Published on Dec 20, 2022.

Market Study on Broaching Machines - Sales of Vertical Broaching Machines to Value at US$ 12.3 Million

New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global Broaching Machines market is anticipated to secure US$ 865.34 Billion in 2022.Owing to the integration of technology in Broaching Machines is increasing the use of the same in various sectors. The market for Broaching Machines is likely to flourish significantly, securing US$ 1,318.35 Million while recording a CAGR of 4.3% during the forecast period from 2022-2032.  

Broaching machines are used to perform several operations in heavy industries. It helps to manufacture industrial components and sub-assembly parts such as shafts, gears, and splines. Rapid growth in the heavy industrial sector (automotive, marine, shipbuilding, aeronautics, machinery making) that require broaching operations is fostering the demand for broaching machines. Moreover, increase in investments by private firms and government bodies to operate heavy industries are also expected to drive demand for broaching machines in the near future.

The increasing demand for CNC-incorporated machine tools is one of the major factors that is expected to propel the growth of the broaching machines market. CNC machines adhere to design specifications efficiently. The efficiency of CNC broaching machines has improved, with the use of CNC, software, and servo technology. These machines also provide advantages such as energy savings and high precision during metal cutting, key formation, and gear making, which has helped in automating the entire metal fabrication and metal cutting process. The use of CNC broaching machinery helps in reducing operational costs. All these factors have increased the demand for CNC broaching machines for the metal cutting process.

Key Takeaways from the Market Study  

• By end use, automotive sector is expected to possess 40% market share for Broaching Machines market.  
• By product type, vertical segment is expected to register considerable revenue in 2022 and is expected to depict a growth rate of nearly 4.5% through 2032.
• The US Broaching Machines market is poised to register a growth rate of 4.0% through 2032  
• Europe is expected to possess 38% market share for Broaching Machines in 2022.  
• China is projected to register a CAGR of 4.0% for Broaching Machines market in the forecast period 2022-2032.  

Source: Persistence.