The high use of technology, robotic handling machines, and other automated industrial applications are expected to increase the demand for the precision parts market in the US in the upcoming years.
According to the latest Arizton's market research report, the precision parts market in US to reach over USD 71 billion by 2026, growing at a CAGR of around 12% during the forecast period.
Precision Parts Market in US: Growth Analysis
The increase of aerospace development activities is primarily driven by sales growth within the aftermarket businesses with respect to precision parts manufacturing, whereas continued growth on newer, more technologically advanced engine platforms contributed to increase sales within the OEM business. The players participated in aftermarket programs, under which the players receive an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. Thereby, these collaborations are fueling the demand for precision parts market in US and also increasing the competitiveness in the marketplace. The high use of technology, robotic handling machines, and other automated industrial applications are expected to increase the demand for precision parts market in US in the upcoming years.
Interesting Facts to Know:
- Linamar completed its acquisition of MacDon in 2018. MacDon Group is a Canadian company and specializes in advanced agriculture equipment technologies. This is a new market segment for Linamar. This acquisition will provide the organization access to the existing customer base of MacDon and will provide a solid start in the agriculture equipment market.
- The revenue share of North East US is projected to reach over USD 24 billion by 2026 due to the increasing demand for electric vehicles.
- The automotive industry's development and investment is expected to drive the demand for precision parts in North East.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by end-users and geography
- Competitive Landscape – 7 Key Company Profiles and 23 Other Prominent Vendors
Precision Parts Market in US: Geographic Analysis
Increase in disposable income among the majority of population across the states in the Western region is expected to act as major key driver for the growth of precision parts market in US residential construction industry. The development and investment in the automotive industry of North East region is expected to boost the requirement for precision parts market in US. The outbreak of COVID-19 impacted the demand for the precision parts market in US. Owing to the current situation, the precision part manufacturing market remain supportive and is likely to witness ramp up in demand as the reopening of the market has commenced.
Competitive Landscape of the Precision Parts Market in US
With 45% of the revenue going into the procurement of raw materials, the manufacturing capability is largely defined by the players of the precision parts market in US, accessibility to raw materials. The competition level of precision parts market in US is high as the industry is characterized by the presence of a large number of companies both small and large. A large part of the profit margins for the players depends on how the cost of raw materials is managed, the efficiency of the machines, and the technology used (new or obsolete). The precision parts manufacturing industry is not highly prone to mergers and acquisitions and is limited to only certain regions.
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