China)
• Accuway Machinery Co., Ltd (Taiwan)
• Taiwan Jinn Fa Machine Industrial Co., Ltd (Taiwan)
• You Ji Machine Industrial Co., Ltd (China)
• Lico Machinery Co., Ltd (Taiwan)
• Myday Machinery Inc (Taiwan)
• Jarng Yeong Enterprise Co., Ltd. (Taiwan)
• Belmont Machinery Company (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.