According to our latest study on "Conventional Lathe Machine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Spindle Orientation, Number of Axis, End-User, and lathe Type" the conventional lathe machine market is expected to grow from US$ 949.81 million in 2023 to US$ 1,473.31 million by 2028; it is estimated to register a CAGR of 9.2% from 2023 to 2028.

The aviation sector is growing at a fast pace and will continue to grow during the forecast period. According to the International Civil Aviation Organization, the demand for air transport will increase by ~4.3% per annum over the next 20 years. According to the same source, with a further increase in global tourism, the air transport industry is expected to contribute US$ 5.7 trillion of GDP to the world economy. Further, the same source stated that due to the growing passenger traffic, ~200,000 flights per day are expected to take off and land worldwide by the mid-2030s. The ever-increasing passenger traffic worldwide is boosting the demand for aircraft. Various countries are placing orders for more aircraft from aircraft manufacturers. In February 2023, airlines in India ordered more than 1,115 aircraft, which will be delivered in the coming years. Of these 1,115 aircraft, IndiGo has ordered ~500 planes, Air India has ordered 470 aircraft, Go First will receive 72 aircraft, Akasa Air ordered 56 planes, and Vistara ordered 17 aircraft. Of the 470 aircraft ordered by Air India, Airbus will supply 250, and the remaining 220 will be provided by Boeing. 

Due to the rising demand for aircraft, various aircraft manufacturers are working on expanding their production lines. For instance, in January 2023, Boeing announced its plan to add a fourth 737 Max production line in the second half of 2024. The new line will be housed in Boeing’s massive Everett, Washington, factory, where currently 31 jets are produced per month. After the addition of this production line, the company is planning to produce 50 jets per month. Therefore, rising demand for aircraft and growing initiatives by market players to further expand their aircraft production are anticipated to fuel the need for conventional lathe machines to produce plane surfaces, screw threads, airplane engines, and other parts. These factors are thereby propelling the growth of the conventional lathe machine market.

The demand for general machinery will increase worldwide as they are designed and developed for comprehensive mechanics, thermodynamics, electronics, fluid flow, and material science, which  is offering lucrative growth opportunities to the conventional lathe machine market players. Further, due to their high versatility and wide range of uses, they are used in agriculture, manufacturing, and other industries. The demand for general machinery is increasing because of its wide use in the above industries. It is also seen that China is one of the biggest producers and exporters of general machinery. However, due to the US-China trade war, countries such as Taiwan, Vietnam, Thailand, Indonesia, and India are continuously working on expanding their general machinery manufacturing industry. Moreover, the US tariffs imposed on China are benefiting the general machinery manufacturing industry in the above countries. Thus, the growing general machinery manufacturing industry will increase the demand for conventional lathe machines as they are used to produce different parts of general machinery. These factors are thereby contributing to the conventional lathe machine market growth.

Key Findings of 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.

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com