April 24, 2023 05:55 ET | Source: Zion Market Research Zion Market Research
NEW YORK, United States, April 24, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Woodworking Machine Market By Operating Principle (Electrical And Mechanical), By Product Type (Grinding Machines, Thickness Planer, Routers, Wood Lathes, Chain Or Chisel Mortise, And Others), By Sales Channel (Online And Offline), By End-User (Construction Industry, Furniture Industry, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Cnc Contour Cutting Machine
“According to the latest research study, the demand of global woodworking machine market size & share in terms of revenue was valued at USD 4.61 billion in 2022 and it is expected to surpass around USD 7.22 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.91% during the forecast period 2023 to 2030.”
The report analyzes the global woodworking machine market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the woodworking machine market.
What is Woodworking Machine? How big is the Woodworking Machine Industry?
The production and sale of various types of tools and machines used in woodworking are referred to as the "woodworking machine industry." Planners, saws, routers, sanders, and other shaping or cutting instruments are a few examples. When producing or manufacturing wood-related goods including flooring, building supplies, cabinets, and furniture, these machines are often employed. Both large-scale applications of woodworking equipment, which are typically utilized in industrial settings, and smaller ones, such those used by hobbyists and small-scale furniture manufacturers, are used to run the fraternity.
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The business is expanding rapidly due to a number of factors, including rising infrastructure and construction activity as well as rising demand for wood-based products. Due to the enormous number of small and large-scale businesses who regularly offer a variety of goods and services, this industry is quite competitive. Players can anticipate stable growth during the projection period, but they may have to deal with issues related to waste management.
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Due to the increased need for wood products in the quickly expanding construction industry, the global market for woodworking machines is anticipated to expand. End users are increasingly choosing wood-made furniture, flooring, and building supplies over those manufactured of plastic or other synthetic materials.
The increased understanding of sustainable growth is a key factor in the trend change. Contrary to plastic, which is non-biodegradable and is a major source of environmental pollution, wood is a renewable energy source, and products made from it have little to no environmental impact.
Since they can be pricey, woodworking machines require a large initial investment. Small-scale competitors or hobbyists are most interested in this element because it may be challenging for them to invest in a variety of products from the woodworking machine sector.
The high level of sophistication involved in the work—for instance, the majority of these machines use computer numerical control (CNC) and sophisticated sensors—is one of the key factors influencing their high price. Maintaining the product's quality and durability is crucial, which further raises the overall cost of the goods.
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Woodworking Machine Market: Segmentation Overview
The global woodworking machine market is segmented based on operating principle, product types, sales channel, end-user, and region.
Based on the operating principle, the global market segments are electrical and mechanical. The industry's electrical segment saw the highest CAGR in 2022 as the use of electricity-powered devices over mechanical machinery has increased over time. The improved performance index of electrical gadgets is primarily to blame for this. Compared to conventional machines, they provide more precision, variety, and speed. However, the second kind of equipment continues to be a substantial source of income, particularly for smaller businesses or those engaged in the manufacture of conventional wood goods like furniture and flooring. Smaller electric jigsaws have powerful strengths of 4 to 7 amps.
Based on product type, the global woodworking machine market divisions are grinding machines, thickness planner, routers, wood lathes, chain or chisel mortise, and others.
Based on sales channel, online and offline are the two segments. Since traditionally the sector has been greatly influenced by the selling of these machines utilizing offline channels and involves the roles of dealers, distributors, and direct business-to-consumer (B2C) modes, the latter was the greatest revenue-pulling segment in 2022. Recent years have seen a significant expansion of the online sales channel as a result of online retailers' extensive use of digital marketing strategies. But for the sector to flourish, especially in regards to expensive machines and specialized equipment, offline sales channels like trade shows, direct sales, or exhibits are crucial. In Canada, the Woodworking Machinery & Supply Expo (WMS) is held every two years and draws between 5000 and 7000 visitors.
The global Woodworking Machine market is segmented as follows:
Browse this Full Research Report | Woodworking Machine Market By Operating Principle (Electrical And Mechanical), By Product Type (Grinding Machines, Thickness Planer, Routers, Wood Lathes, Chain Or Chisel Mortise, And Others), By Sales Channel (Online And Offline), By End-User (Construction Industry, Furniture Industry, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030
Some of the main competitors dominating the global woodworking machine market include -
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Europe is anticipated to experience the largest growth in the worldwide woodworking machine market during the forecast period, primarily as a result of the presence of major industry players and the exponentially expanding use of wood and products derived from it. For instance, the Food and Agriculture Organization (FAO) has asserted that by the end of the decade, the average rate of wood consumption in Europe may increase by around 104%.
Due to the rising demand for wood-based furniture in one of the fastest-growing industries, the construction sector, the US is predicted to become the leading income generator in North America. Additionally, the growing number of participants who routinely host tradeshows and exhibitions and invite brands from around the world has enhanced networking opportunities and led to the development of lucrative commercial opportunities.
India, China, and Japan hold the three largest stakes in the Asia-Pacific region due to rising demand brought on by rapid urbanization and an increase in infrastructure building projects.
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