Pune, Aug. 07, 2024 (GLOBE NEWSWIRE) — Woodworking Machinery Market Size & Growth Analysis:
“According to SNS Insider Research, The Woodworking Machinery Market size was estimated at USD 4.87 billion in 2023 and is expected to reach USD 7.42 billion by 2032 with a growing CAGR of 4.8% during the forecast period of 2024-2032.”
“Surge in Construction and Consumer Preferences Drives Demand for Woodworking Machinery Market”
The rise in construction projects, particularly in housing and business industries, significantly drives the demand for woodworking machinery. This rising demand is being fueled by the increasing requirement for high-quality wood products and components in contemporary construction projects. In June 2024, construction spending had a seasonally adjusted annual rate of about USD 2.14 trillion, slightly lower by 0.3% compared to the revised May figure of USD 2.15 trillion. The significant rise in construction spending reflects the increasing need for woodworking machinery, as builders and manufacturers seek advanced equipment to meet the growing demand for top-notch wooden materials in construction projects.
The rise in residential and commercial buildings, along with consumer desire for attractive buildings, is fueling the woodworking machines market. Moreover, over the past few years, consumers have been exchanging their outdated furniture for newer wooden pieces to enhance the appearance of their home or workplace. According to details from Home Furnishings Business, traditional retailers in the wooden furniture industry experienced a 21.8% increase in sales and a 13.2% rise in profits in 2022.
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Major Players Analysis Listed in this Report are:
- Biesse Group
- HOLYTEK INDUSTRIAL CORP
- SCM Group
- Durr Group
- Gongyou Group Co., Ltd.
- IMA Schelling Group GmbH
- Michael Weinig AG
- CKM
- Cantek America Inc.
- KTCC WOODWORKING MACHINERY
- Oliver Machinery Company
- Other Players
Woodworking Machinery Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.87 Bn |
| Market Size by 2032 | US$ 7.42 Bn |
| CAGR | CAGR of 4.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | • Consumers’ growing preference for customized furniture that reflects personal style is driving the demand for advanced woodworking machinery capable of producing intricate designs and finishes. • CNC (Computer Numerical Control) technology revolutionizes woodworking by enabling precise, complex cutting, drilling, and shaping of wood, leading to high-speed production and consistent quality, thereby driving widespread industry adoption. |
“Lathe Machines and Furniture Segment Lead the Woodworking Machinery Market in 2023”
The lathe segment dominated the market with more than 44% in 2023. Lathe machines have a great reputation for their precision work and versatility. Lathes can carry out various kinds of operations, like turning, boring and threading which are essential in many industries. This generally contributes to the lathe being able to manipulate a wide array of materials such as metals and plastics oriented towards woodworking applications.
The furniture segment dominated the revenue share of more than 42.06% in 2023 on account of impressive demand for wooden furniture from residential, commercial and institutional applications. This segment is characterized by high production volumes, in addition to the need for specific machinery that cater varying furniture products.
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Woodworking Machinery Market Key Segmentation:
By Type
- Lathe
- Planer
- Saw
- Others (Radial Drills, Grinder, Jointer, Sanders)
By Application
- Furniture
- Construction
- Others (Shipbuilding)
“Europe Leads Woodworking Machinery Market in 2023; Asia-Pacific Set for Highest Growth”
Europe dominated the market with more than 38% in 2023. The heavy sustainable and environmental guidelines in place across the region mean businesses are investing to reduce waste any way they can by purchasing some of most advanced technologies that allow them do so while creating carbon neutral solutions. European furniture manufacturers are increasingly turning to modern CNC machines, which help ensure efficiency and precision while also satisfying rigorous sustainability mandates.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period. This has been driven by expanding population rate, households and demand requirements; the increase in forest products consumption rates of end-users. The benefits of the market have entered India, China and other Southeast markets, by pitching good sales realization for small and mid-sized manufacturers.
Recent Developments
In April 2023: Dezhou Rumao offers even more favourable custom packages for different industries, including a new range of CNC router machine by one of the industry leaders that deliver excellent performance and accuracy specifically for woodworkers. These machines use intuitive interfaces and automation to achieve the best results. These machines being flexible make a promise to suit the needs of woodworkers from different trades whether they work in large-scale or small-scale environments.
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Key Takeaway Related To Report:
- The woodworking machinery market is set to grow significantly due to rising demand for precision, durability, and customization in wooden products. Clients can capitalize on this growth by investing in advanced machinery that meets these needs.
- Ongoing innovations in woodworking machinery, including automation and digital controls, offer opportunities for improved efficiency and performance. Clients should consider adopting these technologies to enhance their operations.
- Europe and Asia-Pacific are key regions driving market growth. Businesses should focus on these regions for expansion and investment opportunities, leveraging the high demand for advanced woodworking technologies.
- The shift towards online shopping and increased consumer preference for customized wooden products presents new opportunities. Companies should align their offerings with these trends to capture market share.
- The emphasis on sustainability and reducing waste is influencing the market. Clients can benefit from adopting eco-friendly woodworking technologies and practices to meet regulatory requirements and consumer expectations.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Woodworking Machinery Market Segmentation, By Type
8. Woodworking Machinery Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. USE Cases and Best Practices
13. Conclusion
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