Broaching Machines Market Size, Share, Growth, Forecast 2030

Broaching Machines Industry Perspective:

The global broaching machines market size was evaluated at $871.49 million in 2022 and is slated to hit $1,225.63 million by the end of 2030 with a CAGR of nearly 4.35% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global market space. The broaching machines industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the broaching machines market report explores the investor and stakeholder space to help companies make data-driven decisions.

Broaching Machines Market: Overview

Broaching is a procedure of metal removal through the pulling and pushing of a cutting tool referred to as a broach. Moreover, in a broaching machine, the machine tool is pushed or pulled through the surface that is to be finished. Furthermore, finishing is done on contour and flat surfaces as well as internal or external surfaces. There are two kinds of broaching machines, namely, horizontal broaching machines as well as vertical broaching machines. Reportedly, horizontal broaching machines find a slew of applications in splines, broaching keyways, round holes, internal shapes, and slots. In addition to this, vertical broaching machines are utilized in a large number of operations as they can conveniently pass the work from a single machine to another one. Furthermore, these machines require either a pit or an operator tool.

Key Insights

• As per the analysis shared by our research analyst, the global broaching machines  market is projected to expand annually at the annual growth rate of around 4.35% over the forecast timespan (2023-2030)
• In terms of revenue, the global broaching machines market size was evaluated at nearly $871.49 million in 2022 and is expected to reach $1,225.63 million by 2030.
• The global broaching machines market is anticipated to record massive growth over the forecast period owing to a rise in the preference for accurate and high-speed finishing processes in a slew of end-use sectors.
• In terms of product type, the vertical broaching machine segment is slated to register the fastest CAGR over the analysis period.
• On the basis of end-user, the automotive segment is slated to dominate the segmental growth over the forecast period.
• Region-wise, the Asia-Pacific broaching machines market is projected to register the highest CAGR during the assessment timeline.

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Broaching Machines Market: Growth Factors

Growing demand for products in various end-user industries will scale up the global market surge

Thriving industrial machinery and automotive sectors will steer the expansion of the broaching machines market across the globe. A prominent increase in defense spending has further spiked the demand for broaching machines. Moreover, a surge in the demand for fabricated metal products along with the production of heavy industrial instruments will proliferate the size of the global market. In addition to this, innovations in the production process are likely to pave the way for the expansion of the global market in the years ahead.

A rise in the preference for accurate and high-speed finishing processes in a slew of end-use sectors will prop up the expansion of the market globally. New product launches will account significantly for the expansion of the market globally. For instance, in December 2022, Nidec Machine Tool Corporation, a key producer of machine tools, introduced a visual inspection device referred to as Robot Camera SPEED for broaching machines. The strategic move will contribute lucratively towards the global market proceeds over the years ahead.  

Broaching Machines Market: Restraints

The need for huge fund allocation for small ventures can inhibit global industry expansion

The growing need for high initial capital investment for small projects can restrict the expansion of the global broaching machines industry. Furthermore, medium as well as small-scale firms purchase second-hand broaching machines and this can curtail the demand for the product along with affecting the market profitability as well as sales.

Broaching Machines Market: Opportunities

Technological breakthroughs in engineering & production processes open new growth opportunities for the global market 

A surge in technological innovations such as CAD systems, CNC, boxzy software, and automation will help the global broaching machines market explore new avenues of growth in the forthcoming years. An increase in the automation of engineering and manufacturing processes will create new facades of growth for the global market.  

Broaching Machines Market: Challenges

Changes in the costs of raw materials can create a big challenge for global industry expansion

An increase in the large number of suppliers of used broaching machines will create a huge challenge for the global broaching machines industry. Fluctuating raw material costs due to disruptions in the supply chain can further decimate the growth of the market across the globe.  

Broaching Machines Market: Segmentation

The global broaching machines market is sectored into product type, end-user, and region.  

In product type terms, the global broaching machines market is segregated into vertical broaching machine and horizontal broaching machine segments. In addition to this, the vertical broaching machine segment, which gathered nearly 37% of the global market share in 2022, is anticipated to record the highest rate of growth over the forecast timespan. The growth of the segment in the upcoming years can be attributed to the cost-effectiveness of vertical broaching machines and their use in a large number of operations.  

On the basis of end-user, the global broaching machines industry is bifurcated into automotive, industrial machinery manufacturing, fabrication, oil & gas, energy, and aerospace & defense segments. In addition to this, the automotive segment, which contributed majorly towards the global industry share in 2022, is projected to establish a numero uno position even during the estimated timeline. The segmental surge over the assessment timeframe can be due to the large-scale demand for the product in the automotive segment as the former is used for producing gears, steering wheel hubs, transmission shafts, and steering yokes.   

Broaching Machines Market: Report Scope

Broaching Machines Market: Regional Insights

North America to account for a major share of the global market over the anticipated timespan

North America, which contributed more than two-thirds of the global broaching machines market share in 2022, is expected to garner lucrative growth over the projected period. The market growth in the North American region over the prognosis period can be owing to the flourishing automotive manufacturing sector in the countries such as the U.S.

Furthermore, the broaching machines industry in the Asia-Pacific region is forecast to register the fastest CAGR in the assessment timeframe. The major growth drivers of the industry in the region include the presence of a large number of product manufacturing units in countries such as China and India. Apart from this, low operating costs and large production bases in Asia will further multiply the size of the regional industry in the years to come.

Broaching Machines Market: Competitive Space

The global broaching machines market profiles key players such as:

• General Broach Company
• Axisco Precision Machinery Co. Ltd
• Accu-Cut Diamond Tool Co
• Pioneer Broach Company
• American Broach & Machine Company
• Forst Technologies GmbH & Co. KG
• Broaching Machine Specialties
• Steelmans Broaches Private Limited
• Mitsubishi Heavy Industries Ltd
• Colonial Tool Group Inc.
• Arthur Klink GmbH
• Nachi-Fujikoshi Corp
• Hoffmann Rumtechnik GmbH
• V.W. Broaching Service Inc.

The global broaching machines market is segmented as follows:

By Product         

• Vertical Broaching Machine
• Horizontal Broaching Machine

By End-User

• Automotive
• Industrial Machinery Manufacturing
• Fabrication
• Oil & Gas
• Energy
• Aerospace & Defense

By Region

• North America
• The U.S.
• Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa