Broaching Machine Market
Broaching Machine Market Study by Vertical and Horizontal Broaching Machines for Automotive, Fabrication & Industrial Machinery Manufacturing, and Aerospace & Defense from 2024 to 2034
Analysis of Broaching Machine Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Broaching Machine Market Outlook (2024 to 2034)
According to a recently published market study by Fact.MR, the global broaching machine market is evaluated at US$ 1.28 billion for 2024 and is forecast to rise at a CAGR of 4.3% to reach US$ 1.96 billion by the end of 2034.
Increasing demand for broaching machines is closely linked to the overall growth and expansion of the manufacturing sector. With noteworthy growth in multiple industries, including machinery manufacturing, aerospace, and automotive, an increase in the demand for broaching machines is encountered. These machines are used to create different parts.
Some industries, such as defense, medical devices, and aerospace, have stringent requirements for precision machining. Broaching machines can produce complex and precise shapes with tight tolerances, making them more essential for matching the requirements set for quality standards. Constant replacement requirements for broaching machines due to wear and tear are estimated to contribute to revenue streams.
- North America is anticipated to contribute 43.2% share of the global market by 2034-end.
- Demand for broaching machines in Japan is projected to increase at a CAGR of 4.4% from 2024 to 2034.
- Sales of vertical broaching machines are forecasted to rise at 4.3% CAGR and reach US$ 819.8 million by 2034.
- While product sales for the near term are expected to rise sluggishly, the market will pick up in the latter half of 2024 to 2034.
The growing customization trend in numerous industries is generating requirements for flexible manufacturing processes. Broaching machines with an efficient capacity to handle parts of different sizes and configurations are becoming more popular to support the requirements of flexible manufacturing. Manufacturers from diverse industries are opting for ways to improve productivity and cost efficiency in their operations. Broaching machines with faster cycle times, energy efficiency, and reduced setup times are estimated to help manufacturers optimize their production procedures and stay competitive.
A noteworthy expansion of infrastructure projects, including the construction of power plants, factories, and transportation networks, is set to increase demand for machinery and equipment. With an expansion of the infrastructure, requirements for precision-machined components are estimated to broaden.
| Report Attributes | Details |
|---|---|
| Broaching Machine Market Size (2024E) | US$ 1.28 Billion |
| Forecasted Market Value (2034F) | US$ 1.96 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.3% CAGR |
| Market Share of East Asia (2034F) | 24.6% |
| Mexico Market Growth Rate (2024 to 2034) | 4.7% CAGR |
| Market Share of Automotive Segment (2034F) | 38.3% |
| Key Companies Profiled |
|
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Which Factors are Influencing Broaching Machine Market Growth?
“Heavy Industry Driving Demand for Broaching Machines”
Broaching machines are utilized to perform numerous tasks in heavy industries. They help in the manufacturing of numerous industrial components as well as sub-assembly parts, including gears, splines, and shafts. Expansion of the heavy industrial sectors, for instance, machinery making, aeronautics, shipbuilding, marine, and automotive, is anticipated to lead to the rising incidences of broaching operations, which generate demand for related products.
Growing expenditure by various government bodies and private firms to operate heavy industries is also forecast to increase demand for broaching machines in the coming 10 years.
“Rising Inclination toward CNC-incorporated Machine Tools”
In recent years, a noteworthy increase in the requirements for CNC (computerized numerical control)-incorporated machine tools has been encountered, which is further driving demand for broaching machines. CNC machines adhere effectively to design specifications. The effectiveness of CNC broaching machines is estimated to improve with the utilization of software and servo technology. Further, these machines are projected to offer advantages, such as high precision and energy savings during key formation and gear making. Automation of the complete metal cutting and metal fabrication process is anticipated to improve product quality.
Which Factors are Estimated to Limit Expansion of Broaching Machine Market Size?
“Higher Prices of Machines Hindering Market Growth”
Broaching machines are accepted as an ideal solution for mass production. However, some special tools are required for the performance of each process. These machines are less suitable for obstruction-based surfaces, which leads to their limited use.
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How are Startups Striving to Gain a Competitive Edge in This Market?
“Technological Advancements in Broaching Machines”
The involvement of new companies in constant advancements in broaching machine technology, including computer numerical control (CNC) capability, integration of smart features, and automation, is projected to contribute to market growth. These advancements are estimated to improve productivity, accuracy, and efficiency, making broaching machines more attractive for manufacturers concentrating on improving production processes.
Country-wise Insights
North America is set to account for 43.2% share of the global market by the end of 2034, according to the newly published analysis by Fact.MR, a market research and competitive intelligence provider. The dominance of the region is attributed to the growing adoption of broaching machines in the manufacturing process.
How is the Market for Broaching Machines Placed in the United States?
“Multifaceted Application of Broaching Machines in the Country”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 426.1 Million |
| Growth Rate (2024 to 2034) | 4.3% CAGR |
| Projected Value (2034F) | US$ 650 Million |
Around 77% share of the North American market is forecast to be held by the United States by the end of 2034. Growing demand for products manufactured from fabricated metal is projected to increase sales of broaching machines. In addition, the machine tool-cutting industry in the country is projected to account for a noteworthy portion of metal manufacturing in comparison to the forming technology.
Drilling, lathes, milling, broaching, and boring are projected to be used as key tools for machine tool cutting. Constant advancements in technology and the expansion of company footprints are forecast to contribute to generating opportunities for suppliers of broaching machines in the United States.
What Prospects Await Broaching Machine Suppliers in China?
“Presence of Well-established Manufacturing and Automotive Sectors”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 190.5 Million |
| Growth Rate (2024 to 2034) | 4.4% CAGR |
| Projected Value (2034F) | US$ 293.1 Million |
The Chinese market is set to hold a 60.9% share of East Asian by the end of 2034. Noteworthy growth in China is attributed to the presence of a well-established manufacturing sector. Moreover, the growing production of automobiles in the country is projected to lead to the implementation of stringent regulations, which result in rising operational costs, and thus lead to the adoption of broaching machines. The presence of some of the leading suppliers in China is anticipated to generate a revenue stream.
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Category-wise Insights
Growing sales of vertical broaching machines are attributed to their increased need from the metal industry to match the rising needs of numerous industries, including automotive, defense, and aerospace.
Which Type of Broaching Machine is Highly Sought After?
“Growing Use of Vertical Broaching Machines in Several Industries”
| Attribute | Vertical Broaching Machines |
|---|---|
| Segment Value (2024E) | US$ 536.8 Million |
| Growth Rate (2024 to 2034) | 4.3% CAGR |
| Projected Value (2034F) | US$ 819.8 Million |
Vertical broaching machines are forecast to account for 41.9% share of the global market by the end of 2034. The prominence of these machines is due to the increasing demand from several industries, including defense, automotive, and aerospace. This is projected to become one of the key factors contributing to the demand for vertical broaching machines. Moreover, an increasing demand for vertical broaching machines from car enterprises, metal business aviation, and other similar industries is projected to aid market growth. The booming automotive and aviation industries are also set to positively influence broaching machine market trends.
Which Industry Accounts for High Usage of Broaching Machines?
“Growing Demand for Broaching Machines in Automotive Industry”
| Attribute | Automotive |
|---|---|
| Segment Value (2024E) | US$ 490.6 Million |
| Growth Rate (2024 to 2034) | 4.3% CAGR |
| Projected Value (2034F) | US$ 749.4 Million |
The automotive industry is anticipated to contribute 38.3% of the broaching machine market share by the end of 2034. These broaching machines are utilized in numerous automotive operations to produce transmission shafts, steering yokes, steering wheel hubs, gears, etc. Manufacturers of automotive gears are working to bring improvements to the production of external planetary gears. With the growing adoption of electric and hybrid vehicles, an increase in the sales of quieter gears is experienced. Internal helical broaching is considered a pocket-friendly choice for mass production that too with minimal use of product mix.
Competitive Landscape
Leading manufacturers of broaching machines are investing in new developments, management of supply chain systems, and quality control of products. They are relying on partnerships and acquisitions with existing large-, medium-, and small-scale vendors.
For instance :
- CNC Broach Tool LLC, in September 2022, announced offering indexable carbide spline inserts, which fit well into its present tools. These inserts are utilized to punch broach not only in external but also internal involute edges.
Key players in the broaching machine industry are The Ohio Broach & Machine Co., Mitsubishi Materials Corporation, Accu-Cut Diamond Tool Co., American Broach & Machine Company, Arthur Klink GmbH, Pioneer Broach Company, Nachi-Fujikoshi Corp., General Broach Company, Hoffmann Rumtechnik GmbH, and Forst Technologies GmbH & Co. KG.
Segmentation of Broaching Machine Market Research
-
By Product Type :
- Vertical Broaching Machines
- Horizontal Broaching Machines
- Others
-
By End Use :
- Automotive
- Fabrication & Industrial Machinery Manufacturing
- Aerospace & Defense
- Others
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
How big is the broaching machine market size in 2024?
The global broaching machine market is calculated to reach US$ 1.28 billion in 2024.
What value is the demand for broaching machines projected to reach by 2034?
Worldwide demand for broaching machines is projected to reach a valuation of US$ 1.96 billion by 2034.
At what CAGR are the sales of broaching machines forecasted to rise?
The market for broaching machines is projected to advance at 4.3% CAGR from 2024 to 2034.
What is the contribution of North America to global market revenue?
North America is expected to hold 43.2% share of global market revenue by 2034.
At what rate is the demand for broaching machines projected to increase in Japan?
The market in Japan is approximated to advance at a CAGR of 4.4% from 2024 to 2034.
What is the demand outlook for vertical broaching machines?
Demand for vertical broaching machines is projected to increase at a CAGR of 4.3% and reach a value of US$ 819.8 billion by 2034.
Broaching Machine Market