Broaching Machine Market: Global Opportunity Analysis and Industry Forecast, 2019–2026

Broaching Machine Market Outlook - 2026

The global broaching machine market size was valued at $245.3 million in 2018, and is projected to reach $394.6 million by 2026, growing at a CAGR of 6.0% from 2019 to 2026.  Broaching machines are tools that are used to broach the metal workpiece with toothed tool known as broaches.  The different types of breakers include horizontal and vertical broaching machine. The broaching machine consists of motor, ram, hydraulic drive, draw head, broach, follower, tool support adaptor, bed, and pulling head. These machines are employed in the broaching process for applications in automotive, aerospace, machinery, and metal industries. The vertical broaching machines have high accuracy and high rate of production for external and internal surface operation as compared to other horizontal broaching machines.

The growth in the automotive and industrial machinery sector has developed a better base for market growth as it attracts enormous attention from foreign investors.  These factors are expected to drive the broaching machine market in coming years.

In addition, rise in defense expenditure, and surge in the automotive industry across the globe have fueled the demand for a variety of broaching machine. For instance, government regulations such as FDI Policy of China and India, encourages the participation of the private sector in the production related to the defense industry. The Government of China invested $55.6 million in private sector companies in November 2018 to develop military equipment and applications. Furthermore, the automotive industry in China and India is ranked as one of the largest industries in the world and domestic sales of passenger cars recorded a growth of 8-10% in the last 2-3 years.

However, to keep the initial capital investment low for small projects, the medium to small scale industries purchase secondhand machines. Furthermore, there are large number of sellers and suppliers of used machines, which hampers the sale of new broaching machines. This factor restricts the growth of the broaching machine market.

Technology such as Advanced CAM, is increasingly being used in automation of manufacturing and engineering processes. This offers process planning, and execution of the manufacturing process. The increase in demand for efficient and superior-quality broaching machines has propelled competitors to undertake automation in manufacturing. Technological innovations such as CNC, automation, CAD system, boxzy software, and koFAKTORlab, are expected to fuel the growth of the broaching machine market in the future. For instance, in September 2018, Zhejiang CHR Intelligent Equipment Co., Ltd. launched Servo internal broaching machine LG57DS series. It delivers high speed broaching using servo motors with stroke from 800-1600mm.

The global broaching machine market is segmented into product type, end-user, and region. Based on product type, the market is divided into horizontal broaching machine, and vertical broaching machine. The vertical broaching machine segment held the largest share in 2018, due to increase in demand from the metal industry to meet the rise in requirement of metals in the aerospace, defense, and automotive industries.

On the basis of end-user, the market is classified into automotive industry, industrial machinery, precision engineering machine, and others. In 2018, the automotive industry segment held the largest share due to growth in demand for broaching process of components and parts for automotive components.

Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the highest share in 2018 and North America is anticipated to secure the leading position during the forecast period. This is attributed to growth in the automotive industry in the developing countries such as Mexico, China, India, and Turkey. China is the pioneer of the broaching machinemarket. Therefore, the broaching machine market share is highest among the Asia-Pacific countries.

Competitive Analysis

The key players operating in the market include Accu-Cut Diamond Tool Co, American Broach & Machine Company, Arthur Klink GmbH, Axisco Precision Machinery Co., Ltd, Broaching Machine Specialties, General Broach Company, Mitsubishi Heavy Industries, Ltd, Nachi-Fujikoshi Corp, Pioneer Broach Company, and V.W. Broaching Service Inc.

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