Global Broaching Machines Market Insights Forecasts to 2033

• The Global Broaching Machines Market Size was Valued at USD 298.25 Million in 2023
• The Market Size is Growing at a CAGR of 5.23% from 2023 to 2033
• The Worldwide Broaching Machines Market Size is Expected to Reach USD 496.75 Million by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Broaching Machines Market Size is Anticipated to Exceed USD 496.75 Million by 2033, Growing at a CAGR of 5.23% from 2023 to 2033.

Market Overview

A broach is a pointed tool that is used to shape or cut materials. Broaching machines are precise machining equipment for the same reason. To remove material from a workpiece and create complicated forms like keyways, gears, or splines, the broach is moved linearly over the workpiece. Vertical and horizontal broaching machines are the two different types of broaching machines. Splines, broaching keyways, round holes, internal forms, and slots are just a few of the many applications for horizontal broaching machines. These devices are widely used in sectors including manufacturing, aerospace, and automotive that need extreme efficiency and precision. Broaching machines are essential for manufacturing engine, transmission, and steering system parts in the automotive industry. The growing need for precision engineering across a range of industries, where complex and unique parts are necessary, is driving the overall market for broaching machines. In the forecast period a wave of technical advancements including automation, boxzy software, CNC, CAD systems, and boxzy systems will help the worldwide broaching machines market identify new growth opportunities.

Report Coverage

This research report categorizes the market for the global broaching machines market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global broaching machines market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global broaching machines market.

Driving Factors

The demand for broaching machine appropriate driven by the thriving industrial machinery and automotive sectors. The market for broaching machines has further increased due to a notable rise in defense spending. In addition, the manufacturing of heavy industrial instruments and a spike in the demand for fabricated metal products would increase the size of the global market. Additionally, improvement in the manufacturing method will probably open the door for the world market to grow in forecast period. The market growth going to be supported by an increase in end-use sectors' desire for precise and quick finishing processes.

Restraining Factors

The broaching machines business may be limited in its growth by the increasing requirement for large initial capital investments for smaller projects. Additionally, medium-sized and small businesses purchase used broaching machines, which can reduce demand for the product and have an impact on sales, market profitability, and each other.

Market Segmentation

The global broaching machines market share is classified into type and end-user.

• The vertical broaching machine segment dominates the market with the largest market share through the forecast period.

Based on the type, the global broaching machines market is categorized into vertical broaching machines, horizontal broaching machines, and others. Among these, the vertical broaching machine segment dominates the market with the largest market share through the forecast period. A broaching machine with the broach tool positioned vertically is called a vertical broaching machine. To cut or form the appropriate shape, the broach tool is pulled through the workpiece vertically. Applications like keyways and splines that call for deep, vertical cuts are frequently handled by vertical broaching machines. Depending on the needs of the application, vertical broaching machines can be hydraulic, mechanical, or electromechanical.

• The automotive segment is anticipated to grow at the fastest CAGR growth through the forecast period.

Based on the end user, the global broaching machines market is categorized 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 CAGR growth through the forecast period. The manufacturing of gears, drive shafts, steering wheel shafts, steering yokes, and other parts is a major function of broaching machines in the automotive sector. The production of external planetary gears by automotive gear manufacturers has advanced significantly. The market is seeing an increase in demand for faster speeds as hybrid and electric vehicles develop and go on sale.

Regional Segment Analysis of the Global Broaching Machines Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global broaching machines market over the predicted timeframe.

North America is anticipated to hold the largest share of the global broaching machines market over the predicted timeframe. The North America automotive manufacturing sector, which is growing in nations like the United States, could be a reason for the market expansion observed throughout the forecast period. The strong manufacturing sector in North America, especially in the automotive and aerospace sectors, is propelling the region's broaching system market's rapid expansion. High-performance broaching systems are in high demand as North America enterprises prioritize automation and technological developments in their manufacturing processes.

Asia Pacific is expected to grow at the fastest CAGR growth of the global broaching machines market during the forecast period. The availability 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 extensive industrial 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 broaching machines 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.

List of Key Companies

• 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.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2023, Nidec Machine Tool Corporation, a group company of Nidec Corporation, announced the launch new cutting tool factory in India to meet the growing demand for automotive and related components by increasing production capacity by 1.5 times.

• In September 2022, CNC Broach Tool LLC introduced indexable carbide spline cutting inserts compatible with their tool holders. These inserts, featuring TIN-coated carbide and two cutting edges, can punch broach internal and external involute splines on CNC lathes or mills.

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, By 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