The Business Research Company’s report on the Broaching Machine Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the broaching machine market in recent years?
The growth of the automotive industry is expected to propel the growth of the broaching machine market going forward. The automotive industry includes businesses and processes that create, market, and sell motor vehicles such as cars, trucks, and motorcycles, making it a key global revenue-generating sector. The automotive sector is expanding due to rising demand, innovations in electric and autonomous vehicles, government support for green technologies, and higher incomes in urban areas. The use of broaching machines in the automotive industry is increasing due to their efficiency in producing precise, complex components such as gears, splines, and keyways at high production rates. For instance, in October 2022, according to the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australia-based government department, as of January 31, 2022, there were 20.7 million registered motor vehicles, marking a 2% increase from January 2021. Battery electric vehicles (BEVs) totaled about 40,000, showing a 100% increase from 2021, with 34,200 being passenger cars in 2022, up by 118% from 2021. Hybrid-electric vehicles (HEVs) numbered approximately 277,000 in 2022, reflecting a 35% increase from 2021. Therefore, the growth of the automotive industry is driving the growth of the broaching machine market.
Rise In Defense Budgets Driving Market Growth Due To Increasing Demand For High-Accuracy Machined Parts
The rise in the defense budget is expected to propel the growth of the broaching machine market going forward. A defense budget is a government’s financial plan for military expenses, covering salaries, equipment, operations, and defense programs. Growing geopolitical conflicts, technological advancements, and modernization needs are driving the rise in defense budgets worldwide. Broaching machines are used in defense to manufacture precision components like firearm parts, turbine blades, and military vehicle gears with high accuracy and efficiency. For instance, in February 2024, according to a report published by the Ministry of Defense (MOD), a UK-based government department, the total MOD expenditure rose to approximately $31.60 billion (£25.0 billion) in 2022/23, reflecting an 8% increase from 2021/22. Therefore, the rise in the defense budget is driving the growth of the broaching machine market.
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What is the projected market size of the broaching machine industry, and how is it expected to grow?
The broaching machine market size has grown strongly in recent years. It will grow from $1.18 billion in 2024 to $1.25 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing industrial automation, rise in demand for precision machining, growth in automotive manufacturing, expansion of aerospace sector, and increasing investment in manufacturing infrastructure.
The broaching machine market size is expected to see strong growth in the next few years. It will grow to $1.54 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing adoption of smart manufacturing, growing focus on energy-efficient machines, rising demand for high-speed broaching, increasing use in medical device production, and expansion of defense manufacturing. Major trends in the forecast period include shift towards fully automated broaching, AI-driven machining, development of eco-friendly machining solutions, advancements in tooling materials, and integration of IoT in machinery.
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Who are the key players driving competition in the broaching machine market?
Major companies operating in the broaching machine market are Mitsubishi Heavy Industries Ltd, Nidec Corporation, Nachi-Fujikoshi Corp, Stenhoj Hydraulik AS, Axisco Precision Machinery Co. Ltd, Colonial Tool Group Inc., Miller Broach, General Broach Company, Pioneer Broach Co., Accu-Cut Diamond Tool Co., Broach Masters, Ohio Broach & Machine Co., Phoenix Inc., Arthur Klink GmbH, Broaching Machine Specialties, CNC Broach Tool LLC, Hoffmann Rumtechnik GmbH, Forst Technologies GmbH & Co. KG, Karl Klink GmbH, Apex Broaching Systems.
What key trends are expected to drive the brand licensing market during the forecast period?
Major companies operating in the broaching machine market are emphasizing technological advancements, such as automated tool inspection systems, to enhance precision, efficiency, and tool performance. Automated tool inspection systems are advanced monitoring solutions that use imaging technology, sensors, and AI-driven analysis to assess tool wear, alignment, and performance in real time. For instance, in December 2022, Nidec Machine Tool Corporation, a Japan-based industrial machinery manufacturing company, introduced Robot Camera SPEED for hobbing machines and Robot Camera MAX for broaching machines, both designed for automated visual inspection of cutting tools. These systems identify tool wear, misalignment, and damage in real-time, enhancing machining precision, minimizing downtime, and boosting productivity in gear manufacturing and metal shaping industries. By incorporating advanced imaging and AI-driven analysis, they ensure consistent quality and extend tool life in high-precision machining applications.
Which key geographies are driving the growth of the broaching machine market?
North America was the largest region in the broaching machine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the broaching machine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the broaching machine market?
The broaching machine market covered in this report is segmented –
1) By Type: Vertical Broaching Machine, Horizontal Broaching Machine, Other Types
2) By Material: Metal, Plastic, Composite, Other Materials
3) By Application: Internal Broaching, External Broaching
4) By End-User: Automotive, Fabrication And Industrial Machinery Manufacturing, Aerospace And Defense, Oil And Gas, Energy, Other End-Users
Subsegments:
1) By Vertical Broaching Machine: Surface Broaching Machines, Internal Broaching Machines, External Broaching Machines, Rotary Broaching Machines
2) By Horizontal Broaching Machine: Pull-Type Horizontal Broaching Machines, Push-Type Horizontal Broaching Machines, Continuous Horizontal Broaching Machines, Table-Up Broaching Machines
3) By Other Types: Chain Broaching Machines, Pot Broaching Machines, Blind Spline Broaching Machines, Electrochemical Broaching Machines
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How is the broaching machine market defined?
Broaching machines are specialized machining tools designed for the precision cutting and shaping of metal components using a toothed tool called a broach. They are used in manufacturing industries for applications such as keyway cutting, gear shaping, and surface finishing, offering high accuracy, efficiency, and repeatability.
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