(MENAFN- GlobeNewsWire - Nasdaq) Major players in the broaching machine industry have focused on product launch strategies to gain maximum share in the market. This further results in consolidation of the broaching machine market.Wilmington, Delaware, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Broaching Machine Market by Machine Type (Vertical, Horizontal, Others), by Application (Internal Broaching, External Broaching), by End User Industry (Automobile & Aerospace, General and Precision Machinery, Electric & Electronics, Metal Goods Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the "broaching machine market" was valued at $1.6 billion in 2023, and is estimated to reach $2.8 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.
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Prime determinants of growth
The increasing use of broaching machines for precision machining of complex components in automotive and aerospace applications is a major driver. These industries demand high accuracy, efficiency, and surface finish, which broaching machines are uniquely equipped to provide. The growing production of vehicles and aircraft globally further amplifies the demand for these machines.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.6 billion |
| Market Size in 2033 | $2.8 billion |
| CAGR | 5.3% |
| No. of Pages in Report | 187 |
| Segments covered | Machine Type, Application, End User Industry, and Region. |
| Drivers | Advancements in Manufacturing Technology
Increase in Adoption in Emerging Economies |
| Opportunities | Growth in Renewable Energy and Electrical Equipment Manufacturing |
| Restraints | High Initial Investment Costs
Availability of Alternative Machining Technologies |
The vertical broaching machine segment held the largest share in 2023, due to increase in demand from the metal industry to meet the rise in requirement of metals in the aerospace, defense, and automotive industries.
Based on machine type, the market is divided into horizontal broaching machine, and vertical broaching machine. Vertical broaching machines are particularly favored for their ability to handle heavy-duty operations and produce intricate, precision-engineered components with exceptional surface finish and dimensional accuracy.
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The aerospace and defense industries rely heavily on vertical broaching machines for machining critical components such as turbine blades, engine parts, and structural elements, which require stringent quality standards. Similarly, the automotive industry utilizes these machines for manufacturing precision gears, shafts, and splines that are essential for vehicle performance and durability. The rising production in these sectors has fueled the demand for high efficiency machine solutions, making vertical broaching machines a preferred choice.
In 2023, the Automobile & Aerospace industry segment held the largest share due to growth in demand for broaching process of components and parts for automotive components.
Based on end-user industry, the market is classified into automobile & aerospace, general and precision machinery, electric & electronics, metal goods manufacturing, and others. The increasing production of vehicles, including passenger cars, commercial vehicles, and electric vehicles (EVs), has significantly boosted the need for high-quality, efficient, and accurate machining processes like broaching.
Broaching machines are extensively used in the automobile and aerospace industry for producing key components such as gears, shafts, splines, and other precision-engineered parts that demand high dimensional accuracy and surface finish. As the automotive sector continues to innovate and adopt advanced technologies, the requirement for complex and lightweight components has further propelled the adoption of broaching processes.
The Asia-Pacific region dominated the market share in terms of revenue in 2023.
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region dominated the broaching machine market in terms of revenue in 2023, owing to several key factors that highlight the region's robust industrial growth and manufacturing capabilities. Rapid urbanization and industrialization in emerging economies such as China, India, and Southeast Asian countries have significantly boosted the demand for advanced machining equipment, including broaching machines. The automotive, aerospace, and heavy machinery sectors, which are major end-users of broaching machines, have witnessed substantial expansion in this region due to increasing investments and favorable government policies promoting industrial growth .
China, as a global manufacturing hub, and India, with its growing focus on "Make in India" initiatives, have particularly contributed to the high adoption rates of broaching machines. Moreover, the availability of a skilled workforce, lower production costs, and advancements in machining technologies have further strengthened the dominance of the Asia-Pacific market. The region also benefits from the increasing exports of precision-engineered components and machinery to North America and Europe, enhancing its revenue contribution to the global market.
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Leading Market Players: -
American Broach & Machine Company
Axisco Precision Machinery Co., Ltd
Broaching Machine Specialties
Mitsubishi Heavy Industries, Ltd
V.W. Broaching Service Inc
The report provides a detailed analysis of these key players in the broaching machine market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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