Broaching Machine Market Expected to Reach $2.8 Billion by 2033

According to a new report published by Allied Market Research, titled, “Broaching Machine Market," The broaching machine market size was valued at $1.6 billion in 2023, and is estimated to reach $2.8 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.

A broaching machine is a specialized industrial tool designed for precisely cutting or shaping material from a workpiece. It utilizes a process known as broaching, in which a multi-toothed tool, called a broach, passes over the workpiece, with each tooth removing a small layer of material. This one-pass process enables the precise creation of complex shapes, profiles, or internal cavities. 

Broaching machines are commonly classified into two types: vertical and horizontal. The Vertical segment held a higher market share in 2023. Vertical broaching machines are typically used for larger workpieces and are oriented vertically, making them ideal for internal broaching of items like gears and splines. The same segment is expected to grow with a higher CAGR during the forecast period. 

Furthermore, broaching machine are used in various industries such as automobile & aerospace, general and precision machinery, electric & electronics, metal, and others, which rely on broaching machines for producing high-precision parts, as these machines allow for the efficient and accurate creation of complex profiles, grooves, and internal features. In 2023, the automobile and aerospace sectors captured the largest revenue share. This was primarily due to the growing need for high-precision components such as gears, shafts, and other complex parts that are vital for the functionality and performance of vehicles and aircraft. The demand for these intricate components continues to rise as both industries require parts with stringent quality standards and exact tolerances, making broaching machines an essential tool for efficient and accurate production. On the other hand, the metal goods manufacturing segment is expected to grow at a higher CAGR due to an increasing focus on precision in metal products across various consumer and industrial applications. such factors wll drive the broaching machine market growth during the forecast period.

The broaching machine market is driven by various factors, including the increasing demand for precise components in industries like automotive, aerospace, and heavy equipment which is boosting adoption. Moreover, advancements in automation and CNC technology are improving efficiency and accuracy. In addition, the growing trend of customization in metalworking is fueling demand for broaching machines that can produce unique, high-quality components. 

The broaching machine market forecast also highlights the increasing adoption of broaching machines in specialized applications such as gear manufacturing, aerospace components, and other precision engineering sectors.

Furthermore, broaching machines primarily perform internal and external broaching operations. The internal broaching segment held a higher market share in 2023, and the external broaching segment is expected to grow with a higher CAGR. 

Despite having various advantageous features of broaching machines, a key restraint in the broaching machine market is the high initial investment and setup costs, particularly for CNC-equipped models, which can be a barrier for small and medium-sized enterprises. Additionally, ongoing maintenance and operator training contribute to operational expenses. 

However, the rise of Industry 4.0 and smart manufacturing presents a significant opportunity. The integration of IoT-enabled broaching machines for real-time monitoring and predictive maintenance is opening new growth avenues, as industries increasingly adopt digitalization and smart factory solutions. For example, in December 2022, Nidec Machine Tool Corporation introduced two new visual inspection systems: Robot Camera SPEED, designed for inspecting cutting tools used in hobbing machines for gear and component processing, and Robot Camera MAX, developed for visual inspection of broaching machines. 

Broaching machines are widely used across the world, where Asia-Pacific held a major broaching machine market share attributed to its larger industrial sector. Moreover, North America is expected to grow with a higher CAGR during the forecast period. In North America, U.S. held a higher market share, as a majority of broaching manufacturing firms are established in the country.  

The broaching machine market overview further reveals that the growing trend of industrial automation and technological advancements is fueling market expansion. CNC broaching machines, which offer improved precision and the ability to perform more complex operations, are becoming more prevalent across various industries. Additionally, the emphasis on sustainable manufacturing processes has prompted the development of energy-efficient broaching machines, further driving broaching machine market growth. Key regions like North America, Europe, and Asia-Pacific are expected to see substantial demand for broaching machines, with Asia-Pacific, particularly China and India, experiencing rapid industrial growth, making it a lucrative market for the technology. This expansion is further supported by increased investments in manufacturing infrastructure and a growing focus on producing high-quality, cost-effective parts.

KEY FINDINGS OF THE STUDY 

• The report provides an extensive analysis of the current and emerging broaching machine market trends and dynamics.   

• Depending on machine type, the vertical segment held the largest market share in terms of revenue in 2023. 

• By application, the external broaching segment accounted for the highest market share in 2023. 

• By end user industry, in 2023, the metal goods manufacturing segment held the largest market share in terms of revenue. Moreover, the same segment is expected to grow with a higher CAGR during the forecast period. 

• North America is projected to register the highest growth rate in the coming years.  

• The key players within the broaching machine market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the broaching machine industry.  

• The report provides an extensive analysis of the current trends and emerging opportunities in the broaching machine market.   

• In-depth broaching machine market analysis is conducted by constructing estimations for the key segments between 2024 and 2033.