[Research Report] The broaching machines market is projected to reach US$ 1,113.24 million by 2028 from US$ 865.34 million in 2022; it is expected to grow at a CAGR of 4.3% from 2022 to 2028.
Technological advancements such as modern computer numerical control (CNC) support the automation of engineering and manufacturing processes. Developments in nanotechnology and robots, among others, are allowing the deployment of these cutting-edge technologies to enhance the productivity of several industries. Improvements in automation may trigger the adoption of broaching machines worldwide in the coming years. These machines are easy to automate, and they can have manual to fully automatic configurations. Automation apex can be integrated with other machining parts to make a final design. In addition, the machines can be automated from the front through software integration along with safety fences or the back with robotic integration without fencing. This also secures easy machine access and ensures optimization with minimal energy footprints. Thus, technological advancements and automation are providing growth opportunities to the broaching machine providers.
The broaching machines market is segmented on the basis of type, end user, and geography. Based on type, the market is segmented into horizontal broaching, vertical broaching, surface broaching, and others. Based on end user, the broaching machines market is categorized into automotive, metal fabrication, aerospace & defense, oil & gas, and others. Based on geography, the broaching machines market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). APAC is projected to register the highest CAGR in the broaching machines market during the forecast period.
Performances and progress of several companies were analyzed to understand the global broaching machines market. Key players operating in the broaching machines market include Nachi-Fujikoshi Corp, Federal Broach & Machine Company LLC, Hoffmann Räumtechnik GmbH, The Ohio Broach and Machine Co., and Stenhøj Hydraulik A/S.
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Broaching Machines Market: Strategic Insights
Market Size Value in US$ 865.34 Million in 2022 Market Size Value by US$ 1,113.24 Million by 2028 Growth rate CAGR of 4.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Broaching Machines Market: Strategic Insights
| Market Size Value in | US$ 865.34 Million in 2022 |
| Market Size Value by | US$ 1,113.24 Million by 2028 |
| Growth rate | CAGR of 4.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Broaching Machines Market
Global machinery exports dramatically decreased in April and May 2020. Repercussions in the transport equipment industry were more severe than those in the general, electric, and precision machinery industries, especially in Europe. The automotive manufacturing industry alone employs 2.6 million people and represents 8.5% of all manufacturing jobs in the EU. The industry accounted for 2.6% of the total manufacturing value-added in EU in 2019. Before the onset of the COVID-19 pandemic, the automotive sector faced several challenges related to climate change and fast-changing consumer demand. The pandemic directly affected more than 1.1 million jobs due to the shutdown of factories from March 2020 to May 2020.
Lucrative Regions for global Broaching Machines Market
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Market Insights – Broaching Machines Market
Rising Need for High-Precision Systems and Fabricated Metal Products
The rising need for high-precision systems and fabricated metal products is driving the Broaching machines market. These machinery and tools are designed to manufacture precise custom parts at a high speed. They provide several benefits to end-users such as savings in power, cost savings and 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 such as broaching machines and CNC controls have flagged the way for the elimination of hydraulics and replacement of these broaching machines in many applications.
The elevating demand for items made from fabricated metal and large industrial machinery, and improvements in the manufacturing techniques are further boosting the broaching machines market. The market for metal fabrication may be less prone to extreme volatility of raw material prices than construction or automotive sectors, allowing broaching machines market 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.
Yeoshe Hydraulics Technology Co., Ltd., The Ohio Broach & Machine Co., Stenhoj Hydraulics AS, and Suntech Landriani Machine Tools Pvt. Ltd. are among the major broaching machine manufacturers. With the ongoing advancements in technologies for automating the manufacturing and engineering processes, CAM and CNC are being adopted by various manufacturers, which is boosting the demand for highly efficient broaching machines across various industries. For instance, in September 2018, Zhejiang CHR Intelligent Equipment Co., Ltd. launched its new LG57DS series of servo internal broaching machines, which uses servo motors and stroke ranging from 800–1600mm. It is a type of high speed broaching.
Type-Based Insights
Based on type, the broaching machines market can be segmented into horizontal broaching machine, vertical broaching machine, surface broaching machine, and others. The surface broaching machine segment held the largest share of the market during 2021. Surface broaching process is fast and considered as more effective than milling. Surface broaching is easily adapted to high-speed or vertical broaching machines, which allows cutting concurrently in multiple dimensions and complex configurations. Surface broaching machines are used to eliminate materials from the surface of work pieces.
End User-Based Insights
Based on end user, the broaching machines market is segmented into automotive, metal fabrication, aerospace & defense, oil & gas, and others. The automotive segment held the largest share of the market. The market growth of this segment attributed to continuous flourishment of the automotive industry and rise in demand for passenger cars across the world.
- Players operating in the broaching machines market are mainly focused on the development of advanced and efficient products. For instance, in August 2017, Pioneer Broach Company launched three broaching machines, thereby extending their portfolio of broaching machines.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, End-user, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The incremental growth of Broaching Machines Market during the forecast period is US $ 247.90 million.
Surface Broaching Machine is the leading machine type segment in the Broaching machines market.
APAC is holding major market share of 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 the key players holding the major market share in the Broaching Machines Market.
The rise in adoption in oil & gas and agriculture sectors is the future trends for the Broaching machines market.
The increased demand from automotive & aerospace industries and need for high-precision systems & fabricated metal products are driving the Broaching machines market
The Broaching Machines Market is estimated to grow at million 1113.24 US dollars in 2028 at a CAGR of 4.3%.
The List of Companies - Broaching Machines Market
- Federal Broach Machine Company
- Hoffman Raumtechnik GmbH
- Miller Broach
- MTE Industries Pvt Ltd
- Nachi-Fujikoshi Corp
- Pilot Precision Products (DuPont)
- Stenhoj Hydraulik
- Suntech Landriani Machine Tools Pvt Ltd.
- The Ohio Broach & Machine Co.
- Yeoshe Hydraulics Technology Co., Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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