The global broaching machine market size is expected to reach USD 1.11 billion by 2029 from USD 0.91 billion in 2024, registering a CAGR of 3.94 % during the forecast period.
Broaching is a process that uses a sharp-toothed tool that removes unwanted material from the workpiece and creates a specific shape. The broaching machine can create required shapes in metal or other materials such as gears, bearings, and engine blocks. The cutting tool used is called a broach; it has different sizes of the tooth that can cut the material into the required shape. It also consists of a motor, hydraulic drive, ram, draw the head, follower, broach tool supporter, bed, and pulling head. The machines are used for large quantity production, as they will produce accurate and superior quality products in low time. They are employed in industries such as aerospace, automotive, defense, and medical.
The machines also provide several benefits such as saving power, low operation cost, and highly efficient systems for end-user industries such as aerospace, defense, automotive and heavy machinery. Moreover, the broaching machines are used for large quantity production; they are designed in such a way that they can produce precise and superior quality products. In addition, the rise in demand from the fabricated metal and heavy machinery industry is boosting the broaching machine market growth. Furthermore, meeting the demand of end-user industries and increasing advancement in technologies is fuelling market growth.
The increasing uncertainty of raw material prices negatively impacts manufacturers in producing broaching machines. Further, a misconfiguration in the shaping of metals can impede growth. Moreover, normally medium and small-scale companies purchase second-hand broaching machines to avoid initial high capital expenditure on their projects, and the presence of a market for used machines can hamper the growth of the broaching machine market.
The surge in the automotive and industrial machinery sector offers a lucrative opportunity for the broaching machine market. The advancement in technologies and demand for efficient broaching machines to produce a superior quality product is fuelling the growth of broaching machine market in coming years. Even an increase in several new technologies such as automation, CNC, CAD system, and boxzy are anticipated to provide new opportunities for market growth during the forecast period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
3.94% |
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Segments Covered |
By Type, End-User, and Region. |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Accu-Cut Diamond Tool Co, Arthur Klink GmbH, General Broach Co, Hoffmann Rumtechnik GmbH, Pioneer Broach Co, The Ohio Broach & Machine Co, CTI and Associates, Apex and Star SU LLC, EKIN, Chering Jin Technology, Genn Dih, Ming-jing Tech, Palmary and Others. |
The Vertical broaching machine segment is expected to make the largest market revenue in broaching machine market during the forecast period. The vertical broaching machine has a high rate of production. The broaching can be done on an external surface or on an internal surface with a good amount of accuracy compared to a horizontal broaching machine. Further, the rise in demand from the defence, automotive, and aerospace industries is driving the growth of the market.
The Automotive segment is observed to record the highest market share in broaching machine market during the forecast period. With a growing population, a surge in demand for automobiles has increased drastically in the forecasted period. Further growth for the broaching process of automotive components such as manufacture gears, steering wheel hubs, steering yokes, and transmission shifts are driving market growth in the automotive industry. Moreover, hybrid and electrical vehicles use internal gear, which is produced by broaching tools is fuelling the growth of the market.
The Asia- Pacific region is anticipated to generate the largest market revenue for broaching machine market during the forecast period. China is a manufacturing hub in the Asia-Pacific region. It is expected to hold the maximum regional share during the period. Normally the operating costs will be lower in Asia-Pacific countries than compared to other regions. This factor is driving the market growth in the region. A further surge in automotive and manufacturing industries in countries such as India, China, Japan, and Korea is fuelling the market share of the region. Further government investments in automating the industries and growing demand for broaching tools for industrial machinery manufacturing are driving the growth of broaching machine market in the region. Following market growth is observed in the North American region during the forecast period. The countries such as Mexico, the U.S., and Canada have well-established machinery manufacturing companies. This is driving the market growth in the region.
Major Key Players in the Global Broaching Machine Market are
In 2022, Nidec launched two new robot cameras for hobbing and broaching machines. This helps in automating the visual inspection of cutting tools that process gears and other components.
In 2022, Pioneer Broach company added five new machines for manufacturing Aero-engine components such as turbine blades and nozzles. These machines improve the capability of manufacturing the components.
By Type
By End-user
By Region
Frequently Asked Questions
The most commonly used types of broaching machines are horizontal broaching machines, vertical broaching machines, rotary broaching machines, and surface broaching machines. Each type is designed for specific applications, with vertical and horizontal machines being the most popular due to their versatility and efficiency in producing various shapes.
Technological advancements such as the integration of CNC (Computer Numerical Control) systems, automation, and the use of advanced materials for broaches are shaping the future of the market. Developments in AI and IoT are also enhancing machine efficiency, predictive maintenance, and process optimization.
The global broaching machine market is expected to witness steady growth, driven by the increasing demand for precision engineering, advancements in manufacturing technologies, and the rise of automation. The expansion of the automotive, aerospace, and heavy machinery industries in emerging economies will further boost market prospects. Additionally, the focus on sustainability and energy efficiency will drive innovations in broaching technology.
The market is expected to register at a CAGR of 3.94 % during the forecast period 2023-2028.
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