North America Engine Stand Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type (Gasoline Engine Stand and Diesel Engine Stand), and Application (Automotive, Aircraft, and Others)
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The engine stand market in North America is expected to grow from US$ 196.41 million in 2019 to US$ 230.63 million by 2027; it is estimated to grow at a CAGR of 2.7% from 2020 to 2027.
The US, Canada, and Mexico are major economies in North America. Increasing aircraft engine manufacturing is the major factor driving the North America engine stand market. Rolls Royce, Pratt &Whitney, General Electric, CSM Engines, and International Engine Alliance are among the leading and gigantic aircraft engine manufacturers that are contributing to the engine stand market growth. A few of the facts about the aircraft engine manufacturing companies are: General Electric’s partnership with Safran positioned CFM as an international brand (GE and CFM account for 16% and 39% share of the aircraft engine manufacturing, respectively. Also, Pratt & Whitney accounts for ~25% of engine market. The company’s engines are being heavily used in A330, A320, A220, 767, 747-400s, and Embraer E-jets. With the growing number of engine orders, the aircraft engine manufacturers are expanding their warehouse capabilities to store/mount higher number of manufactured engines. Thus, with the greater production of different engine models, the demand for engine stands is also surging, which is driving the market growth.
The ongoing COVID-19 is having a very devastating impact over the North America region. Favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies. Any impact on industries is therefore projected to have a negative influence on the region's economic development. Currently, due to the COVID-19 outbreak, the US is the world's worst affected country, thus affecting the sudden stands still across all the industries present in the region. It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed all production plants across all industries and has also affected the supply chain and logistics industry of the country adversely. Additionally, the closure of all transportation route such as roads and airways has also decreased the demand for engine stands from the major end-use industries such as automotive and aircraft amongst others. Also, owing to nationwide lockdown across major economies like United States and Canada, the supply chain of major components of engine stands was adversely affected, thereby impacted the manufacturing of the same. Thus, the above-mentioned factors indicate that the outbreak of the coid-19 pandemic has an adverse impact on the market across North America.
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 North America engine stand market. The North America engine stand market is expected to grow at a good CAGR during the forecast period.
North America Engine Stand Market Segmentation
North America Engine Stand Market – By Product Type
- Gasoline Engine Stand
- Diesel Engine Stand
North America Engine Stand Market – By Application
- Automotive
- Aircraft
- Others
North America Engine Stand Market, by Country
- US
- Canada
- Mexico
North America Engine Stand Market - Companies Mentioned
- AGSE LLC
- DAE Industries
- DEDIENNE AEROSPACE
- HYDRO SYSTEMS KG
- Mahle GmbH
- NextGen Aerosupport
- Rhinestahl
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America engine stand market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America engine stand market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the engine stand market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution