As per the latest estimates by Fact.MR, a market research and competitive intelligence provider, the global woodworking machinery market is valued at US$ 5.2 billion in 2023 and is forecasted to reach US$ 8 billion by the end of 2033.
Machinery used in woodworking is mostly to give shapes and dimensions to wood. Woodworking devices are employed in several industries, including construction, shipbuilding, and locomotives. Woodworking tools are utilized in modestly-sized businesses that specialize in producing wooden goods. The vast majority of woodworking machines are powered by electricity, and some are powered by hydraulics. The size of the machines varies depending on what purpose they are serving. Jointers, saws, shapers, routers, and other tools are a few examples of woodworking equipment.
Residential and commercial structure owners have increased their spending on furnishing products in the wooden category as a result of enhanced brand consciousness and ever-changing interior design trends. Woodworking machines are used by furniture producers to provide highly developed wooden furniture to buyers. In addition, the growing preference towards automation of industrial units to enhance worker productivity and boost overall efficiency is also predicted to escalate the need for woodworking machines in the coming 10 years.
The necessity for highly specialized woodworking machines in the production process has developed as the focus on providing flexibility and highly customized wooden products has expanded. This is opening the door for the automation conventional woodworking equipment. Automatic woodworking machines have been launched that are more user-friendly and are gaining immense popularity in the market.
Key Takeaways from Market Study
- The global woodworking machinery market stands at US$ 5.2 billion in 2023.
- Worldwide sales of woodworking machines are predicted to increase at a CAGR of 4.5% from 2023 to 2033.
- The woodworking machinery market in Canada is predicted to expand at a CAGR of 3.5% during the forecast period.
- Demand for planer machines is expected to rise at a CAGR of 5% during the next 10 years.
- China’s market is set to progress at a CAGR of 7% through 2033.