Market Trends of Precision Turned Product Manufacturing Industry
Automotive Industry is driving the market
The auto industry is the biggest user of precision machined parts, so it's important to make sure they're accurate and with tight tolerances. Automotive parts need to fit into place and be of good quality to work properly, and if they're not machined to the right specifications, it can lead to problems like lower fuel efficiency, engine failure, and accidents. Precision-turned components are used in the auto industry for a variety of purposes, like throttle control shafts, low pass filters, hydraulic valves, valve housings, sensor housings, temperature sensor housings, pressure sensor housings, pipe joints, sensor metal shells, etc. They make sure the parts are accurate, durable, and work properly, which helps keep your car running smoothly and safely.
There were approximately 85 million motor vehicles produced in the world in 2022. This represents an increase of about 6% compared to the previous year. It is expected that this number will continue to increase in the coming years due to the growing population, urbanization, and personalization.
With the growth of e-commerce, the demand for small, medium, and large commercial trucks in logistics and transportation has increased significantly. The logistics industry is no longer just about providing services but providing customer-oriented solutions. Therefore, the demand for commercial trucks for transportation has increased exponentially.
Industry 4.0 Revolutionizing the Manufacturing Industry
Industry 4.0 involves modernizing production and enhancing the competitiveness of the Western industrial sector. It is centered on improved robotics and automation, new human-machine interaction forms, massive data troves, and increasing connectivity. With the help of IoT and highly effective, automated robotics, manufacturers can gather, analyze, and take action on enormous stockpiles of data.
Connectivity and communication may become more crucial as the amount of data being recorded, analyzed, and stored, along with the number of smart devices, increases. Companies require their data to be interoperable and shared both within an organization and with outside partners to enable higher levels of operations.
Through the use of digital overlays, mixed reality devices can link the person on site with a third party with the necessary skills so they can learn how to make the repairs step-by-step.
In the past, manufacturing companies that wanted to stay competitive had to outsource to low-wage countries. Richer nations are now able to compete because of technological advancements.
