Precision Parts Market Size

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 1^st quarter of 2023, several key precision component vendors have increased their manufacturing capacity for engines, transmission, and propulsion components in hybrids and traditional EVs.

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of precision parts is estimated at USD 223.18 billion.

The 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. Increased innovations in the healthcare and medical device manufacturing sector, rapid digitization, and increasing demand for commercial and defense aircraft will propel the market growth.

Europe industry is set to hold largest revenue share of 38% by 2037, propelled by increasing technological innovation in medicine and healthcare manufacturing in the region.

The major players in the market are Sigma Components Holdings Ltd, Beyonics Pte Ltd, Tessa Precision Products, Inc., Barnes, NN, Inc., Linamar Corporation, Renishawplc., Digitaleo, Precision Castparts Corp.

Precision Parts Market Size