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The global broaching machine market is poised for substantial growth, driven by rising demand from the automotive, defense, and industrial sectors
WILMINGTON, DE, UNITED STATES, January 15, 2025 /EINPresswire / -- According to a report, the global broaching machine market, valued at $245.3 million in 2018, is projected to grow significantly, reaching $394.6 million by 2026 with a compound annual growth rate (CAGR) of 6.0% from 2019 to 2026. This comprehensive report provides a deep dive into key market dynamics,
investment opportunities, successful business strategies, market size forecasts, competitive landscape, and evolving industry trends.
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Key Market Drivers and Opportunities:
Several factors are fueling the growth of the global broaching machine market. The increasing production of vehicles in emerging economies has driven demand for broaching machines, as automotive manufacturers require precision tools for various components. Additionally, the rising need for advanced manufacturing machinery across diverse industries, coupled with growing defense expenditure and private-sector involvement in defense equipment production, has further bolstered market growth.
However, the market faces certain challenges. The widespread use of second-hand broaching machines hampers new machine sales, limiting overall growth. Despite this restraint, the market is poised to benefit from favorable government policies and initiatives aimed at supporting the machine tool industry. Furthermore, technological advancements in broaching machines, such as automation and improved precision, are expected to create lucrative opportunities for market players.
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Product Type Analysis:
Vertical Broaching Machines Leading the Market:
In terms of product type, vertical broaching machines dominated the market in 2018, accounting for more than 80% of total revenue. This segment is expected to maintain its leading position throughout the forecast period. The vertical broaching machine segment is also projected to register the highest CAGR of 6.1% from 2019 to 2026, driven by its versatility and efficiency in various industrial applications.
End-User Insights:
Automotive Industry as a Key End-User:
By end-user, the automotive sector emerged as the largest contributor, representing over 40% of the market share in 2018. The segment is forecasted to sustain its dominance during the analysis period, with an anticipated CAGR of 6.8% by 2026. The increasing adoption of broaching machines in the automotive industry for precision manufacturing of gears, shafts, and other components is a primary factor driving this growth.
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Regional Outlook:
Asia-Pacific Region Leading in Revenue Generation:
Geographically, the Asia-Pacific region held the largest market share in 2018, generating more than 60% of the total revenue. The region's dominance can be attributed to the rapid industrialization and expanding automotive and defense sectors in countries such as China, India, and Japan. Furthermore, North America is expected to exhibit the fastest CAGR of 7.0% during the forecast period. The region's growth is driven by advancements in manufacturing technology and increased investment in the defense and aerospace industries.
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Competitive Landscape:
The report profiles several leading players in the broaching machine market, including:
American Broach & Machine Company
Axisco Precision Machinery Co., Ltd
Arthur Klink GmbH
Mitsubishi Heavy Industries, Ltd
Broaching Machine Specialties
Accu-Cut Diamond Tool Co
Nachi-Fujikoshi Corp
V.W. Broaching Service Inc.
General Broach Company
Pioneer Broach Company
These companies have employed various strategic measures, including mergers and acquisitions, partnerships, joint ventures, collaborations, and geographic expansions, to strengthen their market presence and enhance their competitive edge. Moreover, continuous innovation and R&D activities are helping these key players to offer advanced broaching machines with improved capabilities and efficiency.
David Correa
Allied Market Research
+ 1 800-792-5285
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.