Europe Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Internal Broaches, External Broaches, and Special Broaches) and End User (Manufacturing, Automotive, Aerospace and Defense, Construction, and Others)
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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 UK, France, Germany, Italy, and Russia are major economies in Europe. Escalating automotive production is expected to surge the Europe broaching tools market. 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 Europe. Moreover, the demand for commercial vehicles and passenger cars, primarily in developing nations, 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. In addition, automotive investment in research and development (R&D) has increased by 6.7% to reach US$ 67.09 billion annually in Europe. Thus, rising demand for high-end vehicles and increasing vehicle production is boosting the adoption of broaching tools in the automotive industry across Europe region. Other factors such as growing manufacturing sector is also expected to drive the Europe broaching tools market.
In case of COVID-19, France is the hardest-hit country by the outbreak 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 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 presence of huge automotive and aerospace & defense sectors. However, the supply chain disruptions have led to a decline in revenues of market players operating in the European region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe broaching tools market. The Europe broaching tools market is expected to grow at a good CAGR during the forecast period.
Europe Broaching Tools Market Segmentation
Europe Broaching Tools Market – By Type
- Internal Broaches
- External Broaches
- Special Broaches
Europe Broaching Tools Market – By End User
- Manufacturing
- Automotive
- Aerospace and Defense
- Construction
- Others
Europe Broaching Tools Market, by Country
- France
- Germany
- UK
- Italy
- Russia
- Rest of Europe
Europe Broaching Tools Market -Companies Mentioned
- 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.
- Nachi-Fujikoshi Corp
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