Global broaching machines market expected to grow to USD 496.75 million by 2033

From GlobeNewswire: 2024-07-04 10:00:00

The global broaching machines market is expected to grow from USD 298.25 million in 2023 to USD 496.75 million by 2033, with a CAGR of 5.23%. Broaching machines are essential for precise machining, with two main types – vertical and horizontal. Demand is primarily driven by the industrial machinery, automotive, and defense sectors, as well as the growing market for fabricated metal products.

The vertical broaching machine segment is projected to dominate the global market. In terms of end-users, the automotive segment is expected to experience the fastest growth due to the production of various automobile components. North America is anticipated to have the largest market share, driven by the automotive and aerospace industries. Asia Pacific is predicted to grow rapidly due to the development of manufacturing facilities.

Key players in the market include American Broach & Machine Company, Apex Broaching Systems, and Nidec Corporation. Recent developments include Nidec Machine Tool Corporation increasing production capacity in India. The market is segmented based on type, end-user, and region. Spherical Insights & Consulting provides market research and consulting services for various industries worldwide. Contact them for more information.



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