Precision Parts Market Share

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

The European precision parts market is poised to dominate 38% revenue share by 2036. 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.