Report : Europe 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 4.6% CAGR, the Europe Broaching Machines market is speculated to be worth US$ 294.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe broaching machines market was valued at US$ 224.90 million in 2022 and is expected to reach US$ 294.17 million by 2028, registering an annual growth rate of 3.8% from 2022 to 2028. Rising need for high-precision systems and fabricated metal products and rising demand from automotive and aerospace industries are the critical factors attributed to the market expansion.
Broaching tools are designed to manufacture precise custom parts at a high speed. Broaching machines provide benefits such as power saving, high efficiency for high precision mechanical systems. The use of CNC broaching machines for key, gear, and metal cutting benefits manufacturers through energy savings and excellent precision. Electromechanical actuators are progressively replacing hydraulic drives owing to the increase in overall equipment efficiency, by providing better quality products. In recent years, cutting tools like broaching machine, and CNC controls have flagged the way for the elimination of hydraulics and its replacement in many applications by ball screws and servo drives.
The elevating demand for items made from fabricated metal and large industrial machinery, and improvements in the manufacturing techniques are also boosting the broaching machine market. The market for metal fabrication may be less prone to extreme volatility than construction or automotive sectors, allowing broaching machining methods to expand steadily. The machine tool cutting industry accounts for a significant share of metal manufacturing volume compared to the forming technology. Lathes, broaching, drilling, milling, and boring are among the key tools used in machine tool cutting.
On the contrary, high cost of machines and low replacement rate hurdles the growth of Europe broaching machines market.
Based on type, the Europe broaching machines market is segmented into horizontal broaching machine, vertical broaching machine, surface broaching machine, others. The surface broaching segment held 30.6% market share in 2022, amassing US$ 68.73 million. It is projected to garner US$ 98.19 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on the end user, the Europe broaching machines market is bifurcated into automotive, metal fabrication, aerospace and defense, oil and gas, others. With 27.3% share of the domain, the metal fabrication segment dominated the market in 2022. It accrued US$ 61.49 million in 2022 and is estimated to generate US$ 83.72 million by 2028 to grow at a CAGR of 5.3% over the forecast period.
Our regional analysis states that Germany captured 65.1% market share in 2022. It was assessed at US$ 146.42 million in 2022 and is likely to hit US$ 198.57 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the Europe broaching machines market are Federal Broach Machine Company, Miller Broach, Nachi-Fujikoshi Corp, Pilot Precision Products (DuPont), The Ohio Broach & Machine Co., and Yeoshe Hydarulics Technology Co. Ltd. among others.
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