United States Precision Parts Market 2021-2026: Opportunities in the Rising Prominence Of EVs in US, Application of Additive Manufacturing Across Industries & Industry 4.0 - ResearchAndMarkets.com

DUBLIN--()--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:

1 Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

5 Report Assumptions & Caveats

6 Market at a Glance

7 Introduction

7.1 Overview

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 End-Users

12.1 Market Snapshot & Growth Engine

12.2 Market Overview

13 Automotive

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 Healthcare

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

14.8 Others

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 Aerospace

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

18.6 Defense

18.7 Heavy Equipment

18.8 Marine & Offshoring

18.9 Power Tools

18.10 Electric Industry

Competitive Landscape

Prominent Vendors

  • Barnes Group Inc.
  • NN, Inc.
  • Martinrea International
  • Linamar
  • WM Berg
  • Renishaw
  • ARC Group Worldwide

Other Prominent Vendors

  • Petersen Precision
  • E-Fab Inc.
  • AccuRounds
  • Lampin Corporation
  • WSI Industries Inc.
  • Precision Castparts Corp (PCC)
  • Greystone
  • Tessa Precision Products
  • Hoppe Technologies
  • Doncasters
  • Consolidated Precision Products
  • Impro
  • Hitchiner
  • Fritz Winter
  • BERGER Group
  • IPE Group
  • Paradigm Precision
  • Anton Haring KG
  • Pacific West America, Inc.
  • Caldwell
  • Beere Precision Products

For more information about this report visit https://www.researchandmarkets.com/r/o8rxkp


Laura Wood, Senior Press Manager
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Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900