LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global lathe machine market is expected to post an impressive revenue of more than USD 12 billion by 2020.
“Growing globalization and urbanization has resulted in the overall improvement of living standards of people in different countries, resulting in more buying power. This has fueled the demand for the automotive industry, general machinery, and transport etc., thus leading to augmented demand for metal machine tools, including lathe machines.”
This report titled ‘Global Lathe Machine Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date market analysis and forecasts for various market segments and all geographical regions.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools, “Growing globalization and urbanization has resulted in the overall improvement of living standards of people in different countries, resulting in more buying power. This has fueled the demand for the automotive industry, general machinery, and transport etc., thus leading to augmented demand for metal machine tools, including lathe machines.”
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The market research analysis categorizes the global lathe machine market into four major end-user segments, of which the top three are discussed in detail below. They are:
- Automotive industry
- General machinery
In 2015, the automotive industry accounted for a market share of approximately 41% in the global lathe machine market. The improving economic conditions, combined with the rising consumer confidence, have resulted in higher demand for new, fuel-efficient, and technologically advanced cars equipped with more safety features. Low auto loan rates in the developed and developing countries are also influencing the automotive sales positively.
Due to increasing demand forecasts, MNC automobile manufacturers such as Ford, BMW, Toyota Motors, Volkswagen, Daimler, Honda Motors, Fiat, and Tata Motors have made substantial investments in the production facilities in developing countries such as India, Thailand, and Mexico. Thus, it is expected that greater demand for automobiles and increased investments in the automotive industry will spur the demand for lathe machines.
“Initiatives such as Make in India coupled with the rising automotive production in Thailand have made APAC the focal point of global manufacturing. Hence, in the coming years, this region will lead the global lathe machine market,” says Gaurav.
The general machinery lathe machine market accounted for almost 26% of the global lathe machine market. The global economy is likely to grow at 3.8% in 2016. While the advanced countries such as the US and Canada are likely to have a growth rate of 2.4% in 2015 and 2016, the developing countries are forecasted to grow at 4.3% in 2015 and 4.7% in 2016. These growth rates will have an impact on the demand for general machinery, which will positively impact the global lathe machine market.
The rising global investments towards developing transportation infrastructure (especially railway networks in the developing countries such as India, China, and Indonesia) are expected to drive the demand for machine tools. The governments of emerging nations and developed countries are also focusing on developing well-planned, efficient transport infrastructure for connecting the domestic and overseas markets. The development of transport infrastructure will create a global demand for machine tools for cutting and forming metals.
The top vendors highlighted by Technavio’s heavy industry market research analysts in this report are:
- DMG Mori
- Yamazaki Mazak
- Samsung Machine Tools
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