The global brake lathe machine market is anticipated to register a CAGR of 3.5% during the forecast period (2019-2025), Market Research Future (MRFR) unveils in a detailed report.
The global brake lathe machine market has witnessed a tectonic surge over the past few years. The surging demand and sales of vehicles across the globe are the two major factors supporting the growth of the market. The soaring production of vehicles like electric vehicles and international combustion vehicles has increased the pressure on the manufacturers to meet the safety standard. This has further increased the production of vehicle brakes across the globe. Moreover, the growing demand for precision in the brake design is further anticipated to encourage the growth of the brake lathe machine market during the assessment period.
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The mammoth growth in the demand for modern vehicles like connected vehicles, autonomous vehicles, and electric vehicles are likely to create immense growth opportunities in the global market. In Europe and the Asia Pacific, Hennessy Industries, Inc., Hunter Engineering Company, Pro-Cut International, and Atlas Auto Equipment are some of the major manufacturers who highly emphasizes on strategic partnerships and product development with automotive component manufactures. Such developments are estimated to create new growth opportunities in the market.
On the contrary, the high prices of such heavy-duty brake lathe machines are anticipated to restrict the growth of the market during the assessment period.
Global Brake Lathe Machine Market: Segmental Analysis
The global brake lathe machine market has been segmented on the basis of application, type, and vehicle type.
By type, the global brake lathe machine market is segmented into on-car brake lathe machine and off-car brake lathe machine. Of these, the on-car brake lathe machine market is predicted to dominate the market in terms of volume as well as the value during the appraisal period.
By application, the brake lathe machine market is segmented into medium duty, light duty, and heavy-duty. Of these, the medium-duty segment is estimated to dominate the global market in terms of volume as well as value.
By vehicle type, the brake lathe machine market is segmented into passenger car and commercial vehicle. Among these, the passenger car segment is anticipated to dominate the market in terms of value, mainly due to the mounting demand for passenger vehicles among the consumers, coupled with the strict government mandates for brake production.
Geographically, the brake lathe machine market spans across Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Considering the global scenario, the Asia Pacific region is estimated to acquire a significant share in the global market, mainly due to the existence of electric and automotive and the electronics industry. The region is estimated to expand at the highest rate owing to the rising initiatives by the government to promote India as the world’s most preferred manufacturing hub by the end of 2025.
Europe is anticipated to experience a substantial growth rate in the foreseeable future, mainly due to the strict standards by the government for the safety of vehicles. The soaring demand for off-road vehicles, along with the developing product service industry is estimated to contribute to the growth of the regional market.
March 2019: Hanwith-Horden and Gueffroy, two prominent personalities in the metalworking equipment sales environment in South Africa have teamed up to form a partnership company, Spectrum Machine Tools Africa.
The key players operating in the global brake lathe machine market include Hunter Engineering Company (US), Multipro Machines Pvt Ltd (India), Hennessy Industries, Inc. (the US), BendPak Inc. (US), Atlas Auto Equipment (US), ACCU−TURN (US), Pro-Cut International (US), Sino Star Automotive Equipment Co., Ltd (China), Equipment Solutions, a Division of IDSC Holdings Inc., and AUTOPRO-UP Co., Ltd (South Korea).
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