Dublin, March 29, 2021 (GLOBE NEWSWIRE) -- The "U.S. Precision Parts Market 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The U.S. precision parts market by revenue is expected to grow at a CAGR of over 12% during the period 2021-2026.
The U.S. market is likely to grow due to the increasing prominence of electric vehicles (EV). Significant updates in regulations by the United States Environment Protection Agency and the availability of attractive tax and credit incentives by federal governments have driven the demand and sales volume of electric vehicles rapidly in the country.
Hence, the increasing importance of electric cars in the US markets has led several key vendors in precision components to increase production potential in manufacturing engines, transmission, and drivetrain components in hybrid and traditional EVs. However, the productivity and sales volumes of electric vehicles witnessed a sharp decline during Q1-Q3 2020 due to the seven-week shutdown by major manufacturers to reduce the impact of the COVID-19 virus.
Moreover, the prevalence of major EV manufacturers such as Tesla, General Motors, Chevrolet, BMW, and Nissan in the US is expected to act as a major contributing factor for precision part manufacturing in the US.
U.S. Precision Parts Market Segmentation
The U.S. precision parts market research report includes a detailed segmentation by end-user, geography. Automotive, healthcare, electronic and semiconductors, aerospace, watching making, defense, marine & offshoring are the major end-users for precision components. U.S. auto manufacturers are increasing the focus on the development of electric and hybrid variants.
The implementation of heavy-duty engine emission standards, MARPOL Annex VI regulations, the Clean Air Act to curb carbon emission is expected to influence the application of precision parts in the US. However, the demand has been adversely impacted since the outbreak of the COVID-19 pandemic.
Insights by Geography
The development and investment in the automotive industry is expected to drive the demand for precision parts in North East. The region is highly developed and economically sustainable. New York is one of the largest states in the region, and the development has been increased as it is one of the prominent tourist places. However, the development has been disrupted due to the breakout of the COVID-19 pandemic.
While Boston and Massachusetts remain the most lucrative markets with strong economies, New Hampshire has been hit by the pandemic. Maryland has one of the strongest economies nationwide. Pennsylvania has emerged as a major manufacturing hub for packaged food processing, chemical, fabricated metal products, industrial machinery, electronics, and computer peripherals. Thus, the demand for industrial machinery is likely to grow at a modest rate during the forecast period.
Insights by Vendors
In the post-COVID-19 scenario, the U.S. precision parts market is observing financial turmoil. The need for precision parts has been limited to specific applications, while others have witnessed a significant decline. Vendors catering to a single application or product are prone to face challenges with respect to maintaining a steady stream of orders.
The competitive landscape is fragmented in terms of geography and products. The precision parts manufacturing industry is not highly prone to mergers and acquisitions and is limited to only certain regions. The impact of such mergers and acquisitions is also limited. With 45% of the revenue going into raw materials procurement, the manufacturing capability is primarily defined by the vendors' accessibility to raw materials.
Key Topics Covered:
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Market at a Glance
7.2 Key Propelling Factors
7.3 Impact Of COVID-19
8 Market Opportunities & Trends
8.1 Rising Prominence Of EVs In US
8.2 Application of Additive Manufacturing Across Industries
8.3 Industry 4.0
9 Market Growth Enablers
9.1 Aerospace Aftermarket Business
9.2 Demand From Automotive And Other Industrial Machinery
9.3 Demand In Healthcare Applications
10 Market Restraints
10.1 COVID-19 Impact On Steel Price
10.2 Decline In Construction Sector
10.3 US-CHINA Trade War
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast: Historical Data
11.3 Market Size & Forecast
11.4 Five Forces Analysis
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
13.1 Market Overview
13.2 COVID-19 Impact
13.3 Demand Insights
13.4 Key Insights
13.5 Market Size & Forecast
13.6 Market Snapshot & Growth Engine
13.7 Light, Medium, & Heavy Commercial Vehicles
13.8 Light Vehicles
13.9 Two- & Three-Wheelers
14.1 Market Overview
14.2 COVID-19 Impact
14.3 Market Size & Forecast
14.4 Market Snapshot & Growth Engine
14.5 Medical Imaging
14.6 IVD Analyzers
14.7 Patient Monitoring
15 Electronics And Semiconductor
15.1 Market Overview
15.2 COVID-19 Impact
15.3 Market Size & Forecast
15.4 Market Snapshot & Growth Engine
15.5 Semiconductor Industry
15.6 Electronics Industry
16.1 Market Overview
16.2 COVID-19 Impact
16.3 Market Size & Forecast
17 Watchmaking Industries
17.1 Market Overview
17.2 COVID-19 Impact
17.3 Market Size & Forecast
18 Other End-Users
18.1 Market Overview
18.2 Key Insights
18.3 Market Size & Forecast
18.4 Market Snapshot & Growth Engine
18.5 Industrial Equipment
18.7 Heavy Equipment
18.8 Marine & Offshoring
18.9 Power Tools
18.10 Electric Industry
Barnes Group Inc.
ARC Group Worldwide
Other Prominent Vendors
WSI Industries Inc.
Precision Castparts Corp (PCC)
Tessa Precision Products
Consolidated Precision Products
Anton Haring KG
Pacific West America, Inc.
Beere Precision Products
For more information about this report visit https://www.researchandmarkets.com/r/8vihx8
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