Industry Outlook
Woodworking machines market is set to exhibit a considerable growth from US$ 4.23 Bn in 2017 to US$ 5.85 Bn in 2026 growing at a steady CAGR of 3.7% throughout the forecast period from 2018 to 2026. Several end-use industries including furniture, craft, building construction, and marine among others extensively use wood in different forms. Woodworking machines are the medium that is used to cut, process, shape and assemble wood into purposeful final products for the aforementioned industries. Woodworking claims a considerable share for more than 60% in the global furniture industry having market value of more than US$ 400 Bn. Besides, growing demand for handcrafted wood articles and utility of wood for making boats, yachts, and marine docks expected to encourage the sales of woodworking machines in coming years.
Woodworking Saws to cut their Way Through to Lead the Segment in Terms of Market value
Owing to availability in different sizes and varieties, woodworking saws lead the product type segment with a considerable margin in market values. A saw is a devoted tool for woodworking and is available in variants such as chainsaw, hacksaw, band saw, Jigsaw, wire-saw, and table saw among others. The saws are available in both fixed as well as in portable constructions in the form of power tools. Shapers & planers stood second to saws in terms of market values that are used to produce perfectly flat wooden surfaces. These machines are incorporated to produce planks, beams, and poles for industrial and structural applications. Furthermore, jointers, routers, grinders, wood lathes and drilling & boring machines also have a notable contribution to the overall woodworking machines market.
Online Sales of Woodworking Machines to take a Significant Leap in Near Future
In 2017, woodworking machine sales through traditional retail contributed much more than online sales in terms of market value. Woodworking professionals often prefer to visit and inspect machines in person before buying. Machines with fixed orientation and heavy equipment are still preferred to be purchased through traditional retail channel owing to reasons such as installations and warranty. However, new generation woodworking professionals are gradually shifting towards online retail. Major woodworking machine manufacturing companies are tying up with online retailers to expand their geographical reach. Competitive pricing and promotional offerings such as additional warranties are stimulating the woodworking machine sales through online sales channel. Consequently, the online sales channel expected to grow with a better CAGR compared to retail stores sales channel throughout the forecast period from 2018 to 2026.
Multi-billion Dollar Craft & Furniture Industry Encouraging the Sales of Woodworking Machines across the Globe
Major real estate growth across the globe rekindled the wooden furniture market and construction industry from last 6 years, post-recession. The overall sales of craft & furniture industry reached a market value of more than US$ 400 Bn in 2017. The number anticipated to grow even bigger in coming years and the industry is the key factor stimulating the growth of woodworking machines market. Besides craft & furniture, construction industry is second largest consumer of woodworking machines. Although the construction industry worldwide witnessed steep dip during economic depression, the industry has shown positive signs of recovery ever since. Wood plays a prominent role even in modern day construction industry consequently; growth in the construction industry is fueling the woodworking machine sales.
Combination of Flourishing Construction Industry and Rising Discretionary Income Asia Pacific to Dominate Woodworking Machines Market
Asia Pacific was the center of woodworking machines market in 2017 and expected to lead the market throughout the forecast period from 2018 to 2026. With continuously increasing disposable income and rising in purchasing power of consumers from countries such as China and India portrayed Asia Pacific as the global leader in woodworking machines market. Continuous growth in marine and locomotive industries in this region is also encouraging the demand for woodworking machines. Asia Pacific was followed by North America and Europe respectively and both the geographies expected to show slow but steady growth in woodworking machines along with the growth of craft & furniture and construction industries.
"Major Woodworking Machine Manufacturers Faces Tough Competition from Local Manufacturers"
Comprising several local and international players, woodworking machines market is highly competitive in nature. Small manufacturing companies are posing a cut-throat competition to leading international manufacturers especially in price-driven economies such as Asia Pacific and Middle East & Africa. Companies are involved in the continuous process of innovation and technological up-gradation of their products to stay competitive in the market. Companies are exploring avenues such as promoting their products on e-commerce websites to expand their geographical reach. Attending trade fairs, exhibitions and consumer expos are other vital strategies adopted by manufacturers to connect with their potential customers. The leading woodworking machine manufacturers profiled in this research study includes BLACK+DECKER, Inc., Oliver Machinery Co., POWERMATIC, SCM Group, ROJEK Woodworking Machinery, Otto Martin Maschinenbau GmbH & Co. KG, Dura Wood Working Machinery Industry & Trade Company Ltd., Masterwood SpA, Hoffmann-USA, Wadkin, and FELDER KG among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Woodworking Machines market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Sales Channel
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End-use Industry
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
