Global Broaching Machine Market Is Likely to Reach $394.6 Million by 2026 at 6.0% CAGR: Says AMR
Portland, Sept. 16, 2019 (GLOBE NEWSWIRE) — According to the report, the global broaching machine market was estimated at $245.3 million in 2018 and is expected to reach $394.6 million by 2026, growing at a CAGR of 6.0% from 2019–2026. The report offers a detailed analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive scenario, and changing market trends.
Increase in production of vehicles from emerging economies to the rest of the world, rise in demand for manufacturing machinery in industries and surge in defense expenditure as well as manufacturing of defense equipment in the private sector drive the growth of the global broaching machine market. On the other hand, endorsement of used broaching machines hampers the growth to some extent. Nevertheless, supportive government regulations, initiatives for machine tool industry and high-end technical advancements are expected to create an array of opportunities for the key players in the industry.
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The vertical broaching machine segment to maintain the lion’s share-
Based on product type, the vertical broaching machine segment accounted for more than four-fifths of the total market revenue in 2018 and is expected to retain its top status till 2026. The same segment is also expected to grow at the fastest CAGR of 6.1% through 2019–2026.
The automotive industry to lead the trail till 2026-
Based on end-user, the automotive industry contributed to more than two-fifths of the total market share in 2018 and is anticipated to dominate during the forecast period. The same segment is also anticipated to cite the fastest CAGR of 6.8% by 2026.
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Asia-Pacific to dominate in terms of revenue-
Based on geography, the Asia-Pacific region held the largest share in 2018, generating more than three-fifths of the total market. Simultaneously, North America is projected to showcase the fastest CAGR of 7.0% during the estimated period.
Frontrunners in the industry-
The key players analyzed in the report include American Broach & Machine Company, Axisco Precision Machinery Co., Ltd, Arthur Klink GmbH, Mitsubishi Heavy Industries, Ltd, Broaching Machine Specialties, Accu-Cut Diamond Tool Co, Nachi-Fujikoshi Corp, V.W. Broaching Service Inc., General Broach Company, and Pioneer Broach Company. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
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