The article includes the demand and application for CNC lathe machines, as well as the micro and macro market trend analysis. It also identifies key players, the competitive landscape, and trending innovations in the CNC lathe machine market. It will help you to understand the competitive landscape in the USA and Europe. You will also learn about the impact of the COVID-19 regulations on the CNC lathe machine market.
Demand for CNC Lathe Machines
The CNC lathe machine market is expected to grow at a significant pace over the forecast period. The growing demand for high-quality and precise products has boosted the adoption of CNC machines in the manufacturing industry. The advantages of these machines include enhanced speed, accuracy, safety, efficiency, and cost-effectiveness. The increased adoption of CNC machines is due to their ability to improve the efficiency of manufacturing processes and reduce human error. Further, the machines can be updated easily using existing software, resulting in increased customer satisfaction.
The market for CNC lathe machines is segmented by type. Conventional and computerized versions are available in the market. The increasing need for high flexibility in manufacturing processes and the growing popularity of additive manufacturing are expected to fuel the market for CNC machines. In addition, 3D printing is likely to increase the demand for CNC lathe machines. By 2022, the global market for CNC lathe machines is projected to reach nearly $1 billion.
Application of CNC Lathe Machines
The worldwide market for CNC lathe machines is segmented by product type, application, geography, and competition. It also includes cost analysis, supply chain, and competitive landscape. Growth is expected in automotive and general machinery segments, where batch production of similar products is common. The automotive industry requires various components for production, including disc brakes, which offer high-performance braking with minimal wheel lock. It is projected to witness considerable growth in this market over the next few years, as more automobiles come with disc brakes.
CNC Lathe Machines Regional Growth
The CNC lathe machine market is segmented into two types – Computerized Numerical Control (CNC) and Conventional. Demand for CNC machines is increasing in the manufacturing industry due to increased demand for customization and high speed. Furthermore, the growing trend toward additive manufacturing is expected to drive the market. With these factors, the CNC lathe machine market is expected to grow over the coming years.
Several factors contribute to the growth of the CNC lathe machine market in the USA and Europe. The automotive industry is expected to witness significant growth during the forecast period. The rising awareness of global warming and rising manufacturing of alternative sources of power such as solar and water are driving the market growth. Meanwhile, CNC machines are actively used in the power and energy industries and help reduce the machining time. Furthermore, the demand for CNC machines in the USA and Europe is expected to increase due to the increasing demand for energy and alternative sources of power.
Impact of COVID-19 on CNC Lathe Machine market
The global crisis has already affected the global market for CNC lathe machines. Major investment decisions for new machinery will not be on hold. In addition, many manufacturers will have no difficulty meeting demand as a result of the pandemic. Moreover, Asian suppliers will not find it difficult to ramp up production quickly, which will lead to the on-time supply of key components and fast delivery.
This pandemic has impacted several economies, and a lockdown by government agencies has put a damper on industrial operations. However, it will recover soon after the efforts of industries and the government.
Market Share of CNC Lathe Machines
This article is based on first-hand information and in-depth analysis collected from industry participants and experts, about the parent market and the qualitative impact of various market factors, and the major segments of the CNC lathe market. Among these segments, the automotive sector is the largest market for CNC lathe machines. The automotive industry requires the production of various parts and assemblies for vehicles. Disk brakes are anticipated to boost the market growth, as these provide the exceptional stopping power and precision in breaking. They are also known to decrease wheel lock.
Japan, the leading industrialized nation, is another significant market for CNC lathe machines. It is known for the early adoption of computer numerical control technology and has become a global powerhouse in machine tool manufacturing control. China, on the other hand, is a major industrializing country, and it is expected to grow at a strong pace, generating significant opportunities for manufacturers in this region. Therefore, the Asia-Pacific region is expected to remain the largest market for CNC lathe machines.
The Bottom Line
The global CNC lathe machine market is predicted to grow at a CAGR of nearly 5% in the coming years. It is driven by positive economic indicators and a growing automobile production market. Since the automotive industry is not facing a difficult time, the CNC lathe machines market is expected to grow in 2022. Further, key segments of the CNC lathe machines market are expected to enjoy significant growth potential in the next few years.