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Broaching Machine Market Growing at 4.3% CAGR to Touch US$ 1.96 Billion Valuation by 2034: Fact.MR Report
Broaching Machine Market
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Revenue streams are being bolstered by the growing demand for broaching machines from a variety of end-use industries, such as aerospace and automotive. Automation and ongoing technological development are expected to help players draw in more clients and boost income sources. Additionally, it is anticipated that a growth in the industrial machinery industry will attract investors' interest and create a foundation for market expansion.
The rapidly expanding automotive industry and rising defense spending are expected to drive up demand for a variety of broaching machine types. Additionally, the market is growing as a result of ongoing technological developments in broaching machine technology, such as the automation and integration of smart features. It is anticipated that these developments will increase machines' accuracy, productivity, and efficiency and increase their appeal to producers seeking to enhance their manufacturing processes.
Key Takeaway from Market Study
By 2024, broaching machine sales are expected to reach US$ 1.28 billion globally.
By the end of 2034, the broaching machine market is expected to be valued at US$ 1.96 billion worldwide.
From 2024 to 2034, the demand for broaching machines is expected to increase at a 4.3% CAGR.
By the end of 2034, North America is expected to account for 43.2% of the global market.
By 2034, the automobile industry is expected to generate 38.3% of global market revenue.
From 2024 to 2034, the Mexican broaching machine market is expected to grow at a 4.7% compound annual growth rate.
"Rising demands for fabricated metal goods, improvements in manufacturing techniques, and the creation of diverse industrial equipment are all contributing factors to the growing demand for broaching machines," says a Fact.MR analyst.
Key Market Players
The Ohio Broach & Machine Co.
Mitsubishi Materials Corporation
Accu-Cut Diamond Tool Co.
American Broach & Machine Company
Arthur Klink GmbH
Pioneer Broach Company
Nachi-Fujikoshi Corp.
General Broach Company
Hoffmann Rumtechnik GmbH
Forst Technologies GmbH & Co. KG
Growing Expansion of the Automotive Industry Increasing Demand for Broaching Machines in North America
By the end of 2034, the market for broaching machines in North America is expected to be worth US$ 845.3 million, growing at a 4.3% CAGR. Demand for broaching machines is being driven by the expansion of the automotive industry, which is responsible for a rise in sales of broaching machines in the region.
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Country-wise Insights
How does the broaching machine market in the United States stack up?
"Multifaceted Application of Broaching Machines in the Country"
By the end of 2034, the United States is predicted to hold around 77% of the North American market share. Broaching machine sales are likely to rise due to increased demand for fabricated metal goods. Furthermore, when compared to forming technology, the country's machine tool-cutting industry is predicted to account for a sizable portion of metal manufacturing.
Drilling, lathes, milling, broaching, and boring are predicted to be vital tools for machine tool cutting. Broaching machine suppliers in the United States should expect opportunities to arise as technology advances and business footprints expand.
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What Opportunities Await Broaching Machine Suppliers in China?
"Presence of Well-established Manufacturing and Automotive Sectors"
By the end of 2034, China is predicted to control 60.9% of the East Asian market. China's considerable growth is attributed to the presence of a well-established manufacturing sector. Furthermore, the country's expanding vehicle production is likely to result in the introduction of stringent laws, raising operational costs and thus leading to the use of broaching machines. The presence of several of China's biggest suppliers is expected to generate money.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the broaching machine market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on the product type (vertical broaching machines, horizontal broaching machines, others) and end use (automotive, fabrication & industrial machinery manufacturing, aerospace & defense, others), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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