Press release
Increased Demand For Consumer Electronics Fuels Surge In Precision Engineering Machines Market: A Significant Driver Propelling The Precision Engineering Machines Market In 2025
Precision Engineering Machines
What Is the Precision Engineering Machines Market Size and Projected Growth Rate?
In recent times, there has been substantial growth in the size of the precision engineering machines market. The projection is for it to escalate from $14.59 billion in 2024 to $15.67 billion in 2025, representing a compound annual growth rate (CAGR) of 7.4%. Factors such as demand in consumer electronics, quality management norms, global trade, standardization tactics, the automobile sector, and military uses have contributed to this growth experienced in the past.
Anticipated to witness robust expansion in the forthcoming years, the market size of precision engineering machines is projected to inflate to $19.75 billion by 2029, progressing at a compound annual growth rate (CAGR) of 6.0%. The upswing during the projected phase can be credited to contributions from smart factories, quick-speed machining, green manufacturing practices, customization, and personalization. The projection period will be marked by trends such as reductions in size and microfabrication, the incorporation of the internet of things (IoT), the rise of robotics and co-operative automation, precision robotics, digital twin technology, hybrid machines, and multifaceted machining systems.
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What Are the Major Segments in the 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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What Are The Driving Precision Engineering Machines Market Evolution?
The growth of the precision engineering machines market is anticipated to be fueled by increasing demand for consumer electronics. Covering a wide range of everyday electronic devices intended for consumer or end-user usage, consumer electronics is a vast category. These precision engineering machines are gaining popularity as they are crafted to manufacture components and parts with high precision that align with strict tolerances and specifications, which are crucial to the flawless operation of electronic devices and systems. For example, as reported in the annual financial report 2022 released by LG Corporation, a South Korea-based company specializing in consumer electronics and home appliances, LG surpassed $60 billion in revenue for the first time. This marks a growth of 12.9% compared to 2021, predominantly owing to the soaring demand for high-end home appliances and automobile parts. As such, the burgeoning demand for consumer electronics is accelerating the evolution of the precision engineering machines market.
Which Firms Dominate The Precision Engineering Machines Market Segments?
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, 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 Trends Are Expected to Dominate the Precision Engineering Machines Market in the Next 5 Years?
Leading businesses in the precision engineering machines market are channeling their efforts into the creation of innovative machines such as compact and energy-efficient models, as a strategy to gain a competitive advantage. Compact and energy-efficient machines refers to systems specifically created to be small and require minimal energy for operations. For instance, in May 2022, Loxham Precision Limited, a firm based in the UK that manufactures precision CNC machines and motion systems, introduced an ultra-precision 5-axis CNC turn-mill machine. This machine possesses the capability to manufacture complex components with remarkable accuracy and efficiency. In the field of precision engineering, these ultra-precision 5-axis CNC turn-mill machines represent state-of-the-art manufacturing tools capable of producing intricate parts with high levels of accuracy and precision.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Precision Engineering Machines Market?
2. What is the CAGR expected in the Precision Engineering Machines Market?
3. What Are the Key Innovations Transforming the Precision Engineering Machines Industry?
4. Which Region Is Leading the Precision Engineering Machines Market?
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