Precision Engineering Machines Global Market Report 2024

The precision engineering machines market size has grown strongly in recent years. It will grow from $13.56 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historical period can be attributed to factors such as increased demand in consumer electronics, adherence to quality management standards, globalization and trade, ongoing standardization efforts, and the influence of the automobile industry and military applications.

The precision engineering machines market size is expected to see strong growth in the next few years. It will grow to $18.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to the advent of smart factories, the implementation of high-speed machining, the adoption of sustainable manufacturing practices, and the increasing demand for customization and personalization. Key trends expected in the forecast period encompass miniaturization and microfabrication, integration of the Internet of Things (IoT), robotics and collaborative automation, precision robotics, digital twin technology, as well as the emergence of hybrid machining systems and multi-axis machining.

The anticipated growth of the precision engineering machines market is attributed to the increasing demand for consumer electronics. Consumer electronics, a diverse category of electronic devices tailored for everyday use by end-users, is witnessing rising demand. Precision engineering machines are gaining prominence as they are specifically designed to manufacture high-precision components and parts that adhere to stringent tolerances and specifications, playing a crucial role in the proper functioning of electronic devices and systems. For instance, LG Corporation, a South Korea-based consumer electronics and home appliances company, reported in its annual financial report for 2022 that its revenue exceeded $60 billion for the first time, marking a 12.9% increase from the previous year. This growth was primarily driven by the heightened demand for premium home appliances and automotive parts. Hence, the increasing demand for consumer electronics is a key driver propelling the development of the precision engineering machines market.

Leading companies in the precision engineering machines market are actively concentrating on the development of innovative machines, with a specific focus on compact and low-energy-demanding solutions, to gain a competitive edge in the market. Compact and low-energy-demanding machines refer to devices or systems designed to be small in size with minimal energy requirements. For instance, in May 2022, Loxham Precision Limited, a UK-based precision CNC machine and motion systems manufacturer, introduced the ultra-precision 5-axis CNC turn-mill machine. This machine is instrumental in the production of intricate components with exceptional precision and efficiency. Ultra-precision 5-axis CNC turn-mill machines in precision engineering represent advanced manufacturing tools capable of producing complex parts with high accuracy and precision.

In January 2024, Flinchbaugh Engineering Inc., a US-based precision manufacturing company, successfully acquired Billet Industries for an undisclosed amount. This strategic acquisition is intended to broaden Flinchbaugh Engineering's capabilities and services, fortifying its market position. Billet Industries, a US-based provider of precision and machining services, including CNC milling and machining, adds valuable expertise to Flinchbaugh Engineering's portfolio.

Major companies operating in the precision engineering machines market are Mitsubishi Electric Corporation, Amera-Seiki, Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., DATRON AG, Brother Industries Ltd., FANUC Corporation, Trumpf Gmbh Co. Kg, Amada Machine Tools Co. Ltd., Makino Milling Machine Co. Ltd., Schuler AG, DMG Mori Co. Ltd., GF Machining Solutions Management SA, Haas Automation Inc., INDEX-Werke GmbH & Co. KG Hahn & Tessky, Sodick Co. Ltd., Hardinge Inc., Tongtai Machine & Tool Co. Ltd., Hurco Companies Inc., Shenyang Machine Tool Co. Ltd., Kitamura Machinery Co. Ltd., Dalian Machine Tool Group (DMTG) Corporation, Chiron Group SE, MLOptic Corp.

Asia-Pacific was the largest region in the precision engineering machines market in 2023. The regions covered in the precision engineering machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the precision engineering machines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Precision engineering machines are highly specialized tools crafted for accurate and intricate manufacturing processes, aiming to achieve tight tolerances and precise dimensional control. These machines find application in various industries, facilitating high-precision machining operations such as turning, milling, drilling, and other intricate manufacturing processes.

The primary types of precision engineering machines include computer numerical control (CNC) machine tools, electrical discharge machining machine tools, and others. CNC denotes the automated control of tools through a computer, enhancing precision in manufacturing. These machines work with materials such as plastic, steel, bronze, glass, brass, and others, catering to diverse end-uses, including automotive and non-automotive applications.

The precision engineering machines market research report is one of a series of new reports that provides precision engineering machines market statistics, including precision engineering machines industry global market size, regional shares, competitors with a precision engineering machines market share, detailed precision engineering machines market segments, market trends and opportunities, and any further data you may need to thrive in the precision engineering machines industry. This precision engineering machines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precision engineering machines market consists of revenues earned by entities providing services such as product development and design support, engineering design and development, large part machining and custom computer numerical control, precision machining, and custom computer numerical control machining solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision engineering machines market also includes sales of tooling and machining components, ergonomics equipment, automation solutions, electro-mechanical assemblies, enclosures, boxes, cabinets, and chassis. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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