Precision Parts Market size was over USD 182.58 billion in 2024 and is anticipated to cross USD 915.08 billion by 2037, witnessing more than 13.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of precision parts is estimated at USD 223.18 billion.
The global market for precision parts is projected to grow with increasing industrial automation and innovation in industry sectors such as healthcare and medical devices. As demand for integrated and scalable products is at an all-time high, the market is constantly growing. The shift towards digitalization on the production line has been observed in the industry around the world.
Furthermore, given the growing abundance of electric cars with global sales at USD 2.3 million as of the 1st quarter of 2023, several key precision component vendors have increased their manufacturing capacity for engines, transmission, and propulsion components in hybrids and traditional EVs.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
13.20% |
Base Year Market Size (2024) |
USD 182.58 billion |
Forecast Year Market Size (2037) |
USD 915.08 billion |
Regional Scope |
|
Type (Metal, Plastic)
By the end of 2037, it is expected that there will be USD 75.6 billion worth of revenue generated from the metal segment in the precision parts market. The rising demand in the automation industry is a major driver for the market. silicon steel has been a popular material of choice for the precision parts industry as it is strong & resistant to corrosion; making this material a primary choice in the medical device manufacturing sector. Moreover, the Electronic car market provides a major boost for the industry.
Application (Automotive, Aerospace, Electronics, Consumer packed goods, Healthcare)
The precision parts market is expected to be dominated by the aerospace segment during the forecast period garnering 45% of the market. The need to precisely construct to prevent aircraft damage owing to conditions faced by aircraft based on speed, air currents, and extreme pressure. Increasing the manufacturing of defense jets and aircraft for national security is a major boost to the industry globally. Increasing capital investments in the space sector over the last decade has a major impact on the market.
Product (Electroformed, Retaining Rings, Tubing products, Metal Stampings, Spring anchors, Cold-formed micro components)
Precision parts market from the electroforms segment is anticipated to hold the largest revenue share over the forecast period. Increased customization in the automotive industry to drive the market forward. Integration of electroforms in the medical industry, particularly in the production of nebulizer plates is a major boost for the precision parts market.
Distribution Channel (Online, Offline)
Based on distribution channel, the precision parts market is segmented into online and offline, out of the two offline segment is expected to generate the largest revenue by the end of 2037. While online segment is expected to grow with the highest CAGR during the forecast period. The growing demand for high-precision components is met through online sales, as a result of integrating IoT and AI.
Our in-depth analysis of the global precision parts market includes the following segments:
Type |
|
Application |
|
Product |
|
Distribution Channel |
|
North American Market Forecast
The North American precision parts market is anticipated to hold a significant share of 46% over the forecast period, with significant growth during the forecast period. Demand and sales volumes for electric vehicles in the country have increased swiftly, as a result of major updates to environmental laws by the United States Environmental Protection Agency; and favorable tax and credit incentives offered by federal governments. This is the primary driver in the region. Additionally, increasing application in diagnostic equipment and medical devices provides substantial growth for the market. The United States is one of the world's largest automobile manufacturing countries, and this has also been an important factor contributing to growth in precision parts throughout the region.
European Market Statistics
Europe industry is set to hold largest revenue share of 38% by 2037, One of the main factors that are expected to stimulate market growth is increasing technological innovation in medicine and healthcare manufacturing. Additionally, increased demand for civilian and military aircraft is also providing a driver for the market.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?