Industries require a variety of parts in different shapes and sizes for smooth functioning, consequently, raising the requirement for CNC lathe machines in the market. Moreover, the leading CNC lathe machines manufactures are constantly developing their machines to provide the required preciseness even for complex parts and components which, in turn, is anticipated to witness significant growth of the market.
However, CNC lathe machines are widely used in automotive industry and with the shutdown of automotive plants in leading manufacturing countries such as China, India, Germany, and US owing to COVID-19 might pose a severe impact on the market.
Moreover, the growth of automation and demand for CNC lathe machines has enabled the industries to reduce their operating costs coupled with the errors in the components. In addition, technological advancement in CNC lathe machine such as development of intricate component with definitive finish is driving the growth of market. This, in turn, will subsequently lead to a rise in the implementation of CNC technology in lathe machines during the forecast period.
CNC Lathe Machine Market: Impact of COVID-19
The outbreak of COVID-19 has become a global crisis causing serious hindrance to the business economy of the world. The global industry is facing a rapid slowdown in operations or has imposed shutdown of their manufactories which has caused disruption in the import and export of CNC lathe machines. This has witnessed a marginal decline in the sales of machines and created a severe impact on the CNC lathe machine market.
However, with the positive outlook from automotive industry and the expected rise in the production of automobiles coupled with the growth in manufacturing sector is foreseen to propel the demand for CNC lathe machines. At the same time, prominent manufactures are determining different ways to deal with the possible supply chain disruption in the global CNC lathe machines market. Thus, it is estimated that global demand for CNC lathe machine is estimated to go under significant recovery by the first quarter of 2021.
Regional Analysis: Asia to Remain Frontrunner in CNC Lathe Machine Market
The growth in industrialization coupled with high automotive demand anticipated after the recovery of COVID-19 in the region is foreseen to create significant demand for CNC lathe machine market. Moreover, optimistic industrial growth has been witnessed in emerging Asian countries such as China, India, and ASEAN countries which are expected to propel the growth of the market. This, in turn, will pave way for significant opportunities for the CNC lathe machine manufactures in the Asia Pacific region.
On the other hand, Europe is anticipated to be the largest CNC lathe machine market followed by Asia. The economic transformation in countries like Germany, France, and UK will bolster multiple opportunities for the manufacturers of CNC lathe machines in the region. In addition, growth in the automotive industry is expected to boost the demand for CNC lathe machines as they are widely used in automobile application. Owing to such factors, Europe is projected to witness significant growth in the CNC lathe machine market during the forecast period.
Global CNC Lathe Machine Market Competitive Landscape
The global market for CNC lathe machine is highly fragmented with the presence of a large number of local and regional players. The industry players are focusing on launching new products as per the dynamic industry needs as a key strategy to strengthen their market footprint. Some of the players in CNC lathe machine market are Dalian Machine Tool Corporation, Haas Automation, Inc., Yamazaki Mazak Corporation, Doosan Machine Tools, Okuma Corporation, DMG MORI, Hardinge Inc., HMT Machine Tools Limited, JTEKT Corporation, and SMEC America Corp among others.
The CNC Lathe Machine Market report covers exhaustive analysis on:
- CNC Lathe Machine Market Segments
- CNC Lathe Machine Market Dynamics
- CNC Lathe Machine Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
CNC Lathe Machine Market: Market Segmentation
For a better understanding, global CNC lathe machine market is being studied under product, prime mover type, capacity, application & Region.
Based on the type, the CNC lathe machine market can be segmented as:
- CNC Vertical Lathe
- CNC Horizontal Lathe
Based on the end use, the CNC lathe machine market can be segmented as:
- Automotive & Transportation
- Electrical & Electronics
- General Manufacturing
Based on the region, the CNC lathe machine market can be segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)