January 11, 2024 09:01 ET | Source: Emergen Research Emergen Research
Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global woodworking equipment market size was USD 4.70 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.0% during the forecast period. Increasing adoption of precise engineering and rising awareness about environmental issues are key factors driving market revenue growth. Wood Work Drill
The rising adoption of sustainable practices within the woodworking industry is another factor driving market revenue growth. With environmental concerns, such as deforestation, greenhouse gas emissions, pollution, and waste generation, becoming more prominent, both consumers and businesses are actively seeking eco-friendly and sustainable solutions. This increasing awareness has compelled woodworking companies to revaluate their production processes and invest in woodworking equipment that aligns with sustainable principles.
However, increasing popularity of power tools is due to their significance in simplifying woodworking processes and improving efficiency, is a key factor, which could restrain market revenue growth. Woodworkers are encouraged to invest in these power tools for their projects. The popularity of power tools, such as cordless drills, electric circular saws, cordless jigsaws, routers, cordless belt sanders, handheld electric planers, cordless biscuit joiners, impact drivers, electric miter saws, and electric table saws, leads to a preference for standalone power tools over traditional woodworking equipment. As woodworkers increasingly rely on these versatile power tools, there can be reduced demand for more extensive and specialized woodworking equipment, which could also restrain market revenue growth.
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A recent trend in the market is rising need to address labour shortages and adapt to the demands of the modern manufacturing landscape. With the woodworking industry struggling to find skilled labour, automation has gained prominence. Robots are no longer merely replacing human workers, they are seamlessly integrated into modern woodworking manufacturing settings to enhance productivity and maintain or exceed quality standards. These robots are engineered for versatility and safety, capable of handling various tasks, including material handling, cutting, sanding, and finishing, making these a safer and more efficient option.
On the basis of product, the global woodworking equipment market is segmented into grinding machines, routers, planers, drills, saws, and others. The planers segment accounted for largest revenue share in the global woodworking equipment market in 2022 due to increasing need of planers in wood processing and safety features. Planers, such as the thickness planer, contribute to efficient stock preparation, ensuring uniform thickness and smooth surfaces. Safety rules emphasize on minimizing potential accidents, as the planer's enclosed cutter head and automated feeding reduce risks. The planer's versatility in handling various stock lengths and materials, coupled with its role in consistent results, makes it indispensable.
On the basis of end-use, the global woodworking equipment market is segmented into furniture, construction, marine, automotive, and others. The furniture segment is expected to account for significantly large revenue share in the global woodworking equipment market during the forecast period. This is because these machines are indispensable for shaping crucial furniture components such as doors, windows, stair railings, and polished surfaces. The advanced features of woodworking machines not only enhance precision and efficiency but also elevate production levels and product quality.
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North America accounted for largest market share in the global woodworking equipment market during the forecast period due to increasing presence of leading woodworking technology and design names such as International Woodworking Fair (IWF). IWF serves as a hub for showcasing the industry's newest technologies, innovations, and trends, attracting attendees from various business sectors. The event's prominence reflects North America's strong position in woodworking, with participants seeking cutting-edge solutions and staying abreast of industry news.
For instance, on 9 January, 2023, the International Woodworking Fair Atlanta (IWF) announced a significant partnership with the Manufacturing Industry Learning Lab (MiLL). IWF contributed USD 12,500 to MiLL, supporting its mission to enhance trade workforce development in Colorado. MiLL focuses on providing trade career paths in Cabinet Manufacturing, Construction Technology, and Welding Technology. This collaboration aligns with IWF's commitment to industry advancement, innovation, and education.
Asia Pacific is expected to account for considerably large market share in the global woodworking equipment market during the forecast period due to rising population, coupled with increasing household needs and consumer demands. In addition, rising trend toward energy-efficient and environmentally compliant construction materials is also expected to drive market revenue growth of this region during the forecast period.
For instance, the 7th edition of DELHIWOOD, Asia's largest woodworking, furniture manufacturing, and mattress manufacturing show, is set to take place from March 2-5, 2023, at India Expo Mart, Greater Noida. The event will bring together stakeholders from the woodworking and furniture manufacturing industry, providing a platform to meet national and international decision-makers. The exhibition will showcase latest advancements in furniture production technologies, woodworking machinery, tools, fittings, accessories, raw materials, and products.
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Major Companies and Competitive Landscape
The global woodworking equipment market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient woodworking equipment solutions in the market. Some major players included in the global woodworking equipment market report are:
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For the purpose of this report, Emergen Research has segmented the global woodworking equipment market on the basis of type, application, deployment, enterprise size, component, vertical, and region:
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