The North America metal stamping market is expected to grow from US$ 85. 27 billion in 2020 to US$ 107. 35 billion by 2028; it is estimated to grow at a CAGR of 3. 2% from 2021 to 2028. Electric vehicles (EVs) have gained significant popularity in North America, especially in the US.
New York, April 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Metal Stamping Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Process and Application" - https://www.reportlinker.com/p06065017/?utm_source=GNW
Canada has the second-largest count of electric vehicles (EVs) in the region, which escalates year-on-year.
The growing population in urban areas is demanding increasing public transportation with the improvement in existing transportation infrastructure.The OEMs in North America are focusing on reducing their carbon footprint, thereby promoting electric vehicles, specifically electric passenger cars.
With the growing demand for automobiles, the manufacturers of passenger cars and taxis are focusing on green technologies.Several countries in the region are focused on building green transportation.
The governments of North American countries are taking several initiatives by offering tax rebates and incentives to boost electric vehicles’ adoption in their public transport—such as e-trucks and e-buses—to reduce CO2 emissions. BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses are a few of the electric vehicle models popular in the region. Moreover, the US government’s Energy Improvement and Extension Act of 2008 permits tax credits for new plug-in electric drive motor vehicles. Several state governments in the US are also offering additional incentives to electric vehicle owners. Programs such as the Richmond electric vehicle program and Hawaii clean energy program are also projected to boost the country’s EV adoption rate. These factors are expected to create enormous opportunities to implement metal stamping in batteries and other parts of electric vehicles.
ACRO Building Systems (ACRO Metal Stamping); Clow Stamping Company; D&H Industries, Inc.; Goshen Stamping Company; Kenmode, Inc.; Integrity Manufacturing, Inc.; Manor Tool & Manufacturing Company; Caparo Group; Klesk Metal Stamping Co.; and Tempco Manufacturing Company, Inc. are among the key players profiled in this research study.
Impact of COVID-19 Pandemic on North America Metal Stamping Market
The North America region especially the U.S. witnessed an unprecedented rise in number of confirmed cases resulting in large-scale lockdown across different regions as well as industrial activities. As a result, several small & medium enterprise owners have limited their industry personnel whereas many other have laid off non-essential employees shortly owing to restricted business operation. In addition to this, the company also minimized the allocated budget for manufacturing of metal stamping owing to economic slowdown, which affected the business activities. Moreover, the component manufacturer, supply chain and distributor lack of availability of business also has significantly influencing the production of metal stamping by the market players. Thus, the market is expected to witness a major drop in the demand from the end-users for the current year and the subsequent years to recover from the impact of COVID-19 pandemic.
The constant demand for metal stamping has witnessed a slight decrease in the production in the year 2020, owing to lockdown imposed by the government and low demand from automotive and electronics industries.This has hindered the growth of the metal stamping market last year, as is likely to continue slightly during 2021.
The COVID-19 has already impacted the sales of electronics equipment and industrial machinery in the first quarter of 2020 and is expected to have a negative impact on the market growth throughout the year, as now the companies are functional with limited workforce and trying to come up with the losses, they faced in the year 2020.The significant requirement for the industrial machinery is majorly noticed from giant manufacturing countries such as the US, which is heavily impacted by the spread of coronavirus, thereby hampering the demand for industrial machinery.
Further, most of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and the automotive industry is at a halt, which is negatively impacting the metal stamping market in the region. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison to the US.
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