The broaching machines market size is projected to reach US$ 1,282.36 million by 2031 from US$ 883.09 million in 2023. The market is expected to register a CAGR of 4.8% during 2023–2031. The dynamic and promising economic outlook in developing countries and technological advancement in the automotive sector is likely to remain a key trend in the market.
A Broaching machine became popular and highly successful after its employment in the automobile and metal fabrication sectors. These machines confirm consistency and precision in regular production procedures. They also alleviate lower overall operating expenditure and improve productivity. These advantages of broaching machines are supporting their adoption in the oil & gas sector.
The key stakeholders in the broaching machines market include Broaching Machines manufacturers, distributors and traders, end-users, various investment research firms, government and regional agencies and research organizations. The growing adoption of broaching machines in the agriculture sector is also one of the major growth boosters for the market. In the agricultural sector, broaching machines decrease downtime and improve efficiency. Broaching tools also help in minimizing downtime. However, currently, these machines are being prominently adopted in various sectors in North America, and Europe. The rising adoption of broaching machines in agriculture and oil & gas industries is leading to new growth trends in the market growth.
The governments of various developed countries like the US have taken various initiatives to support the industrial sector in the country. The government initiatives provide various benefits to the industrial companies located in the region and propel the development of the industrial sector in developing territories. The mounting adoption of high-end technology in the automobile, oil and gas and metal fabrication sector is acting as a major growth steering factor for the market. Thus, influencing the market growth. The high presence of manufacturing companies located in Europe benefitted from the developed facilities available. Being a powerful economy allows companies to spend more on innovations that facilitate the growth of upcoming technologies. Significant investments can bring about more growth in the broaching machines market globally.
The application of broaching machines has become more prevalent in the oil & gas industry after its utilization in the automobile and metal fabrication industries. To lower overall operating expenditure and enhance productivity, oil & gas companies are obtaining broaching tools. The oil & gas industry is required to deliver high-volume components that can be handled well by the use of broaching machining. In the agriculture industry, the mounting adoption of automation services is emphasizing the demand for mechanical components which, in turn, is estimated to increase the requirement for broaching machines.
Key segments that contributed to the derivation of the broaching machines market analysis are type and end-user.
The geographic scope of the broaching machines market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. High technological development and a growing industrialization are acting as a major driver for the broaching machines market in the region. The rising application of broaching machines in the metal fabrication and manufacturing sector in the US is also having a positive impact on the market. The growing development in the automotive and oil & gas sectors in developing nations like India is also having a positive impact on the broaching machines market globally.
The regional trends and factors influencing the Broaching Machines Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Broaching Machines Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 883.09 Million |
| Market Size by 2031 | US$ 1,282.36 Million |
| Global CAGR (2023 - 2031) | 4.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Broaching Machines Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Broaching Machines Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The broaching machines market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the broaching machines market are listed below:
The “Broaching Machines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific dominated the broaching machines market in 2023.
Technological advancements and automation in broaching machines are the future trends of the 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 are some of the leading players in the market.
US$ 1,282.36 million estimated value of the broaching machines market by 2031.
4.8% is the expected CAGR of the broaching machines market.