Broaching Machines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, End-user and Geography

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 tools are designed to manufacture precise custom parts at a high speed. Broaching machines provide benefits such as power saving, high efficiency for high precision mechanical systems. The use of CNC broaching machines for key, gear, and metal cutting benefits manufacturers through energy savings and excellent precision. Electromechanical actuators are progressively replacing hydraulic drives owing to the increase in overall equipment efficiency, by providing better quality products. In recent years, cutting tools like broaching machine, and CNC controls have flagged the way for the elimination of hydraulics and its replacement in many applications by ball screws and servo drives.

The elevating demand for items made from fabricated metal and large industrial machinery, and improvements in the manufacturing techniques are also boosting the broaching machines market. The broaching machines market for metal fabrication may be less prone to extreme volatility than construction or automotive sectors, allowing broaching machining methods to expand steadily. The machine tool cutting industry accounts for a significant share of metal manufacturing volume compared to the forming technology. Lathes, broaching, drilling, milling, and boring are among the key tools used in machine tool cutting.

Broaching machines became popular and highly successful after their implementation in the automobile and metal fabrication industries. These machines ensure reliability and precision in daily production operations. They also help lower overall operating costs and enhance productivity. These benefits of broaching machines are encouraging their adoption in the oil & gas sector. Furthermore, in the agricultural sector, broaching machines reduce downtime and improve productivity. Broaching tools are easy to swap out in heavy equipment allows to keep moving ahead with minimum downtime. However, currently, these machines are being prominently adopted in various sectors in North America, and Europe. The rising adoption of broaching machines in agriculture and oil & gas industries is leading to new growth trends in the broaching machines market growth.

Asia Pacific is estimated to account for a notable share of the global broaching machines market during the forecast period. Flourishing manufacturing and automotive sectors across countries such as China, Japan, and India are the major contributors to the high demand for broaching machines in this region. Furthermore, the increasing need for precision engineering solutions to reduce total production costs in automotive and manufacturing operations is projected to increase the demand for broaching machines. American Broach & Machine Company; Apex Broaching Systems, Inc.; Arthur Klink GmbH; AXISCO PRECISION MACHINERY CO., LTD.; and Mitsubishi Heavy Industries Machine Tool Co., Ltd. are among the major companies in the global broaching machines market.

The major end-users of the broaching machines market include Ford Motors, Tesla, General Motors, Eaton Corp, Whirlpool Corporation, Baxter Healthcare, etc. Growing automotive and industrial machinery sectors are also contributing to the broaching machines market progress. In the automotive industry, these machines are used for the broaching of gears, fuel intake components, and other automotive parts. They are also used for internal & external broaching in this industry. Thus, a surge in the demand for gears, valves, etc., is fueling the broaching machines market.

The shift of traditional manufacturing to smart production in North America has resulted in a rise in demand for machine tools such as broaching machines. The metal processing business has evolved dramatically in the past few years. Increasing dependency on automation, high connectivity, and knowledge assortment compels factories to function as a single, coherent, and wholesome system. In addition, the machine tools industry is following the Industry 4.0 standard that is projected to drive the proliferation of smart factories and result in the expansion of smart machine tools. Intelligent devices will collect data and facilitate avoiding wasting resources. For example, a sensible meter helps measure the economical flow of energy.

The automobile, aerospace, and defense sectors are the major consumers of metal forming broaching machine tools in the US, as there is a high demand for fabricated metal products in these sectors. The market for machine tools in United States and Canada is moderately fragmented, with the presence of many domestic and international players. To ensure an uninterrupted supply of cars to North America, car manufacturers in Japan and Europe focus on improving their production lines in Mexico to reap the benefit of cheap laborers available in this country.

The overall broaching machines market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to market. The process also serves the purpose of obtaining an overview and forecast of the broaching machines market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include VPs, business development managers, broaching machines market intelligence managers, national sales managers, and external consultants - such as valuation experts, research analysts, and key opinion leaders - specializing in the broaching machines market. Nachi-Fujikoshi Corp, Federal Broach & Machine Company LLC, Hoffmann Räumtechnik GmbH, The Ohio Broach and Machine Co., and Stenhøj Hydraulik A/S are among the leading companies in the broaching machines market. To improve their product offerings and sustain amid competition, these companies are capitalizing on strategies such as product developments, mergers, and acquisitions.