How Has the Precision Engineering Machines Market Evolved Historically and What is its Current Size?
The precision engineering machines market has seen considerable growth due to a variety of factors.
• In recent years, the market size for precision engineering machines has experienced robust growth. The projection shows an increase from $14.59 billion in 2024 to $15.67 billion in 2025, yielding a compound annual growth rate (CAGR) of 7.4%.
This growth during the historic period was influenced by factors like the demand for consumer electronics, adherence to quality management standards, global trade and globalization, efforts towards standardization, the automobile industry, and military applications.
What Does Future Hold for The Precision Engineering Machines Market By 2029?
The precision engineering machines market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of precision engineering machines is anticipated to experience notable expansion in the upcoming years, reaching a valuation of $19.75 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%.
This estimated growth during the forecast period is due to factors such as the rise of smart factories, increased high-speed machining, emphasis on sustainable manufacturing practices, and the growing trend of customization and personalization. The key emerging trends expected during this period include downsizing and microfabrication, the integration of internet of things (iot), the increasing usage of robotics and shared automation, enhancements in precision robotics, digital twin technology, instances of hybrid machining systems and the prevalence of multi-axis machining.
What Are The Primary Growth Drivers In The Precision Engineering Machines Market?
Acceleration in the demand for consumer electronics is predicted to boost the evolution of the precision engineering machines industry moving forward. The term 'consumer electronics' is an umbrella descriptor for a range of electronic devices meant for everyday use by people. The adoption of precision engineering machines is on an upward trend because these machines are made to create components with high precision that adhere to strict specifications and tolerances. Such machines are vital for the smooth operation of electronic devices and systems. For example, LG Corporation, a consumer electronics and home appliances company based in South Korea, reported in its 2022 annual financial statement that it recorded revenues that surpassed $60 billion for the first time ever. This figure was up by 12.9% compared to 2021, a surge mainly due to the high demand for premium home appliances and car parts. Hence, the increasing demand for consumer electronics is fuelling the advancement of the precision engineering machines market.
What Is The Segmentation Of The Global Precision Engineering Machines Market?
The precision engineering machines market covered in this report is segmented –
1) By Type: Computer Numerical Control Machine Tools, Electrical Discharge Machining Machine Tools, Other Types
2) By Material: Plastic, Steel, Bronze, Glass, Brass, Other Materials
3) By End Use: Automotive, Non-Automotive
Subsegments:
1) By Computer Numerical Control (CNC) Machine Tools: CNC Milling Machines, CNC Turning Machines, CNC Grinding Machines, CNC Drilling Machines, CNC Lathes, CNC EDM (Electrical Discharge Machining)
2) By Electrical Discharge Machining (EDM) Machine Tools: Wire EDM Machines, Sinker EDM Machines, Hole Drilling EDM Machines, Small Hole EDM Machines
3) By Other Types: Laser Cutting Machines, Water Jet Cutting Machines, Ultrasonic Machining Tools, Abrasive Jet Machining (AJM) Tools, Additive Manufacturing Machines (3D Printers)
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Which Emerging Market Trends Are Altering The Precision Engineering Machines Industry?
Leading businesses in the precision engineering machines market are striving to design innovative machines, including compact and low-energy-demanding machines, to gain a competitive edge in the market. These machines are characteristically small in size with reduced energy needs. For example, Loxham Precision Limited, a UK-based precision CNC machine and manufacturing system firm, introduced an ultra-precision 5-axis CNC turn-mill machine in May 2022. This machine is engineered for the production of intricate components with an unsurpassed combination of accuracy and efficiency. Ultra-precision 5-axis CNC turn-mill machines are part of the advanced manufacturing toolkit used for fabricating intricate parts with exactness in the field of precision engineering.
Who Are the Key Players In The Precision Engineering Machines Market?
Major companies operating in the precision engineering machines market are:
• Mitsubishi Electric Corporation
• Amera-Seiki
• Yamazaki Mazak Corporation
• Doosan Machine Tools Co. Ltd.
• DATRON AG
• Brother Industries Ltd.
• FANUC Corporation
• Trumpf Gmbh Co. Kg
• Amada Machine Tools Co. Ltd.
• Makino Milling Machine Co. Ltd.
• Schuler AG
• DMG Mori Co. Ltd.
• GF Machining Solutions Management SA
• Haas Automation Inc.
• INDEX-Werke GmbH & Co. KG Hahn & Tessky
• Sodick Co. Ltd.
• Hardinge Inc.
• Tongtai Machine & Tool Co. Ltd.
• Hurco Companies Inc.
• Shenyang Machine Tool Co. Ltd.
• Kitamura Machinery Co. Ltd.
• Dalian Machine Tool Group (DMTG) Corporation
• Chiron Group SE
• MLOptic Corp.
What Are The Regional Insights Into The Precision Engineering Machines Market?
Asia-Pacific was the largest region in the precision engineering machines market in 2024. The regions covered in the precision engineering machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
