Report : North America 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 3.8% CAGR, the North America Broaching Machines market is speculated to be worth US$ 198.30 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America broaching machines market was valued at US$ 158.53 million in 2022 and is expected to reach US$ 198.30 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 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.
On the contrary, high cost of machines and low replacement rate hurdles the growth of North America broaching machines market.
- Based on type, the North America broaching machines market is segmented into horizontal broaching machine, vertical broaching machine, surface broaching machine, others. The vertical broaching segment held 35.6% market share in 2022, amassing US$ 56.40 million. It is projected to garner US$ 61.41 million by 2028 to expand at 1.4% CAGR during 2022–2028.
- Based on the end user, the North America broaching machines market is bifurcated into automotive, metal fabrication, aerospace and defense, oil and gas, others. With 23.6% share of the domain, the metal fabrication segment dominated the market in 2022. It accrued US$ 37.47 million in 2022 and is estimated to generate US$ 40.35 million by 2028 to grow at a CAGR of 1.2% over the forecast period.
Our regional analysis states that US captured 64.1% market share in 2022. It was assessed at US$ 101.63 million in 2022 and is likely to hit US$ 130.30 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.
Key players dominating the North America broaching machines market are Federal Broach Machine Company, Miller Broach, Nachi-Fujikoshi Corp, Pilot Precision Products (DuPont), Suntech Landriani Machine Tools Pvt. Ltd., The Ohio Broach & Machine Co., and Yeoshe Hydarulics Technology Co. Ltd. among others.
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