Market Trends of Precision Turned Product Manufacturing Industry
The Automotive Industry Is Driving The Market
The automotive industry is the largest consumer of precision machined parts, making it essential to ensure that they are accurate and possess tight tolerances. Automotive parts must fit properly and be of high quality to function correctly. Failing machine components to the correct specifications can reduce fuel efficiency, engine malfunctions, 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.
Manufacturers produced approximately 89.8 million light vehicles in the world in 2023. As per industry experts, it represents an increase of about 9% compared to the previous year. This number is expected to 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 provides services and customer-oriented solutions. Therefore, the demand for commercial trucks for transportation has grown exponentially.
Industry 4.0 is Revolutionizing the Manufacturing Industry
Industry 4.0 involves the modernization of production processes and aims to enhance 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 within an organization and with outside partners to enable higher operations. Through digital overlays, mixed reality devices can connect the person on site with a third party possessing the necessary skills. This allows them to receive step-by-step instructions for making the repairs.
In February, the University College Birmingham launched an innovation center of EUR 100 million (USD 108.54 million) to transform the manufacturing and construction industries through Industry 4.0 technology. The hub will focus on empowering businesses and nurturing talent to achieve sustainability.
