Global Woodworking Machinery Market To Be Driven By The Growing Demand For The Engineered Wood In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Woodworking Machinery Market Size, Share, Analysis, Growth, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global woodworking machinery market, assessing the market based on its segments like product type, operating type, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Woodworking Machinery Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 4.64 Billion
- Forecast CAGR (2023-2028): 3.87%
- Forecast Market Size (2027): USD 5.82 Billion
The shift in focus from furniture made with traditional tools to furniture made with automatic machines is expected to drive up demand for woodworking machines in the near future.
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With the growing need for these machines in the building sector, the construction industry is predicted to rise rapidly in the near future. During the forecast period, rising demand for wooden furniture and engineered wood is expected to fuel the expansion of global woodworking machines. The expansion of the woodworking machines market is expected to be fuelled by the increase in residential and commercial structures, and the increasing demand of residents for the aesthetic appeal of their buildings.
Woodworking Machinery Industry Definition and Major Segments
Woodworking machinery is defined as equipment that processes wood and performs numerous operations on raw wood resources in order to convert them into desired finished products. These machines are utilised in small-scale commercial manufacturing plants that specialise in wood goods. The size of the machines is determined by the application for which they are utilised. Jointers, shapers, saws, routers, and other woodworking machinery are some of the examples.
By product type, the market is divided into:
- Grinding Machines
- Routers
- Planers
- Drills
- Saws
- Others
Based on operating type, the market is categorised into:
- Electrical
- Mechanical
The end use of the market is:
- Furniture Industry
- Construction Industry
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Woodworking Machinery Market Trends
The global woodworking machines market is predicted to increase due to customers’ increasing desire to replace old furniture in order to rehabilitate their offices and homes. Residential and commercial customers have raised the volume of investments in furnishing products in the wooden categories as a result of improved brand awareness and awareness of interior design trends, resulting in market expansion. End-users receive highly engineered wooden furniture from furniture producers who use woodworking machines. With the growing trend of moving residences, the demand for movable wooden furniture is growing. Electric machines are expected to increase rapidly in the near future, due to countries’ growing preference for smart machines.
Key Market Players
The major players in the market are KTCC Woodworking Machinery, Durr, Cantek America, Gongyou Group, SCM Group, Holytek Industrial Corporation, and BiesseGroup, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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