New York, United States , July 04, 2024 (GLOBE NEWSWIRE) -- The Global Broaching Machines Market Size is to Grow from USD 298.25 Million in 2023 to USD 496.75 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 5.23% during the projected period.
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A broach is a sharp instrument used for cutting or shaping materials. For the same reason, broaching machines are precise machining tools. The broach is pushed linearly over the workpiece to remove material and build intricate shapes like keyways, gears, or splines. There are two distinct types of broaching machines vertical and horizontal. Reports list a wide range of uses for horizontal broaching machines, including splines, internal forms, round holes, broaching keyways, and slots. Additionally, several businesses use vertical broaching machines because they facilitate the movement of work from one machine to another. The growing industrial machinery and automotive sectors are going to be the main drivers of demand for broaching machines. The considerable growth in the defense budget has driven up demand for broaching machines even more. In addition, the production of large industrial instruments and a surge in the market for products made of fabricated metal will expand the size of the global market. However, the use of broaching machines is bought by small and medium-sized enterprises, which can impact sales, market profitability, and relationships between parties in addition to lowering the demand for the product.
Browse key industry insights spread across 202 pages with 110 Market data tables and figures & charts from the report on the "Global Broaching Machines Market Size, Share, and COVID-19 Impact Analysis, By Type (Vertical Broaching Machine, Horizontal Broaching Machine, and Others), By End-User (Aerospace and Defence, General Manufacturing, Automotive, Oil and Gas, Energy and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The vertical broaching machine segment is anticipated to hold the greatest share of the global broaching machine market during the projected timeframe.
On the basis of type, the global broaching machines market is divided into vertical broaching machines, horizontal broaching machines, and others. Among these, the vertical broaching machine segment is anticipated to hold the greatest share of the global broaching machine market during the projected timeframe. Vertical broaching machines are those that have the broach tool arranged vertically. The broach tool is pulled vertically through the workpiece to cut or produce the desired shape.
The automotive segment is anticipated to grow at the fastest pace in the global broaching machines market during the projected timeframe.
On the basis of end users, the global broaching machines market is divided into aerospace and defense, general manufacturing, automotive, oil and gas, energy, and others. Among these, the automotive segment is anticipated to grow at the fastest pace in the global broaching machines market during the projected timeframe. One of the main uses of broaching machines in the automobile industry is the production of gears, drive shafts, steering wheel shafts, steering yokes, and other parts.
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North America is expected to hold the largest share of the global broaching machines market over the forecast period.
North America is Expected to hold the largest share of the Global broaching machines market over the forecast period. The market expansion observed throughout the projected period can be attributed to the North American automobile manufacturing industry, which is expanding in countries like the United States. The robust North American manufacturing sector particularly in the automotive and aerospace industries is driving the swift growth of the broaching machines market in this region.
Asia Pacific is predicted to grow at the fastest pace in the global broaching machines market during the projected timeframe. The development of numerous product production facilities in nations like China and India is one of the main factors driving the industry's expansion in the region. In addition, low operating costs and vast production bases in Asia will contribute to the future growth of the regional sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global broaching machines market include American Broach & Machine Company, Apex Broaching Systems, Broaching Machine Specialties (BMS), Colonial Tool Group Inc., General Broach Company, Hexagon Manufacturing Intelligence, Ohio Broach & Machine Co., Pioneer Broach Co., The Ohio Broach & Machine Company, Wentworth Engineering Ltd., Tecton Industries, Inc, CNC Broach Tool LLC, Nidec Corporation, Axsys Automation Ltd, and others.
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Recent Developments
- In June 2023, A group company of Nidec Corporation, Nidec Machine Tool Corporation, announced the opening of a new cutting tool facility in India to triple production capacity to satisfy the increasing demand for automotive and related components.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global broaching machines market based on the below-mentioned segments:
Global Broaching Machines Market, By Type
- Vertical Broaching Machine
- Horizontal Broaching Machine
- Others
Global Broaching Machines Market, By End User
- Aerospace and Defence
- General Manufacturing
- Automotive
- Oil and Gas
- Energy
- Others
Global Broaching Machines Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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