Global Broaching Machine Market 2019-2026: Business Development and Growth Opportunities by Industry Expert

PORTLAND, OREGON, UNITED STATES, December 7, 2020 /EINPresswire.com/ -- Rise in production of vehicles from developing economies, increase in defense expenditure, surge in manufacturing of defense equipment in the private sector, and upsurge in demand for manufacturing machinery in industries have boosted the growth of the global broaching machine market. However, purchase of secondhand machinery and low initial capital investment for small projects hamper the market. On the contrary, supportive government regulation, as well as initiatives for machine tool industry and rapid technological advancements, are expected to create lucrative opportunities in the near future.

Global broaching machine market accounted for $245.3 million in 2018 and is projected to garner $394.6 million by 2026, registering a CAGR of 6.0% from 2019 to 2026. Broaching Machine Market by type, and End User: Global Opportunity Analysis and Industry Forecast, 2019–2026.

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Broaching machines are found to be ideal for mass production as they are rather expensive. It requires a special design tool to perform each process. Broaching machines are less suitable for a surface that has an obstruction. This results in limited usage of the machine in batch-wise operation. In addition, risks during the handling of broaching machines are also a challenging factor for the growth of the market.

Vertical broaching machine to witness huge demand
The vertical broaching machine segment is estimated to portray the fastest CAGR of 6.1% during the study period, owing to its capability of performing two operations on the single part of workpiece or cutting parts at once. Moreover, the segment held the largest share in 2018, accounting for more than 87% of the market. The report also analyzes the segment of horizontal broaching machine.

The automotive industry segment dominated the market in 2018, contributing more than two-fifths of the market, owing to rise in trend of adoption of CNC broaching machine in the automotive industry. Moreover, the segment is estimated to manifest the fastest CAGR of 6.8% during the forecast period. The report includes an analysis of industrial machinery, precision engineering machine, and other segments.

North America region to manifest fastest growth
The market across the North America region is expected to register the fastest CAGR of 7.0% during the forecast period, owing to rapid industrial growth in the U.S. and rise in local automobile production in Mexico. However, the market across the Asia-Pacific region held the largest share in 2018, accounting for more than three-fifths of the market, owing to surge in the automotive sector in the region.

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Major market players
The global broaching machine market report provides an in-depth analysis of the major market players such as American Broach & Machine Company, Accu-Cut Diamond Tool Co, Axisco Precision Machinery Co., Ltd, Arthur Klink GmbH, General Broach Company, Broaching Machine Specialties, Nachi-Fujikoshi Corp, Mitsubishi Heavy Industries, Ltd, Pioneer Broach Company, and V.W. Broaching Service Inc.

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Key Benefits for Broaching Machine Market:
• The report provides an extensive analysis of the current and emerging market trends and dynamics in the global broaching machine market.
• In-depth broaching machine market analysis is conducted by constructing market estimations for the key market segments between 2018 and 2026.
• Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• Global broaching machine forecast analysis from 2018 to 2026 is included in the report.
• Key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global broaching machine industry.

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