At 10.6%CAGR, the Asia Pacific Conventional Lathe Machine Market is projected to be worth US$ 642.18 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific conventional lathe machine market was valued at US$ 388.17 million in 2023 and is expected to reach US$ 642.18 million by 2028, registering a CAGR of 10.6% from 2023 to 2028. Growing oil & gas industry and increasing production of automotive vehicles are the critical factors attributed to the Asia Pacific conventional lathe machine market expansion.               

In the oil & gas industry, various components such as metallic pieces, engine shafts, sucker rods, stanchions, bolts, and nuts are used in oil drilling and exploration. Here, the lathe machine is used for the production of the above components for quick replacements if there is any equipment damage at the oil field while exploration. In addition, in oil fields, there is often a breakdown of piping systems causing machine tool manufacturers to work strategically to deal with this problem. Here, conventional lathes are used to handle very large diameter pipes as those in the drilling and conveyance sections. The constant need to repair and maintain piping and conveyance systems is increasing the demand for conventional lathe machines across oil fields. Furthermore, the growing oil exploration industry is fueling the market's growth. Thus, the growing oil & gas industry is expected to fuel the growth of the Asia Pacific conventional lathe machine market.  

On the contrary, rising demand for CNC lathe machines hurdles the growth of Asia Pacific conventional lathe machine market.

Based on spindle orientation, the Asia Pacific conventional lathe machine market is segmented into horizontal and vertical. The horizontal segment held 86.4% share of Asia Pacific conventional lathe machine market in 2023, amassing US$ 335.56 million. It is projected to garner US$ 561.34 million by 2028 to expand at 10.8% CAGR during 2023–2028.

Based on number of axis, the Asia Pacific conventional lathe machine market is segmented into 2 and 3. The 2 segment held 59.0% share of Asia Pacific conventional lathe machine market in 2023, amassing US$ 228.87 million. It is projected to garner US$ 368.51 million by 2028 to expand at 10.0% CAGR during 2023–2028.  

Based on end-user, the Asia Pacific conventional lathe machine market is segmented into automotive, general machinery, aerospace, electronics, oil & gas, and others. The automotive segment held 35.3% share of Asia Pacific conventional lathe machine market in 2023, amassing US$ 137.15 million. It is projected to garner US$ 243.07 million by 2028 to expand at 12.1% CAGR during 2023–2028.  

Based on lathe type, the Asia Pacific conventional lathe machine market is segmented into universal lathe and oil country lathe. The universal lathe segment held 81.2% share of Asia Pacific conventional lathe machine market in 2023, amassing US$ 315.01 million. It is projected to garner US$ 526.49 million by 2028 to expand at 10.8% CAGR during 2023–2028.  

Based on country, the Asia Pacific conventional lathe machine market is segmented into Australia, China, India, Japan, South Korea, Taiwan, Vietnam, and the Rest of APAC. Our regional analysis states that China captured 24.2% share of Asia Pacific conventional lathe machine market in 2023. It was assessed at US$ 93.78 million in 2023 and is likely to hit US$ 168.19 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.  

Key players profiles in the Asia Pacific conventional lathe machine market report Annn Yang Machinery Co Ltd, CNC-TAKANG Co Ltd, Colchester Machine Tool Solutions Ltd, GDW Werkzeugmaschinen Herzogenaurach GMBH, ITAMA Srl, Knuth Werkzeugmaschinen GmbH, L&L Machinery Industry Co Ltd, Myday Machinery Inc, Optimum Maschinen GmbH, Romi Machine Tools Ltd, Summit Machine Tool LLC, and Win Ho Technology Industrial Co Ltd, among others.

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