Precision Parts Market Size to Reach Revenues of USD 300 Billion by 2025 - Arizton
CHICAGO, Dec. 9, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global precision parts market report.
The precision parts market is expected to grow at a CAGR of over 10% during the period 2019−2025.
Key Insights:
- APAC-based vendors are modernizing their equipment as the entry of large multinational vendors into these regions has made the industry highly competitive and acquiring highly sophisticated manufacturing technology.
- European economies such as France, Italy, and Germany, is set to expand to emerging economies with the next-generation large-scale manufacturing centers to be planned predominantly in the APAC region.
- The US is the leading exporter of manufacturing technology products, with exports majorly targeted at Europe, especially Germany, and Mexico, and Canada in the Americas.
- Vendor margins have been impacted in Q2 and Q3 2020, and vendors will continue to experience margin pressures as the payment terms are expected to be realigned. Since the industry is dependent on high working capital and characterized by payment delays, the COVID-19 impact in Q2 and Q3 2020 will be high.
- The precision products used in electric vehicles are of high criticality and provide electrical and electronic solutions for power usage reduction as well as higher economy through weight reduction.
- Precision engineering is extensively deployed across the aerospace industry with thousands of components sourced and assembled at various hierarchies. These components are often "life-critical" and must meet the precise specifications with the required tolerance thresholds.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by end-user and geography
- Competitive Landscape – 7 key vendors and 28 other vendors
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Precision Parts Market – Segmentation
Precision Parts Market by End-user
- Automotive
- Light Vehicles
- Two-wheelers & Three-wheelers
- Light, Medium, & heavy Commercial Vehicles
- Healthcare
- Medical Imaging
- Patient Monitoring
- IVD Analyzers
- Others
- Electronics & Semi-conductor
- Semiconductor Industry
- Electronic Industry
- Watchmaking Industry
- Others
- Industrial Equipment
- Defense
- Heavy Equipment
- Marine & Offshoring
- Power Tools
- Electric Industry
- Others
Precision Parts Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- APAC
- China
- Japan
- South Korea
- Australia
- India
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Middle East & Africa
- Saudi Arabia
- Turkey
- Egypt
- Israel
The following factors are likely to contribute to the growth of the precision parts market during the forecast period:
- Development and Usage of New Substrate Materials
- Increased Prominence of Asia Manufacturing
- Increase in Automation Expenditure
- Rise of Industry 4.0 and Smart Precision Manufacturin
Precision Parts Market – Vendor Landscape
The competition levels in the market are high as the industry is characterized by the presence of a large number of vendors, both small and large. Many of the product categories lack differentiation. Hence, they attract a large number of new entrants. The switching cost for buyers is low, which makes the market open for poaching customers. A large part of the profit margins for vendors depends on how the cost of raw materials is managed, the efficiency of machines, and the technology used (new or obsolete). The global precision parts manufacturing market is highly fragmented with no major vendors holding a significant market share. The vendors are mainly located near the manufacturing hubs to enable collaboration on the design and development of precision parts. A downturn in one of the end-market categories will not impact the overall market as not all vendors are into servicing a single end-market.
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Prominent Vendors
- Barnes Group Inc.
- NN Inc.
- Martinrea International
- Linamar International
- WM Berg
- Renishaw International
- ARC Group Worldwide
Other Prominent Vendors
- Beyonics
- WSI Industries Inc.
- Precision Castparts Corp PCC
- Sigma Components
- Aequs
- Mecachrome Group
- Greystone
- Armor Meca
- Gudel
- Bonfiglioli Riduttori
- Tessa Precision Products
- Dana Brevini Power Transmission
- Hoppe Technologies
- Doncasters
- Consolidated Precision Products
- Kitagawa
- Zollern
- Impro
- Hitchiner
- Dongying Giayoung Precsion Metal
- Fritz Winter
- Gienanth
- Kern-Liebers
- Berger
- Burgmaier
- IPE Group
- Paradigm Precision
- Anton Häring KG
Explore our industrial machinery profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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SOURCE Arizton Advisory & Intelligence
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