BROACHING MACHINES Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The broaching machines market is expected to register moderate growth during the forecast period (2019-24). The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, aerospace and others, across the world. Broaching remains one of the fastest methods of cutting production parts, which is primarily intended for high-volume production runs. The rising demand for high speed and accurate finishing process in the end-use sector is putting pressures on broaching machine manufacturers. To meet this demand, manufacturers are increasingly adopting advanced technology and automation. The automation of the production and related fabrication process help companies in gaining a competitive edge in the market and reduce their operational costs. CNC, servo, and software technology continue to improve and provide additional impact on power savings, high efficiencies, and high precision mechanical systems. The CNC broaching machines offer benefits such as energy savings and high precision during metal cutting, key formation, and gear making. There has been an improvement in the production of broach tools, which play a key role in the quality of the finished product.
According to industrial sources, in term of the overall equipment effectiveness, especially with the achievable qualities and profile areas of energy efficiency, electro-mechanical actuators are increasingly replacing the hydraulic drives. In recent times, CNC controls have paved the way to the elimination of hydraulics and replacing them with servo drives and ball screws for many applications. About half of the customer base considers an electro-mechanical machine for small to-mid-range applications. Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, and advancement in the manufacturing processes. The metal fabrication market may be less prone to wild fluctuations than other industries, which will allow these conventional machining processes to grow moderately. For instance, in India, the annual growth rate of fabricated metal products production followed negative trend during the period 2013-15. Whereas, after 2015, the production rate witnessed positive trend with lesser growth rates. Worldwide, the machine tool cutting sector represented a major share in terms of production volume when compared to forming technology. The machine tool cutting sector comprises of lathes, drilling machines, broaching machines, boring machines, milling machines, etc.
 

Scope of the Report

A complete background analysis of the broaching machines market, which includes an assessment of the sector and contribution of sector in the economy, market overview, market size estimation for key segments, key regions and emerging trends in the market segments, market dynamics, and key production and consumption statistics are covered in the report.

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Key Market Trends

Growing Demand from the Automotive Industry

Major factor boosting the growth of broaching machines is the increasing demand from the automotive industry. Broaching machines have a significant share in the automotive industry and are used for several operations to manufacture gears, transmission shafts, steering wheel hubs, steering yokes, etc.  Automotive gear manufacturers implemented significant improvements in external planetary gear manufacturing.  As hybrid and electric vehicles are developing and bringing to the market, the demand for quieter gears continues to rise. Broaching is widely used method for cutting internal gear. Internal helical broaching is regarded as an economical choice for the highest volume mass production with minimal product mix. The advent of electromechanical broach machines allows helical broaching without the need for the specific mechanical guides.
Despite some headwinds, automotive industry is look bright globally. U.S. light vehicle sales figures peaked in 2016 with 17.46 million and 2018 marked the fourth straight year with over 17 million unit sales. According to industry sources, global light vehicle production units have been remarkable and it is only continue to grow. APAC is expected to register the highest growth rates in terms of production volumes followed by North America. This scenario is expected to create demand for the broaching machines and other related machines associated with manufacturing process.
 

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