Industry: Industrial Automation
Published Date: November-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP33229
The global broaching machines market is anticipated to be worth US$ 865.34 Million in 2022 and is expected to grow at a CAGR of 4.3% to surpass US$ 1,318.35 Million by 2032. With the increasing demand from several end-user industries such as automotive, aerospace and others, across the globe, and rise in the technological advancements and automation, the demand for broaching machines is predicted to grow during the forecast period.
“Broaching machines market is driven by the factors such as growing demand for the fabricated metal products, development of heavy industrial equipment, and advancement in the manufacturing processes.”
In the forecast period, the sales of broaching machines are likely to be largely driven by the growth in the automotive and industrial machinery sector, which has developed a better base for market growth, as it attracts enormous attention from foreign investors.
In addition, major factors such as the rise in the automotive industry, and increase in defense expenditure on the global level, are expected to augment 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.
Additionally, in November 2018, the Government of China invested $55.6 million in private sector companies, in order to develop military equipment and applications. Also, the automotive industry in China and India is ranked as one of the largest industries in the world and domestic sales of passenger cars recorded a growth of 8-10% in the last 2-3 years.
However, the medium to small scale industries purchase secondhand machines, to keep the initial capital investment low for small projects. In addition, there are large number of sellers and suppliers of used machines, which is hinders the sale of new broaching machines. This is a major factor that limits the growth of the broaching machine market.
Technology such as Advanced CAM, is increasingly being used in automation of manufacturing and engineering processes. This offers process planning, and execution of the manufacturing process. The increase in demand for efficient and superior-quality broaching machines has propelled competitors to undertake automation in manufacturing. Technological innovations such as CNC, automation, CAD system, boxzy software, and koFAKTORlab, are expected to fuel the growth of the broaching machine market in the future.
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Attributes |
Details |
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Broaching Machines Market CAGR (2022-2032) |
4.3% |
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Broaching Machines Market Size (2022) |
US$ 865.34 Million |
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Broaching Machines Market (2032) |
US$ 1,318.35 Million |
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Key Companies Profiled |
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Rapid Growth in Heavy Industry Production to Fuel Market Expansion
Broaching machines are used to perform several operations in heavy industries. It helps to manufacture industrial components and sub-assembly parts such as shafts, gears, and splines. Rapid growth in the heavy industrial sector (automotive, marine, shipbuilding, aeronautics, machinery making) that require broaching operations is fostering the demand for broaching machines.
Moreover, increase in investments by private firms and government bodies to operate heavy industries are also expected to drive demand for broaching machines in the near future.
Increasing Demand for CNC-Incorporated Machine Tools to Create Lucrative Opportunities for the Market
The increasing demand for CNC-incorporated machine tools is one of the major factors that is expected to propel the growth of the broaching machines market. CNC machines adhere to design specifications efficiently. The efficiency of CNC broaching machines has improved, with the use of CNC, software, and servo technology.
These machines also provide advantages such as energy savings and high precision during metal cutting, key formation, and gear making, which has helped in automating the entire metal fabrication and metal cutting process. The use of CNC broaching machinery helps in reducing operational costs. All these factors have increased the demand for CNC broaching machines for the metal cutting process.
High Cost of Machines may hinder the Market Development
Broaching machines considered to be ideal for mass production, as they are rather expensive. It requires a special design tool to perform each process. Broaching machines are less suitable for a surface that has an obstruction. This results in limited usage of the machine in batch-wise operation. Also, risks during the handling of broaching machines are also a restraining factor for the growth of the market.
Which is the Most Popular Product Type of Broaching Machines?
By 2032, the market for vertical broaching machines is expected to reach more than US$ 12.3 Million. The segment’s growth is attributed to the increase in demand from the metal industry aerospace, defense, and automotive industries, which is one of the major factors that is expected to escalate the growth of the Broaching Machine Market over the analysis period.
The vertical segment grasps innumerable offers in the market due to the expansion sought after from the metal business aviation, safeguard, and car enterprises, which is the variable that aids the market growth of the Broaching Machine Market. The recent boom in the aviation and automobile industry, has proven to be a booster for the vertical type broaching machine market.
Which End User Segment Dominates the Broaching Machines Market?
One of the major factors that is accelerating the growth of broaching machines includes the increasing demand from the automotive industry. Broaching machines have a significant share in the automotive industry, and are used for several operations to manufacture transmission shafts, gears, steering wheel hubs, steering yokes, among others. Automotive gear manufacturers have been implementing significant improvements in external planetary gear manufacturing.
The demand for quieter gears continues to rise, as hybrid and electric vehicles are widely adopted. Broaching is widely used method for cutting internal gear. Internal helical broaching is regarded as an economical choice for the highest volume mass production with minimal product mix. The advent of electromechanical broach machines allows helical broaching without the need for the specific mechanical guides.
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Attributes |
Broaching Machines Market |
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CAGR |
4.3% |
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Market Value (2022) |
US$ 865.34 Million |
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Growth Factor |
The growing demand for high-speed and precise finishing processes in the end-use sector puts pressure on broaching machine manufacturers and increases the adoption of advanced technology and automation. |
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Future Opportunities |
An increase in investments by private firms and government bodies to operate heavy industries are also expected to create lucrative opportunities for broaching machines in the near future. |
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Market Trends |
The growing demand from the automotive industry is a major factor that is anticipated to drive the global market further. |
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Attributes |
CNC Metal Cutting Machine Market |
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CAGR |
5.9% |
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Market Value (2022) |
US$ 53,069.1 Million |
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Growth Factor |
The rise in industrialization has significantly increased the use of metals, thereby creating demand for the CNC metal cutting market. |
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Future Opportunities |
The rise in purchasing power of masses is expected to increase the demand for automobiles and electronic products. This increase will further boost the use of CNC metal cutting machine manufacturing industry. |
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Market Trends |
Surge in demand for electronics and other products fuelled by rise in population and increased purchasing capacity of masses are anticipated to boost the global manufacturing industry. |
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Attributes |
Gear Measuring Machines Market |
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CAGR |
3.1% |
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Market Value (2022) |
US$ 369.3 Million |
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Growth Factor |
The constant innovations and advancements in technology are expected to boost the market growth. |
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Future Opportunities |
The gear measuring machines market will witness an increase in demand during the forecast period due to the increasing number of manufacturers and increasing focus of manufacturers on producing precise and fast measuring machines. |
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Market Trends |
The expanding middle-class population in emerging economies is most likely to increase the demand for gear products from the customer's end, thereby spurring the sales of the gear measuring machine market. |
How United States Shape Broaching Machines Market Growth?
The elevating demand for items made from fabricated metal as well as large industrial machinery, and enhancements in the manufacturing techniques are some major factors that are bolstering the growth of the broaching machine market in the US. The 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 in the US 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. With the new features and technologies, the machine vendors in the country, are attracting new customers and expanding their footprints in emerging market. These factors are anticipated to fuel the US broaching machines market in the near future.
What Prospects are in Store for the Broaching Machines Market in Europe?
Broaching machines market became popular and highly successful in Europe. after the machines’ implementation in the automobile and metal fabrication industries. These machines ensure reliability and precision in daily production operations. In addition, the machines help lower overall operating costs and enhance productivity. These benefits of broaching machines are encouraging their adoption in the oil & gas sector. Thus, this factor is expected to boost the market growth in Europe.
Moreover, in the European agricultural sector, broaching machines reduce downtime and improve productivity. Broaching tools are easy to swap out in heavy equipment, which allows for a forward motion with minimum downtime. However, currently, broaching machines are being prominently adopted in various sectors in Europe. The rising adoption of broaching machines in agriculture and oil & gas sectors is leading to new growth trends in the European broaching machines market growth.
What are the Future Growth Prospects for China's Broaching Machines Market?
According to PMR’s analysis, broaching machines market in China is expected to grow significantly, attributed to its vast manufacturing sector. In addition, automotive is one of China's pillar industries, and it continues to be the largest vehicles market in the world. China has seen rising wages and tighter regulations, which has led to an increase in operating costs as it shifts towards the higher value manufacturing.
In order to replace the role that PRC once played, companies are looking to the ASEAN region for lower-value production networks which have also been largely integrated into global manufacturing value chains. As per the analysis, broaching machine manufacturers should align their distribution channels to focus on the growing markets by serving the emerging manufacturing sectors to increase their sales.
Prominent players in the Broaching Machines Industry are taking advantage of the rapidly increasing demand for the Broaching Machines in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
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Attributes |
Details |
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Forecast Period |
2022 to 2032 |
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Historical Data Available For |
2017 to 2021 |
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Market Analysis |
US$ Million for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Product Type
By End User
By Region
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The global broaching machines market is estimated at a 4.3% growth rate during the forecast period of 2022-2032
The global broaching machines market is expected to garner US$ 1,318.35 Million by 2032
U.S. is projected to register a CAGR of 4.0% for broaching machines market in the forecast period 2022-2032.
Europe is expected to register a market share of 38% for broaching machines market in the forecast period 2022-2032.
Vertical broaching machines are expected to register considerable revenue in 2022 and is expected to depict a growth rate of nearly 4.5% through 2032.
Automotive sector is expected to possess 4.4% market share for broaching machines market.
