Global Precision Parts Market Analysis 2024: Size Forecast and Growth Prospects

The precision parts global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Precision Parts Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The precision parts market size has grown rapidly in recent years. It will grow from $191.81 billion in 2023 to $212.91 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to consumer electronics demand, quality management standards, globalization and trade, standardization efforts, automobile industry, military applications.

The precision parts market size is expected to see strong growth in the next few years. It will grow to $304.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to smart factories, high-speed machining, sustainable manufacturing practices, customization and personalization. Major trends in the forecast period include miniaturization and microfabrication, internet of things (IoT) integration, robotics and collaborative automation, precision robotics, digital twin technology, hybrid machining systems, multi-axis machining.

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Scope Of Precision Parts Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Precision Parts Market Overview

Market Drivers –

The increasing vehicle production is expected to propel the growth of the precision parts market going forward. Vehicle production refers to the process of manufacturing automobiles that involves assembling various components like engine parts, transmission systems, suspension systems, and braking systems to create a fully functional vehicle. Several factors contribute to the growth of vehicle production, including the growing popularity of electric vehicles, increasing demand for fleet renewal, and increasing investments in transportation infrastructure. Precision parts help vehicle production by ensuring the quality, functionality, and reliability of various components used in vehicles. These parts are designed to fit seamlessly together, reducing friction and wear and optimizing the overall efficiency of the vehicle. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based intergovernmental organization, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to the previous year. Therefore, increasing vehicle production is driving the growth of the precision part market.

Market Trends –

Major companies operating in the precision parts market are focused on developing innovative solutions, such as precision CNC (computer numerical control) and milling machines, to increase their profitability in the market. Precision CNC and milling machinery is an advanced piece of equipment used for the precise machining of components using CNC technology. For instance, in September 2022, Loxham Precision Limited, a UK-based machine manufacturer, launched the Ultra Precision 5-axis CNC Turn-Mill machine tool, its latest innovation specifically designed to cater to the needs of companies engaged in diamond turning and micromilling processes, particularly for the production of intricate components in small to medium batch sizes. Building upon the success of previous Loxham models, this new machine incorporates key features such as compactness, nanometer-level precision, and automated tool setting. Additionally, it boasts low energy consumption, minimal environmental impact, and a cost-effective ownership model. With enhanced CAM (Computer-aided manufacturing) manufacturing capabilities, the new Loxham machine offers unparalleled ease of use, ensuring seamless integration into existing manufacturing processes.

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

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Regional Insights –

North America was the largest region in the precision parts market in 2023. 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.

Key Companies –

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

Table of Contents

1. Executive Summary
2. Precision Parts Market Characteristics
3. Precision Parts Market Trends And Strategies
4. Precision Parts Market – Macro Economic Scenario
5. Global Precision Parts Market Size and Growth
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32. Global Precision Parts Market Competitive Benchmarking
33. Global Precision Parts Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Precision Parts Market
35. Precision Parts Market Future Outlook and Potential Analysis
36. Appendix

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