Broaching Machine Market Expected to Achieve 5% CAGR by 2029: Growth Forecast Insights

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How Large Will the Broaching Machine Market Size By 2025?
There has been a consistent increase in the size of the broaching machine market in the past few years. The market is projected to expand, moving from $1.18 billion in 2024 to $1.23 billion in 2025, with a compound annual growth rate (CAGR) of 4.1%. Factors contributing to growth during the previous period include the surge in industrial automation, higher demand for precision machining, expansion within the automotive manufacturing industry, growth of the aerospace sector, and larger investment in manufacturing infrastructure.

How Big Is the Broaching Machine Market Size Expected to Grow by 2029?
The market size for broaching machines is projected to experience significant growth in the forthcoming years, escalating to $1.49 billion by 2029 with a CAGR of 5.0%. This expected growth during the projection period can be accredited to factors such as the rising adoption of intelligent manufacturing, increasing emphasis on machinery that optimizes energy consumption, growing requirement for high-speed broaching, widespread use in the production of medical equipment, and the expansion of defense manufacturing. Key trend forecasts for the same period include the transition to fully automated broaching, the use of artificial intelligence in machining, the advent of environmentally friendly machining solutions, improvements in tooling materials, and the incorporation of the Internet of Things technology in machinery.

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Which Key Market Drivers Powering Broaching Machine Market Expansion and Growth?
The surge in the automotive industry is set to drive the expansion of the broaching machine market. The automotive industry, which is a significant global economic contributor, encapsulates businesses and procedures involved in the manufacture, marketing, and sales of motor vehicles, including cars, trucks, and motorcycles. The automotive sphere is on an upward trajectory due to heightened demand, advancements in electric and autonomous vehicle technology, government backing for eco-friendly innovations, and increased urban income levels. The application of broaching machines within this industry is escalating due to their expertise in creating precise, intricate parts like gears, splines, and keyways with high throughput. For instance, the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, a governmental body based in Australia, reported in October 2022 that the number of registered motor vehicles had reached 20.7 million by January 31, 2022, signifying a growth of 2% from January 2021. The count of Battery Electric Vehicles (BEVs) was around 40,000, doubling since 2021, with passenger cars numbering 34,200 by 2022, a jump of 118% since 2021. Additionally, Hybrid Electric Vehicles (HEVs) registered a 35% rise from 2021, tallying around 277,000 in 2022. The upward movement of the automotive industry, consequently, fuels the growth of the broaching machine market.

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Which Fast-Growing Trends Are Poised to Disrupt the Broaching Machine Market?
Major players in the broaching machine market are placing a significant focus on technological improvements, particularly automated tool inspection systems, to augment precision, productivity, and the functioning of tools. These inspection systems are state-of-the-art monitoring tools that leverage image-based technology, sensors, and artificial intelligence-powered analytics to evaluate tool deterioration, calibration, and effectiveness in a live environment. For example, in December 2022, Nidec Machine Tool Corporation, an industrial machinery manufacturer from Japan, rolled out Robot Camera SPEED for hobbing machines and Robot Camera MAX for broaching machines, both created for automated visual scrutiny of cutting tools. These systems detect tool deterioration, misalignment, and damage instantaneously, thereby improving machining accuracy, lessening non-productive time, and escalating productivity in the gear production and metal shaping sectors. By incorporating high-tech imaging and AI-powered analysis, these systems maintain continuous quality and prolong the lifespan of tools in applications requiring utmost precision.

What Are the Emerging Segments in the Broaching Machine Market?
The broaching machinemarket 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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Broaching Machine Industry?
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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