Broaching Machine Market Size to Reach US$ 1.96 Billion by 2034: Fact.MR Report
Manufacturing Industry to Account for Higher Share of Global Broaching Machine Sales
Rockville , March 04, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, through its newly published industry analysis, reveals that the global broaching machine market is calculated at value of US$ 1.28 billion for 2024 and is forecasted to expand at a CAGR of 4.3% from 2024 to 2034.*Get Free Sample Copy of This Report:*
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Increasing demand for broaching machines from numerous end-use industries, including aerospace, automotive, etc. is contributing to revenue streams. Constant technological advancements along with automation is projected to help players attract new customers and increase revenue streams. Moreover, an expansion of the industrial machinery sector is projected to develop a base for market expansion with the keen attention of investors.
Growing defense expenditure and the rapidly flourishing automotive industry are anticipated to increase demand for multiple types of broaching machines. Further, constant technological advancements in broaching machine technology, including integration of smart features, automation, etc. are contributing to market expansion. These advancements are estimated to improve the productivity, efficiency, and accuracy of machines and make them more attractive to manufacturers looking to improve their production procedures.
*Report Attribute* *Details*
Value Projection (2034) US$ 1.96 Billion
Growth Rate (2024-2034) 4.3% CAGR
No. of pages 170 Pages
No. of Tables 25 Tables
No. of Figures 132 Figures
*Key Takeaway from Market Study *
· Worldwide sales of broaching machines are valued at US$ 1.28 billion for 2024.
· The global broaching machine market is projected to reach a valuation of US$ 1.96 billion by the end of 2034.
· Demand for broaching machines is projected to rise at 4.3% CAGR from 2024 to 2034.
· North America is anticipated to hold 43.2% share of the global market by the end of 2034.
· The automotive sector is forecasted to account for 38.3% share of global market revenue by 2034.
· Sales of broaching machines in Mexico are forecasted to rise at a CAGR of 4.7% from 2024 to 2034.
*“Increasing demand for broaching machines is attributed to rising requirements for fabricated metal products, advancements in manufacturing processes, and development of various industrial equipment,” *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*
Demand for broaching machines in North America is projected to increase at a CAGR of 4.3% and reach a market value of US$ 845.3 million by the end of 2034. An increase in the sales of broaching machines in the region is attributed to the growth of the automotive industry, which is driving demand for broaching machines.
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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 expected to have around 77% of the North American market share. Broaching machine sales are expected to expand due to rising demand for fabricated metal products. Furthermore, the machine tool-cutting business in the country is expected to account for a significant share of metal manufacturing when compared to forming technology.
Drilling, lathes, milling, broaching, and boring are expected to be essential instruments for machine tool cutting. Constant technological improvements and firm footprint expansions are expected to create chances for broaching machine suppliers in the United States.
*What Opportunities Await Broaching Machine Suppliers in China? *
"Presence of Well-established Manufacturing and Automotive Sectors"
By the end of 2034, China is expected to account for 60.9% of the East Asian market. China's notable expansion is due to the presence of a well-established industrial sector. Furthermore, the country's increasing vehicle production is expected to result in the implementation of stringent rules, which would raise operational expenses and hence lead to the adoption of broaching machines. The presence of some of the top suppliers in China is expected to create revenue.*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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*About Fact.MR**:*
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