Precision Engineering Machines Global Market Size, Trends, Growth Opportunities And Forecast To 2033

Overview and Scope

Precision engineering machines refer to highly specialized tools designed for accurate and intricate manufacturing processes. These machines are designed to achieve tight tolerances and dimensional control during manufacturing. These equipment and components are used in several industries for high-precision machining procedures, such as turning, milling, drilling, and other machining operations.

Sizing and Forecast

The precision engineering machines market size has grown strongly in recent years. It will grow from $13.56 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%.  The growth in the historic period can be attributed to consumer electronics demand, quality management standards, globalization and trade, standardization efforts, automobile industry and military applications.

The precision engineering machines market size is expected to see strong growth in the next few years. It will grow to $18.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.  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 and multi-axis machining.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the precision engineering machines market in 2023. The regions covered in the precision engineering machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising consumer electronics demand is expected to propel the growth of the precision engineering machines market going forward. Consumer electronics is a broad category of electronic devices designed for everyday use by end-users or consumers. The use of precision engineering machines is growing, as it is designed to produce high-precision components and parts that meet tight tolerances and specifications. These machines are essential for the proper functioning of electronic devices and systems. For instance, according to the annual financial report 2022 published by LG Corporation, a South Korea-based consumer electronics and home appliances company, LG had revenue exceeding $60 billion for the first time. This was a 12.9% increase from 2021. The growth was mainly due to the high demand for premium home appliances and automotive parts. Therefore, rising consumer electronics demand is driving the development of the precision engineering machines market.

Key Industry Players

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.

The precision engineering machines market report table of contents includes:
1. Executive Summary

2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis

……….

27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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