PORTLAND, Oregon, July 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Broaching Machine Market by type (Horizontal, and Vertical), and End User (Automotive industry, Industrial Machinery, Precision Engineering Machine, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the 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.
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.
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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.
Automotive industry segment holds largest share
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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