Precision Parts Market Size

Precision Parts Market size was valued at USD 161.29 Billion in 2023 and is likely to reach USD 817.72 Billion by the end of 2036, expanding at around 13.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precision parts is assessed at USD 180.6 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 2024, the industry size of precision parts is assessed at USD 180.6 Billion.

The precision parts market size was valued at USD 161.29 Billion in 2023 and is likely to reach USD 817.72 Billion by the end of 2036, expanding at around 13.3% CAGR during the forecast period i.e., between 2024-2036. Increased innovations in the healthcare and medical device manufacturing sector, rapid digitization, and increasing demand for commercial and defense aircraft are some of the major factors anticipated to drive the market forward.

Europe industry is poised to dominate 38% revenue share by 2036, propelled by increasing technological innovation in medicine and healthcare manufacturing in the region.

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