What Has Been the Growth of the Precision Parts Market So Far?
The precision parts market has seen considerable growth due to a variety of factors.
• The market size for precision parts has expanded swiftly in the past few years. The market is set to inflame from $212.91 billion in 2024 to a projection of $235.39 billion in 2025, increasing at a compound annual growth rate (CAGR) of 10.6%.
Factors contributing to this consistent growth throughout the historic period include the surge in consumer electronics demand, the implementation of quality management standards, the worldwide spread of trade and globalization, attempts at standardization, the automobile industry, and military applications.
How Will the Precision Parts Market?
The precision parts market is expected to maintain its strong growth trajectory in upcoming years.
• We anticipate a solid expansion in the precision parts market in the upcoming years, with projections to reach a whopping $330.65 billion by 2029, at a compound annual growth rate (CAGR) of 8.9%.
Factors contributing to this estimated growth during the forecast period can be linked to elements such as smart factories, fast-paced machining, eco-friendly manufacturing routines, as well as customization and personalization. In the same forecast period, we're likely to witness certain trends, including miniaturization and microfabrication, the incorporation of the internet of things (IoT), robotics and joint automation, precision robotics, the advancement of digital twin technology, hybrid machining systems, and multi-axis machining.
Which Factors Are Boosting Growth In The Precision Parts Market?
The precision parts market is anticipated to expand due to the acceleration of vehicle production. The concept of vehicle production encompasses the manufacturing of automobiles by assembling assorted components such as engine parts, transmission systems, suspension systems, and braking arrangements to produce a fully operational vehicle. A myriad of factors, including the rising popularity of electric vehicles, the surging demand for fleet renewal, and soaring investments in transportation infrastructure, are fostering the growth of vehicle production. Precision parts are crucial in vehicle production because they ensure the quality, reliability, and functionality of the various vehicle components. These pieces are engineered to integrate flawlessly, decreasing friction, wear and tear, while maximizing the total efficiency of the vehicle. For instance, the European Automobile Manufacturers Association, based in Belgium, reported in May 2023 that the global motor vehicle production topped 85.4 million units in 2022, up 5.7% from the previous year. Hence, the growth of the precision part market is being fueled by the upswing in vehicle production.
What Key Areas Define The Segmentation Of The Global Precision Parts Market?
The precision parts market covered in this report is segmented –
1) By Material Type: Metal, Plastic, Other Material Types
2) By Products: Cold Formed Microcomponents, Electroforms, Retaining Rings, Metal Stampings, Tubing Products, Spring Anchors
3) By Distribution Channel: Online, Offline
4) By End-Use Industry: Aerospace And Defense, Automotive, Electronics, Healthcare, Consumer Packaged Goods, Other End-Use Industries
Subsegments:
1) By Metal: Stainless Steel, Aluminum, Titanium, Copper and Copper Alloys, Brass, Carbon Steel, Other Metal Alloys
2) By Plastic: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Nylon, Other Plastic Types
3) By Other Material Types: Ceramic, Glass, Composite Materials, Rubber, Other Non-Metallic Materials
Pre-Book The Precision Parts Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Precision Parts Market?
Prominent firms operating in the precision parts marketplace are concentrating on producing innovative solutions like precision CNC and milling machines to boost their market profitability. CNC technology is used in advanced equipment like precision CNC and milling machines to perform precise component machining. For example, in September 2022, Loxham Precision Limited, a British machine maker, introduced the Ultra Precision 5-axis CNC Turn-Mill machine tool, a fresh invention tailored to meet the requirements of firms involved in diamond turning and micromilling operations, especially for creating complex components in small to medium batch quantities. This new model from Loxham, which builds on the success of its predecessors, includes key attributes such as compact size, nanometer-precise accuracy, and automated tool configuration. It also features low energy usage, a minimal environmental footprint, and a cost-effective ownership approach. With superior CAM manufacturing technology, Loxham's latest machine provides unrivalled simplicity of use and facilitates smooth integration into existing production workflows.
Who Are the Key Players In The Precision Parts Market?
Major companies operating in the precision parts market are:
• Amera-Seiki Corporation
• Doosan Machine Tools Co. Ltd.
• Precision Castparts Corp (PCC)
• Datron AG
• Brother Industries Ltd.
• Linamar International
• Martinrea International
• Schuler AG
• Barnes Group
• Renishaw Group
• INDEX-Werke GmbH & Co. KG Hahn & Tessky
• Sodick Co. Ltd.
• Mecachrome Group
• Güdel Group
• Hardinge Inc.
• ARC Group Worldwide
• Makino Milling Machine Co. Ltd.
• Tongtai Machine & Tool Co. Ltd.
• Hurco Companies Inc.
• Shenyang Machine Tool Co. Ltd.
• Shenyang Machine Tool Co. Ltd.
• MLOptic Corp.
• Precision Products Group Inc.
• Sigma Components
• Kitamura Machinery Co. Ltd.
• Tessa Precision Products
What Is The Most Dominant Region In The Precision Parts Market?
North America was the largest region in the precision parts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
