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CHICAGO, March 10, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. precision parts market report. The U.S. precision parts market is expected to grow at a CAGR of over 12% during the period 20202026. Key Highlights Offered in the Report: 1. With around 45% of the cost involved in the raw material procurement, the accessibility to the same and at lower prices decides the margins of vendors. 2. CNC machines witnessing widespread adoption and the requirement of skilled labor has increased thereby, impacting the overall labor dynamics in the U.S. precision parts market. 3. North America (mainly US) has the highest number of airports, which are currently undergoing infrastructure expansion and modernization, worth more than USD 120 billion. The requirement for heavy equipment is expected to be high post 2020. 4. The trade dispute between the US and China over the tariff imposed on certain goods is expected to impact the market in the short term. These disputes are expected to be resolved by the end of 2020 and provide impetus to the market after that. 5. The price trends of steel and iron ore expected to be volatile during the forecast period as the investments to expand capacities for steel production units are witnessing a delay. 6. The market is expected to see more traction in the automotive industry on account of autonomous vehicles, new mobility solutions, and electric vehicles. The slow phasing out of diesel cars in many countries and by automotive manufacturers is expected to provide more opportunities for the vendors. 7. The industry is characterized by a high degree competition. In the present scenarios where COVID-19 has dealt a strong blow to the industry, more aggressive joint ventures is expected to be a strong proposition to beat the market uncertainties and sustain for a longer time period. 8. The end-users are looking at procurement price renegotiation to overcome the high raw material cost. A realignment of the agreement is expected to save the end-users significantly if the order volumes are high. Hence, it is recommended for the vendors to look at cost reduction and efficient inventory and operational planning at their end. Key Offerings: Market Size & Forecast by Revenue | 20202026 Market Dynamics Leading trends, growth drivers, restraints, and investment opportunities Market Segmentation A detailed analysis by end-users and geography Competitive Landscape 7 key vendors and 23 other vendors Get your sample today! https://www.arizton.com/market-reports/united-states-precision-parts-market-research-analysis U.S. Precision Parts Market Segmentation Automotive, healthcare, electronic and semiconductors, aerospace, watching making, defense, marine & offshoring are the major end-users for precision components. U.S. auto manufacturers are increasing the focus on the development of electric and hybrid variants. The US healthcare industry took new strides in 2020. Several technical advances such as telehealth, online consulting, AI-based surgical planning are key driving factors expecting to propel the demand for precision components during the forecast period. The growing concern over quality in medical treatments and government initiatives in offering public health insurance significantly increases the spending toward the healthcare segment. The demand for US manufactured electronics and semiconductors has increased at a steady pace in recent years. Advances in digital technology, artificial intelligence (AI), and the expected adoption of the 5G network communication across the US are expected to influence electronics and semiconductors' growth. U.S. Precision Parts Market By End-user Automotive Light, Medium, & Heavy Commercial Vehicles Light Vehicles Two and Three Wheelers Healthcare Medical Imaging IVD Patient Monitoring Others Electronic and Semiconductors Semiconductors Electronic Aerospace Watchmaking Others Industrial Equipment Defense Heavy Equipment Marine and Offshoring Power Tools Electric Others U.S. Precision Parts Market Dynamics Precision parts manufacturing in the aerospace industry experiences high development in terms of its aftermarket services such as maintenance repair and overhaul (MRO) services and the manufacture and delivery of aerospace aftermarket spare parts. The aerospace aftermarket business provides various products and services for major turbine engine manufacturers, commercial airlines, and the military, such as aircraft engine component MRO services and other services. Activities in the aerospace aftermarket often require the manufacturing and delivery of spare parts for the aerospace aftermarket, under which some manufacturers have an exclusive right to supply specified aftermarket parts over the life of specific programs for aircraft engines. Such facilities also require precision components due to breakage and other supporting services. Key Drivers and Trends fueling Market Growth: Rising Prominence of EVs in US Application of Additive Manufacturing Across Industries Demand from Automotive and Other Industrial Machinery Demand in Healthcare Applications U.S. Precision Parts Market Geography The western region of the country includes states such as Colorado, Washington, Oregon, Utah, Nevada, California, Alaska, Hawaii, and others. The rapid growth in the rate of urbanization and the residential construction industry in most states was one of the key drivers for the rise in demand for precision parts. Growing investments and increasing sales volume of IT and consumer electronics manufacturing industries have significantly propelled the precision manufactured components market in Washington. In addition, Washington dominated the market in terms of sales volume of aircraft spares and investment in the aerospace industry. In 2020, the aerospace industry in the US was valued at approximately $95.4 billion, owing to the increasing public-private partnership in airlines and carrier flights. Furthermore, most precision parts manufacturers in Seattle and Tacoma are involved in manufacturing components for defense equipment and the aircraft manufacturing sector. Get your sample today! https://www.arizton.com/market-reports/united-states-precision-parts-market-research-analysis U.S. Precision Parts Market by Geography US North East West South Midwest Major Vendors Barnes Group Inc. NN, Inc. Martinrea International Linamar WM Berg Renishaw ARC Group Worldwide Other Prominent Vendors Petersen Precision E-Fab Inc. AccuRounds Lampin Corporation WSI Industries Inc. Precision Castparts Corp (PCC) Greystone Tessa Precision Products Hoppe Technologies Doncasters Consolidated Precision Products ZOLLERN Impro Hitchiner Fritz Winter KERN-LIEBERS BERGER Group IPE Group Paradigm Precision Anton Hring KG Pacific West America, Inc. Caldwell Beere Precision Products Explore our industrial machineryprofileto know more about the industry. Read some of the top-selling reports: Industrial Motors Market - Global Outlook and Forecast 2021-2026 Electric Drives Market - Global Outlook and Forecast 2021-2026 Machine Tools Market - Global Outlook and Forecast 2021-2026 Precision Parts Market - Global Outlook and Forecast 2020-2025 About Arizton: AriztonAdvisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services. We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts. Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports. Mail: [emailprotected] Call: +1-312-235-2040 +1 302 469 0707 SOURCE Arizton Advisory & Intelligence

Answer: U.S. Precision Parts Market Size to Reach Revenues of over USD 71 Billion by 2026 - Arizton