Press release
Precision Parts Market Growth Rate, Industry Analysis And Forecast Report 2024-2033
Precision Parts Market
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.
Market Overview -
Precision parts refer to machine components that are designed and manufactured to exact specifications with a high degree of accuracy and precision. These parts, developed using advanced machining processes, ensure the overall quality and performance of tools and equipment by maintaining accurate dimensions and tolerances.
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Impact Of Vehicle Production On The Precision Parts Market
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.
Competitive Landscape -
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, Sodic*k 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
Innovative Solutions Transforming The Precision Parts Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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