The global Broaching Tools Market is estimated to be valued at US$ 1.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Broaching tools are used for producing a variety of custom slots, grooves, and flat surfaces on metal workpieces through the push or pull broaching process. Broaching tools help manufacture gears and splines in automotive industry and are utilized for cutting keyways in shafts. They offer advantages such as reducing machining time, producing accurate finished geometry with high surface finish and close tolerances. Rising demands for automotive vehicles worldwide has fueled the need for broaching tools in the automotive industry.
Market key trends:
One of the key trends in the broaching tools market is the adoption of broaching tools for cut electric vehicle parts manufacturing. With the growing focus on electric vehicles, broaching tools are being utilized for manufacturing electric vehicle frames, transmission shafts, and motor components. Furthermore, product innovation led by prominent manufacturers is another trend. For instance, in 2022, Mitsubishi Heavy Industries launched new broaching tools for cylindrical spline and gear broaching applicable for both automotive and industrial applications. The integration of advanced Industry 4.0 technologies such as AI and IoT is also enabling remote monitoring of broaching tools for predictive maintenance.
Threat of new entrants: Low set up costs and the need for specialized machinery and technical knowhow act as barriers for new players.
Bargaining power of buyers: The presence of many established players with significant scale limits buyer bargaining power.
Bargaining power of suppliers: Raw material availability from various suppliers reduces their bargaining power.
Threat of new substitutes: Broaching offers advantages over competing processes, limiting threat of new substitutes.
Competitive rivalry: Intense competition due to presence of many regional and global players.
The global Broaching Tools market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from automotive industry.
The Global Broaching Tools Market Size for 2023 is estimated at US$ 1.26 Bn. Regional analysis North America dominates the global Broaching Tools market currently and is expected to remain the leading region over the forecast period, supported by significant automotive production and presence of tier 1 automotive component manufacturers in the region.
Key players operating in the Broaching Tools market are Mitsubishi Heavy Industries, Nachi-Fujikoshi, LMT Tools, Vermont Tap & Tool, Pioneer Broach Company, Hoffman Broach, Accu-Cut Diamond Tool, Forst Technologie, Axisco Precision Machinery, Arthur Klink GmbH, Maheen Broaches, Apex Broaching Systems, Techcellence India, Lakshmi Machine Works, Skyline Broach Company, Colonial Tool Group, Broaching Machine Specialties, Steelmans Broaches, American Broach & Machine Company, Galway Tool & Gage. Key players focus on developing application-specific broaching tools to strengthen market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it