According to Arizton’s latest research report, the global precision parts market is growing at a CAGR of 9.43% during 2023-2029.
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Report Scope:
Market Size – Revenue (2029): $403.22 Billion
Market Size – Revenue (2023): $234.80 Billion
CAGR (2023-2029): 9.43%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: End-user, Automotive, and Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
Market Overview
The global precision parts market is experiencing significant growth driven by multiple factors, including the increased focus on lightweight materials, the rise of Industry 4.0 and smart precision manufacturing, the growing prominence of electric vehicles (EVs), and the widespread application of additive manufacturing across industries. Other contributing factors include advancements in Computer Numerical Control (CNC) and milling machinery, rising demand from the healthcare sector, increased need for commercial and defense aircraft, and the growing trend of outsourcing to reduce capital costs.
The rise of electric vehicles (EVs) and autonomous driving technologies is fueling the demand for highly complex precision parts. The automotive sector, in particular, is expected to see substantial growth in demand for precision components, especially for transmissions, engines, and braking systems, as EVs and advanced vehicle technologies require high-precision, durable parts for improved performance and safety.
In the aerospace sector, the demand for lightweight, durable, and high-performance precision parts is increasing, particularly for avionics, landing gear, and turbine engines. The industry's stringent performance and safety standards drive ongoing innovation and technological advancement in the precision parts market, with a focus on materials and manufacturing processes that meet these demanding requirements.
New Product Innovation
3D Printing for Nano and Micro-Scale Components
3D printing technologies are rapidly evolving to produce parts with nano-scale and micro-scale features. This enables the creation of highly complex and intricate components used in diverse fields such as microelectronics, aerospace, and medical devices. These innovations allow for precision manufacturing at previously unattainable levels of detail.
Multi-Axis CNC Machining for Complex Geometries
The development of advanced multi-axis CNC machining is revolutionizing the production of complex geometries. With improved efficiency and accuracy, these systems reduce production costs and minimize the number of required setups, making them ideal for high-precision industries.
AI-Powered Optimization in Precision Manufacturing
Artificial intelligence (AI) algorithms are increasingly integrated into precision manufacturing processes to enhance operational efficiency. These AI systems can predict potential equipment failures, schedule maintenance, and monitor performance in real-time, allowing manufacturers to optimize production, reduce downtime, and improve overall efficiency.
Recent Acquisitions
Barnes Group Inc. Acquires MB Aerospace
In 2023, Barnes Group Inc. announced the acquisition of MB Aerospace, a leading provider of precision aero-engine component manufacturing and repair services. MB Aerospace serves major defense and aerospace engine OEMs, MRO providers, and Tier 1 suppliers. This acquisition enhances Barnes Group's capabilities, enabling the company to deliver value-added solutions across the entire aero-engine value chain, further strengthening its position in the aerospace and defense industries.
Martinrea International Inc. Acquires Effenco Development Inc. Assets
In 2022, Martinrea International Inc., a global supplier of automotive products including aluminum components, fluid management systems, and metal parts, acquired the assets of Effenco Development Inc. Effenco specializes in technologies for electrifying heavy-duty trucks, with expertise in manufacturing and designing electric vehicle solutions for the transportation sector. This acquisition aligns with Martinrea’s strategy to expand its capabilities in the electric vehicle market, particularly in the heavy-duty truck segment.
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Automotive Innovations Propel Precision Parts Market to New Heights
The automotive sector, encompassing light vehicles, two-wheelers, three-wheelers, and light, medium, and heavy commercial vehicles, is a major driver of growth in the global precision parts market. Several factors contribute to the rising demand for precision components in this industry, including increased production capacity, a growing need for high-performance and efficient parts, technological advancements, the shift toward electric vehicles (EVs), and the lightweighting trend.
The growing automotive aftersales market also opens new avenues for precision parts manufacturers. As consumer preferences shift and the industry embraces rapid technological advancements, there is a heightened demand for high-performance, durable parts across the entire vehicle lifecycle. The adoption of cutting-edge technologies by automobile manufacturers has significantly increased the use of precision components, further intensifying competition in this capital-intensive environment.
In summary, the automotive industry's transformation, driven by technological innovation, evolving mobility solutions, and the rise of electric vehicles, is positioning precision parts as an essential component in meeting the sector's growing demands for efficiency, safety, and performance.
Competitive Overview
The global precision parts market is characterized by a highly fragmented competitive landscape, with 52 vendors contributing to its diverse ecosystem. Leading players such as ARC Group Worldwide, Inc., Barnes Group Inc., Linamar International, Martinrea International Inc., NN, Inc., Renishaw Group, Regal Rexnord, and Suprajit Group hold a significant share, but no single vendor dominates the market.
The market is marked by intense competition, with a mix of large multinational corporations, smaller niche players, and mid-sized specialized firms. These companies are continuously investing in research and development (R&D) to drive innovation, improve manufacturing processes, and develop new technologies. As precision parts are often customized to meet specific customer requirements, manufacturers must remain highly responsive and flexible, adapting to ever-evolving demands across industries.
Key Vendors
- ARC Group Worldwide, Inc.
- Barnes Group Inc.
- Linamar International
- Martinrea International Inc.
- NN, Inc.
- Renishaw group
- Regal Rexnord
- Suprajit Group
- AccuRounds
- Aequs Private Limited
- Anton Häring KG
- Armor Meca
- Berger Group
- Beere Precision Products
- Beyonics
- BOOSTER Precision Components.
- Bruder GmbH
- Bonfiglioli
- Caldwell manufacturing
- Coler Supply Solutions Ltd.
- Consolidated Precision Products (CPP)
- Dana Motion Systems Italia S.r.l.
- DATRON AG
- Doncasters
- E-Fab Inc
- FANUC Corporation
- Fritz Winter
- GKN Automotive Limited
- Greystone
- Gudel
- Hitchiner
- Hoppe Technologies
- IPE Group
- Impro
- KERN-LIEBERS
- kptec group
- Lampin Corporation
- Macht Technologies (P) Ltd.
- Mecachrome Group
- Meiban Group
- Mendritzki Gruppe
- Mieruch & Hofmann GmbH
- Pacific West America, Inc.
- Paradigm Precision
- Precision Castparts Corp
- Petersen Precision
- Sigma Components
- SKF Group
- SMC Corporation
- Tessa Precision Products, Inc.
- WSI Industries Inc.
- Zollern
Segmentation & Forecast
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End-User
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Automotive
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Electronics & Semiconductor
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Aerospace
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Healthcare
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Industrial Equipment
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Defense
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Heavy Equipment
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Marine & Offshoring
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Others
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Automotive
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Light, Medium, & Heavy Commercial Vehicles
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Light Vehicles
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Two-Wheelers & Three-Wheelers
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Geography
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APAC
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China
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Japan
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Singapore
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South Korea
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Australia
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India
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Europe
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Germany
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France
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Italy
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The UK
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Spain
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North America
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The US
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Canada
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Latin America
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Mexico
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Brazil
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Argentina
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Chile
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Middle East & Africa
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Saudi Arabia
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Turkey
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Egypt
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Israel
In a nutshell, the Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the precision parts market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/precision-parts-market-size
What Key Findings Will Our Research Analysis Reveal?
How big is the global precision parts market?
What is the growth rate of the global precision parts market?
Which region holds the largest share in the global precision parts market?
Which automotive sub-segment provides more business opportunities in the global precision parts market?
Which end-user segment has the largest global precision parts market share?
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