Arizton is pleased to announce its latest report, the precision parts market - global outlook & forecast 2024-2029, shedding light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current precision parts market dynamics and future prospects.   

Browse 150 market data Tables and 124 Figures spread through 516 Pages and in-depth TOC on the precision parts market by product type (cold formed microcomponents, electroforms, retaining rings, metal stampings, and others), material type (metal, plastics, and others), end-user (automotive, electronics & semiconductor, aerospace, healthcare, industrial equipment, defense, heavy equipment, marine & offshoring, and others), automotive (light, medium, & heavy commercial vehicles, light passenger vehicles, and two-wheelers & three-wheelers), distribution channel (offline and online), geography (North America, Europe, APAC, Latin America, and Middle East & Africa) – global outlook & forecast 2024-2029.   

Arizton predicted that the global precision parts market to reach USD 403.22 billion by 2029.  

The precision parts market involves the production and supply of highly accurate, small to medium-sized components that are integral to industries such as automotive, aerospace, electronics, medical devices, and manufacturing. These components play a crucial role in ensuring the functionality, performance, and reliability of complex systems, as they are designed to meet stringent tolerances and high-quality standards. Advanced manufacturing techniques like cold forming, metal stamping, and electroforming are used to produce these parts, which can be crafted from various materials, including metals, plastics, and composites. The market is driven by the growing demand for miniaturized components in cutting-edge technologies and the need for high-quality parts in rapidly advancing sectors like healthcare and automotive. Additionally, global advancements in manufacturing technologies, such as automation and 3D printing, have enhanced production efficiency and cost-effectiveness. The market's growth is further fueled by the increasing need for precision in high-performance applications across multiple industries. 

APAC Dominates the Global Precision Parts Market  

In 2023, the Asia-Pacific (APAC) region accounted for the largest share in the global precision parts market, contributing 48.39% to the global market. China emerged as the major revenue contributor within the region, owing to its robust manufacturing ecosystem compared to other APAC countries. The precision parts market in APAC is anticipated to witness significant growth in demand and market size in the coming years. 

The automotive industry, along with the electronics and semiconductor sectors, collectively accounts for over 50% of the precision parts manufacturing market. The automotive sector's growth has been supported by the removal of tariffs on imported, completely built-up vehicles, alongside steady growth in light vehicle sales. 

While developed markets in Europe and North America struggle to match the growth of emerging APAC markets, the region's automotive market continues to expand in both consumption and purchasing power. Relaxed foreign direct investment (FDI) rules in countries like India have attracted significant investments, both direct and indirect. Defense-related electronic machinery, mobile phones, and advanced television sets are among the major contributors to this market. 

The rising availability of credit has fueled demand for electronic goods in the region. Supportive government policies and the abundance of skilled engineering talent have further propelled the growth of the electronics industry, which is one of the largest and fastest-growing markets globally. The increasing demand for electronic equipment in various forms, coupled with a high supply of skilled labor, has significantly boosted the precision parts manufacturing sector in APAC. 

Key Development  

1. In 2023, Barnes Group Inc. has announced that it has acquired MB Aerospace and entered into a definitive agreement. MB Aerospace was a leading provider of precision aero-engine component manufacturing and repair services company. It serves major defense and aerospace engine OEMs, MRO providers, and Tier 1 suppliers. This acquisition will help to enhance the company’s ability to deliver value-add solutions for the value chain of aero-engine. 
2. In 2022, Martinrea International Inc. has acquired Effenco Development Inc.’s assets. Martinrea is a global automotive supplier that manufactures, designs, and develops aluminum products, fluid management systems, and metal parts. Effenco is a company that markets technologies, manufactures, and designs for electrifying heavy-duty trucks.  

Looking for More Information? Click: https://www.arizton.com/market-reports/precision-parts-market-report 

The Rise of Electric Vehicles and Its Impact on the Precision Parts Market 

The growing prominence of electric vehicles (EVs) is shaping the global precision parts market, driven by increasing demand for precision-engineered components, a focus on reliability and durability, and the global shift toward lightweighting in vehicle manufacturing. EVs have unique architectural needs compared to internal combustion engine (ICE) vehicles, requiring specialized precision parts such as electric motor components, charging infrastructure, battery modules, and power electronics. 

Recent years have witnessed a significant surge in EV demand and sales worldwide. In India, for instance, the average daily EV sales reached 4,500 units between April 2023 and March 2024. Leading global EV manufacturers like Tesla, General Motors, BYD, Volkswagen Group, and Stellantis are propelling the demand for precision-manufactured components. Additionally, other automakers are expanding their offerings of electric and hybrid vehicles. 

Government initiatives, such as India's Electric Mobility Promotion Scheme 2024, are further encouraging EV adoption. In response, key vendors in the precision components industry are ramping up production capacity for engine, transmission, and drivetrain components tailored for both hybrid and fully electric vehicles. 

Why Arizton?     

100% Customer Satisfaction     

24x7 availability – we are always there when you need us     

200+ Fortune 500 Companies trust Arizton's report   

80% of our reports are exclusive and first in the industry     

100% more data and analysis     

1500+ reports published till date     

Post-Purchase Benefit     

1. 1hr of free analyst discussion     
2. 10% off on customization     

About Us:     

Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.     

We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. 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 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.     

Contact Us     

Call: +1-312-235-2040     

+1 302 469 0707   

Mail: enquiry@arizton.com   

Contact Us: https://www.arizton.com/contact-us   

Blog: https://www.arizton.com/blog   

Website: https://www.arizton.com/