Report : Asia Pacific Broaching Machines Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Horizontal Broaching Machine, Vertical Broaching Machine, Surface Broaching Machine and Others), End-user (Automotive, Metal Fabrication, Aerospace and Defense, Oil and Gas, and Others)
At 5.2% CAGR, the Asia Pacific Broaching Machines market is speculated to be worth US$ 424.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific broaching machines market was valued at US$ 224.90 million in 2022 and is expected to reach US$ 424.43 million by 2028, registering an annual growth rate of 3.8% from 2022 to 2028. Technological advancements and automation in broaching machines and rise in adoption in oil & gas and agriculture sectors are the critical factors attributed to the market expansion.
Broaching machines are used to perform several operations in the automotive, aerospace & defense, and metal industries, among other heavy industries. It is employed in the manufacturing of automotive and industrial components, and subassembly parts such as gears, shafts, and splines. Broaching is one of the most effective and efficient metal removal techniques available for heavy industries. It is suitable for large-volume applications with close-fitting tolerance, which are typically seen in the automotive and aerospace industries. Broaching machines exhibit exceptional repeatability and deliver better part finish than other metal removal methods.
The rising defense expenditure across India, China, and other developing countries fuels the demand for various broaching machines. The policies favoring FDIs in these countries encourage several international private companies to invest in manufacturing capabilities in these countries to produce military equipment for the domestic defense forces. In 2021, the Government of China has spent around ~US$ 293 billion for the procurement of military equipment and solutions. Further, passenger car sales are growing across India and China, which is boosting the automotive sector in these countries, thereby leading to a huge demand for broaching machines. For instance, in 2021, total new vehicle sales in the China accounted to 26.3 million, a rise of approximately 3.8% over earlier year.
On the contrary, high cost of machines and low replacement rate hurdles the growth of Asia Pacific broaching machines market.
- Based on type, the Asia Pacific broaching machines market is segmented into horizontal broaching machine, vertical broaching machine, surface broaching machine, others. The horizontal broaching machine segment held 32.1% market share in 2022, amassing US$ 100.45 million. It is projected to garner US$ 140.64 million by 2028 to expand at 5.8% CAGR during 2022–2028.
- Based on the end user, the Asia Pacific broaching machines market is bifurcated into automotive, metal fabrication, aerospace and defense, oil and gas, others. With 27.1% share of the domain, the automotive segment dominated the market in 2022. It accrued US$ 84.94 million in 2022 and is estimated to generate US$ 104.55 million by 2028 to grow at a CAGR of 3.5% over the forecast period.
Our regional analysis states that China captured 39.7% market share in 2022. It was assessed at US$ 124.29 million in 2022 and is likely to hit US$ 176.33 million by 2028, exhibiting a CAGR of 6.0% during the forecast period.
Key players dominating the Asia Pacific broaching machines market are Nachi-Fujikoshi Corp. Suntech Landriani Machine Tools Pvt. Ltd., The Ohio Broach & Machine Co., and Yeoshe Hydarulics Technology Co. Ltd. among others.
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