According to a new market research report published by Credence Research “Woodworking Machines Market (by Product Type: Shapers & Planers, Saws, Jointers, Routers, Wood Lathes and Drilling and Borings; By Sales Channel: Online Retail and Retail Stores); By End-use Industry: Craft & Furniture, Construction, and Marine & Locomotives) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the woodworking machines market was valued US$ 4.23 Bn in 2017 and estimated to grow with a CAGR of 3.7% during the forecast period from 2018 to 2026.
From ancient weapons to modern day furniture, woodworking has a long and inseparable history with the evolution of mankind. Wood has been the main element of construction and structural architecture for almost every civilization on Earth. With numerous different metals and composite material at disposal, wood still maintained its utility, functionality, and demand in this modern era. Incorporation of power tools and the introduction of CNC technology have changed the face of present-day woodworking with better efficiency and fast working. Professional woodworkers and furniture manufacturers rely extensively on good quality machines to produce quality products. Consequently, such companies are in continuous process of upgrading their existing machinery and therefore boosting the demand for woodworking machines. Manufacturers are continuously introducing better machines that are easy to use, thus encouraging do it yourself (DIY) and small home project workers to buy these woodworking machines.
Rapidly flourishing construction industries and continuous rising demand for craft and furniture in developing countries of Asia Pacific, Middle East & Africa and Latin America stimulating the demand for woodworking machines. Manufacturers identified the opportunities and invested in promotions and expansion of their geographical presence. Introduction of e-commerce certainly helped manufacturers to claim their market share in these developing regions. Maintenance, repair and overhauling processes in marine and locomotive industries require processed wood panels on a large scale. This also is a vital factor for the woodworking machines market to grow steadily throughout the forecast period from 2018 to 2026.
Cut-throat competition is been faced by major international companies from local woodworking machine manufacturers due to highly fragmented nature of the market. Product development and constant enhancement in the existing products is one of the prime strategy observed by majority of leading brands to maintain market position. In additon, introduction of e-commerce helped these companies to proliferate their businesses beyond their geographical presence. Few of the major woodworking machines manufacturers 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.
The complete report is available at http://www.credenceresearch.com/report/woodworking-machines-market
Key Analysis Covered:
- Latest trends in woodworking machines market and growth opportunities for woodworking machine manufacturers
- US$ 400 Bn craft & furniture industry creating a positive impact on the overall woodworking machines market
- Different range of products offered by leading manufacturers for several end-use applications
- Largest and fastest growing segments in terms of product type, sales channel, and end-use industries
- Most prominent geographical regions/ countries for the woodworking machines market
- Introduction of e-commerce and computer operated numeric control (CNC) and their effect on market value for woodworking machines market