broaching machines Market

The broaching machines market is expected to grow from US$ 865.34 million in 2022 to US$ 1,113.24 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2022 to 2028.

Broaching machines are designed for manufacturing custom parts with high precision and speed. These machines offer various benefits, including energy savings and increased efficiency for precise mechanical systems. Using CNC broaching machines for metal, key, and gear cutting has resulted in significant energy savings and excellent precision for manufacturers. Electromechanical actuators have replaced hydraulic drives, resulting in better-quality products and increased equipment efficiency. The broaching machines market is expected to grow with the increasing demand for fabricated metal products, large industrial machinery, and advancements in manufacturing techniques. This market is less volatile than the construction or automotive sectors, allowing for steady growth of broaching machining methods. The machine tool-cutting industry significantly contributes to the volume of metal manufacturing, with tools such as lathes, broaching machines, drilling machines, milling machines, and boring machines used for cutting.

The success of broaching machines was first observed in the metal fabrication and automobile industries, where they provided accurate and reliable performance and contributed to reduced operating costs and increased productivity. The popularity of these machines is now expanding to other sectors, such as oil & gas and agriculture, where they improve operational efficiency and reduce downtime. Despite the increasing adoption of broaching machines in various industries, their use is currently more prevalent in North America and Europe. The growing demand for these machines in the agricultural and oil & gas sectors is driving the growth of the broaching machines market and creating new trends.

The Asia Pacific region is expected to hold a significant share in the global broaching machines market throughout the forecast period. The growth in demand for broaching machines in this region is attributed to the expanding manufacturing and automotive sectors in countries like India, Japan, and China. Additionally, the increasing need for precision engineering solutions to reduce overall production costs in these sectors is anticipated to drive the demand for broaching machines in the region. Major players in the global broaching machines market include American Broach & Machine Company, Apex Broaching Systems, Inc., Arthur Klink GmbH, AXISCO PRECISION MACHINERY CO., LTD., and Mitsubishi Heavy Industries Machine Tool Co., Ltd.

Leading automotive and industrial machinery companies such as Ford Motors, Tesla, General Motors, Eaton Corp, and Whirlpool Corporation are among the major end-users of the broaching machines market. The growing demand for gears, valves, and other automotive parts in the automotive industry has contributed to the increase in demand for broaching machines for the broaching of these components. Furthermore, the shift from traditional manufacturing to smart production in North America has led to a rise in demand for machine tools such as broaching machines, particularly with the industry adopting the Industry 4.0 standard. This standard is expected to drive the proliferation of smart factories and lead to the expansion of smart machine tools. By collecting data, these intelligent devices can help avoid resource wastage and improve efficiency, such as measuring the efficient flow of energy using a smart meter.

The United States and Canada's machine tools market is moderately fragmented, with numerous domestic and international players, due to the high demand for fabricated metal products in various sectors, including the automobile, aerospace, and defense sectors. Car manufacturers in Japan and Europe are improving their production lines in Mexico to benefit from the country's cheap labor force and ensure a continuous supply of cars to North America.

The broaching machines market size has been determined through a combination of primary and secondary research methods. Secondary research involved gathering qualitative and quantitative information from various internal and external sources. This helped in obtaining an overview and forecast of the broaching machines market across different segments. Primary interviews were also conducted with industry experts including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as research analysts, valuation experts, and key opinion leaders. This process helped to validate the data and gain more analytical insights into the market.

The leading companies in the broaching machines market include Federal Broach & Machine Company LLC, Hoffmann R?umtechnik GmbH, Nachi-Fujikoshi Corp, Stenh?j Hydraulik A/S, and The Ohio Broach and Machine Co. These companies are implementing strategies such as mergers, acquisitions, and product developments to improve their product offerings and stay competitive.