Woodworking machines are largely adopted in countries, such as the U.S., China and Germany to deliver highly precise and quality products as per customer needs. These machines largely help manufacturers reduce wastage of wood and thereby, improve their profitability margin. Moreover, the increasing focus of customers to replace old furniture to rehabilitate their office and house is expected to drive growth of the global woodworking machines market. Additionally, the shifting focus of furniture manufactured using conventional tools to furniture manufactured using automatic machines is further projected to escalate the demand of woodworking machines in near future.
Based on operating principle, mechanical woodworking machines are expected to dominate the market. However, electric machines are anticipated to witness significant growth in near future, owing to increasing preference of smart machines in countries, such as the U.S., Europe and India. Based on end use industry, the furniture industry is expected to dominate the segment in terms of revenue, owing to the high adoption of automated machines to deliver high quality products to customers. However, the construction industry is expected to witness high growth in the near future, owing to increasing demand of these machines from the construction industry. The global woodworking machines market is expected to grow during the forecast period.
Woodworking Machine Market: Drivers
Increasing demand for wooden furniture and engineered wood is expected to drive the growth of global woodworking machines during the forecast period. Rise in residential and commercial buildings, clubbed with the increasing preference of occupants towards the aesthetic look of their buildings is further anticipated to fuel growth of the woodworking machines market. Additionally, increasing preference towards automation of manufacturing units to improve productivity and enhance overall efficiency is further expected to escalate the demand for woodworking machines in the near future.
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Woodworking Machine Market: Restraints
One of the major factors restricting growth of the global woodworking machines market is lack of skilled labor. High initial cost of the machines, coupled with maintenance expenditure is anticipated to hamper growth of the woodworking machines market. Moreover, impact of BREXIT on the timber industry is expected to challenge the overall growth of the global woodworking machines market.
Woodworking Machine Market: Segmentation
The global woodworking machine market can be segmented on the basis of operating principle, product type, and end-use industry. On the basis of operating principle, the global woodworking machines market can be segmented into mechanical and electric. On the basis of product type, the market can be further segmented into thickness planer, grinding machines, chain/chisel mortise, routers, and others (saw, drills, etc.). On the basis of end-use industry, the market can be segmented into construction industry and furniture industry.
Woodworking Machine Market: Regional Outlook
Based on regions, North America is expected to dominate the global woodworking machines market, owing to increasing automation of manufacturing units in this region. Latin America and Europe are projected to witness significant growth during the forecast period. Asia Pacific, led by China and India is anticipated to be a promising revenue generating region, owing to increasing construction projects in this region, coupled with increasing adoption of advanced machines. Middle East & Africa is expected to witness moderate growth during the forecast period, due to the limited adoption of woodworking machines in this region.
Woodworking Machine Market: Market Participants
Examples of some of the prominent market participants identified in the global woodworking machine market:
KTCC Woodworking Machinery
Woodworking Machine – Oliver Machinery
Holytek Industrial Corporation
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The global woodworking machines market is highly fragmented due to the presence of large number of regional and global players. Regional players choose quality service and competitive pricing as their winning strategy over global players. In response to this, global players are largely involved in merger & acquisition and partnership activities in order to enhance their profitability margin and market share.