The global broaching machine market size was valued at USD 284.6 million in 2022 and is poised to grow at a CAGR of 6.1% during the forecast period 2023-2029.The primary factors that drive the market are the rising demand from aerospace and automotive industries and the requirement for fabricated metal products and high-accuracy systems.

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The global broaching machine market segmentation:

1) By Product Type: Vertical Broaching Machine, Horizontal Broaching Machine, and Surface Broaching Machine.

2) End Users: Automotive, Fabrication, and Industrial Machinery Manufacturing, Aerospace & Defense, Oil and Gas, and Energy, and Others.

Surface Broaching Machine to Dominate the Broaching Machine Market

Based on product type, the surface broaching machine holds the highest market share. The major factor for the rise of this segment is that the surface broaching procedure is quick and recognized as more efficient than milling. Surface broaching is simply modified to vertical or high-speed broaching machines, which permits cutting concurrently in numerous dimensions and intricate conformations. Surface broaching machines are used to remove ingredients from the surface of the workpiece. These factors can drive the global broaching machine market growth.

Asia Pacific Broaching Machine Market

The Asia Pacific leads the global broaching machine market growth due to the low cost of operations, which appeals to many traders from larger manufacturing sectors. In current times, China has seen increasing salaries and strict regulations, which has led to an upsurge in operating costs as it moves towards higher manufacturing value. In order to overcome this, businesses are watching other ASEAN regions for the lower value of production. which have also been largely integrated into global manufacturing value chains which can drive the market growth further.

The global Broaching Machine market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.

In September 2018, the LG57DS series of servo internal broaching machines which is a high-speed motor was launched by Zhejiang CHR Intelligent Equipment Co., Ltd.

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Key players’ profiles in the Broaching Machine market report are Accu-Cut Diamond Tool Co, American Broach & Machine Company, Arthur Klink GmbH, Axisco Precision Machinery Co., Ltd, Broaching Machine Specialties, General Broach Company, Mitsubishi Heavy Industries, Ltd, Nachi-Fujikoshi Corp, Pioneer Broach Company, and V.W. Broaching Service Inc

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