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Europe Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End User

Europe Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End User

  • June 2021
  • 100 pages
  • ID: 6134620
  • Format: PDF
  • The Insight Partners

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The Europe broaching tools market is expected to grow from US$ 34.77 million in 2021 to US$ 46.04 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028. The growing manufacturing sector across Europe bolsters the market growth. Owing to the economic growth, the manufacturing sector has gained significant traction over the last two decades, especially in emerging economies of Europe. Broaching tools are widely used for producing various industrial components and sub-assembly parts. The rising demand for high speed and accurate finishing process from the end-use sectors such as automotive, aerospace & defense, and construction is encouraging broaching tools manufacturers to introduce advanced tools in the Europe market. The manufacturing sector is one of Europe’s key economic growth drivers. Factors such as low labor cost, increasing young population, and government benefits in form subsidiaries and tax incentives attract organizations to set up larger manufacturing bases in Europe. Further, government initiatives are propelling the growth of the manufacturing sector in Europe. Also, the growing disposable income among the masses is leading to increasing adoption of the modern lifestyle in Europe, which is fueling the demand for consumer electronics and automobiles, thus bolstering the manufacturing sector. Therefore, the growing manufacturing sector is anticipated to drive the growth of the Europe broaching tools market.
Due to COVID-19 outbreak, France is the hardest-hit country in Europe, followed by Russia, the UK, and Italy.The outbreak has created significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction.

A significant decline in the growth of mentioned industrial activities is impacting the performance of the Europe broaching tools market.The reimplementation’s of containments measures such as travel restrictions, trade bans, and workforce limitation at workplaces has impacted manufacturing, supply, and sales of various businesses—including industrial equipment, such as broaching tools.

Majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries.Due to business shutdown, travel bans, and supply chain disruption, the region is anticipated to face an economic slowdown in 2021 as well.

European countries contribute a significant share to the broaching tools market owing to the presence of huge automotive and aerospace & defense sectors. However, the supply chain disruptions have led to a decline in the revenues of players operating in the European market.
Based on end user, the automotive segment led the Europe broaching tools market in 2020.The broaching tools has a major application in automotive industry.

External and internal broaching tools are widely used for producing transmission shafts, steering yokes, steering wheel hubs, gears of all types, fuel intake components, and other components.Further, the ability of broaching tools to provide high volume and tight tolerance, which are required to provide uninterrupted production of precision automotive components, play a vital role in automotive industry.

Increasing sales of automobiles coupled with rising awareness of vehicle maintenance and service is projected to create ample growth opportunities for the broaching tools manufactures, which would drive the Europe broaching tools market during forecast period.
The overall Europe broaching tools market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the Europe broaching tools market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe broaching tools market.American Broach & Machine Company; Arthur Klink Gmbh; Blohm Jung Gmbh; Ekin S.

Coop; Messer Räumtechnik Gmbh & Co. KG; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; and Nachi-Fujikoshi Corp are among the players operating in the market.

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