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

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

  • June 2021
  • 110 pages
  • ID: 6134719
  • Format: PDF
  • The Insight Partners

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The North America broaching tools market is expected to grow from US$ 29.16 million in 2021 to US$ 42.13 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. Growing automotive production drives the market growth. In recent years, there is an increase in demand for high-end automotive, resulting in increased vehicle production, mainly in the developed regions such as North America. Moreover, the demand for commercial vehicles and passenger cars, primarily in North America, is increasing. Broaching tools are widely utilized in automotive sector to manufacture gears, transmission shafts, steering wheel hubs, steering yokes, and others. According to the Center for Automotive Research, a non-profit organization, in 2018, automakers such as FCA, GM, Ford, Hyundai, Nissan, Volkswagen, and Toyota invested US$ 4.8 billion in the automotive industry. Thus, rising demand for high-end vehicles and increasing production of vehicles are boosting the adoption of broaching tools in the automotive industry across North America, which is propelling the growth of the North America broaching tools market. Further, the growing manufacturing sector is expected to escalate the market growth during the forecast period.
Countries in North America, especially the US, are highly affected due to the COVID-19 outbreak 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 North America broaching tools market.

The increasing number of infected individuals has led governments of North American countries to shut down nation’s borders during Q2 of 2021.Most of the manufacturing plants are either temporarily shut or are operating with minimum staff strength.

Moreover, the supply chains of components and parts are disrupted.The US is one of the largest markets for broaching tools, especially due to its technologically advanced aerospace & defense and manufacturing sectors.

However, the outbreak has severely affected the production and revenue generation due to the lowered production volumes. Thus, the COVID-19 pandemic continues to hinder the growth of the broaching tools market in North America.
Based on type, the internal broaches segment led the North America broaching tools market in 2020.Internal broaching is a process of sharping the inside surface of the workpiece.

Internal broaching consists of two techniques: rotary broaching and vertical broaching.A rotating broach tool is used in rotary broaching technique for sharping the internal surface of workpiece, while vertical broaching uses push or pull-down applications for sharping the internal surface of workpiece.

The internal broaching technique is widely used for producing various precision components, such as automobile and machinery gears, firearm components, and fasteners. With the steady growth of industrialization, the North America broaching tools market for the internal broaches segment is expected to witness a significant growth during the forecast period.
The overall North America 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 North America 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 North America broaching tools market. American Broach & Machine Company; Blohm Jung Gmbh; Colonial Tool Group Inc.; Ekin S. Coop; Messer Räumtechnik Gmbh & Co. KG; Miller Broach; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp; and The Broach Masters, Inc. are among the players operating in the market.

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