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CHICAGO, December 9, 2021 / PRNewswire / – In-depth analysis and data-driven insights into the impact of COVID-19 included in this report on the Global Precision Parts Market.
Experts predict that the precision parts market is expected to grow by over 10% CAGR during the period 2019-2025.
Key ideas:
- Suppliers based in APAC are modernizing their equipment as the entry of large multinational suppliers into these regions has made the industry very competitive and acquired highly sophisticated manufacturing technology.
- European economies such as France, Italy, and Germany, is poised to expand into emerging economies with the next generation large-scale manufacturing centers that will be primarily planned in the APAC region.
- The United States is the largest exporter of manufacturing technology products, with exports primarily destined for Europe, above all Germany, and Mexico, and Canada in the Americas.
- Supplier margins have been affected in the second and third quarters of 2020, and suppliers will continue to experience margin pressure as payment terms are expected to be realigned. Since the sector is dependent on high working capital and characterized by late payments, the impact of COVID-19 in the second and third quarters of 2020 will be high.
- Precision products used in electric vehicles are of high criticality and provide electrical and electronic solutions for reduced power consumption as well as higher economy through weight reduction.
- Precision engineering is widely deployed in the aerospace industry with thousands of components sourced and assembled in different hierarchies. These components are often “critical for life” and must meet precise specifications with the required tolerance levels.
Key offers:
- Market Size and Forecast by Revenue | 2019-2025
- Market dynamics – Key trends, growth drivers, constraints and investment opportunities
- Market Segmentation – A Detailed Analysis by End User and Geography
- Competitive landscape – 7 key suppliers and 28 other suppliers
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Precision Parts Market – Segmentation
Precision Parts Market by the end user
- Automotive
- Light vehicles
- Two-wheelers & Three-wheelers
- Light, medium and heavy commercial vehicles
- Health care
- Medical imaging
- Patient monitoring
- DIV Analyzers
- Others
- Electronics & Semiconductor
- Semiconductor industry
- Electronics industry
- Watch industry
- Others
- Industrial equipment
- Defense
- Heavy equipment
- Marine and offshoring
- Power tools
- Electrical industry
- Others
Precision Parts Market by geography
- North America
- Europe
- UK
- Germany
- France
- Spain
- Italy
- APAC
- China
- Japan
- South Korea
- Australia
- India
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Middle East & Africa
- Saudi Arabia
- Turkey
- Egypt
- Israel
The following factors are likely to contribute to the growth of the precision parts market during the forecast period:
- Development and use of new substrate materials
- Increased importance of manufacturing in Asia
- Increase in automation expenses
- The rise of Industry 4.0 and intelligent precision manufacturing
Precision Parts Market – Supplier Landscape
The levels of competition in the market are high because the industry is characterized by the presence of a large number of suppliers, large and small. Many product categories lack differentiation. Hence, they attract a large number of new entrants. The cost of switching for buyers is low, making the market open to poaching from customers. A large part of supplier profit margins depend on how the cost of raw materials is managed, the efficiency of the machinery and the technology used (new or obsolete). The global precision parts manufacturing market is highly fragmented and no major supplier has a significant market share. Suppliers are primarily located near manufacturing centers to enable collaboration on the design and development of precision parts. A slowdown in one of the end market categories will not have an impact on the whole market, because not all suppliers serve a single end market.
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Leading suppliers
- Barnes Group Inc.
- NN Inc.
- Martinrea International
- Linamar International
- WM Berg
- Renishaw International
- Groupe ARC in the world
Other important suppliers
- Beyonic
- WSI Industries Inc.
- Precision Castparts Corp PCC
- Sigma components
- Aequs
- Mécachrome Group
- Gray stone
- Mecha Armor
- Gudel
- Bonfiglioli Riduttori
- Tessa Precision Products
- Dana Brevini power transmission
- Hoppe Technologies
- Doncaster
- Consolidated precision products
- Kitagawa
- Zollern
- Impro
- Hitchhiker
- Precision Metal Dongying Giayoung
- Fritz Winter
- Gienanth
- Kern-Liebers
- Shepherd
- Burgmaier
- IPE Group
- Precision of the paradigm
- Anton Häring KG
Explore our industrial machinery profile to learn more about the industry.
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SOURCE Arizton Consulting & Intelligence
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