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Woodworking Machinery Market Size

Report ID: GMI6633
Published Date: Sep 2023
Report Format: PDF

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Woodworking Machinery Market Size

Woodworking Machinery Market size was valued at USD 4.9 billion in 2022 and is projected to register a CAGR of over 4.5% between 2023 and 2032. As the construction sector experiences growth, there is an increased demand for woodworking machinery to produce materials such as doors, windows, cabinets, and other wooden components used in building and interior design.

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According to Invest India, the construction sector in the country could reach an estimated $1.4 Tn by 2025. Urbanization and infrastructure development also play a role in driving this demand. As per government estimates, by the year 2030, it is anticipated that about 40% of India's population will be residing in urban areas, an increase from the current 33%. This urbanization trend is expected to generate a demand for an additional 25 million middle-range and affordable housing units.

Woodworking Machinery Market Report Attributes
Report Attribute	Details
Base Year:	2022
Woodworking Machinery Market Size in 2022:	USD 4.9 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 7.7 Billion
Historical Data for:	2018 - 2022
No. of Pages:	200
Tables, Charts & Figures:	200
Segments covered:	Type, Application
Growth Drivers:	The demand for furniture, both residential and commercial, significantly impacts the woodworking machinery market. Rise in Demand for Prefabricated Wood Houses to Support Growth Increasing awareness of environmental issues has led to the adoption of sustainable practices in the woodworking industry Robust housing market in North America & Europe
Pitfalls & Challenges:	Lack of skilled labour

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Woodworking machinery, especially advanced and automated equipment like CNC routers and computer-controlled saws, can be expensive to purchase and install. Small and medium-sized woodworking businesses often face challenges in making these upfront investments. High initial costs can act as a barrier to entry for new woodworking businesses and may limit the ability of existing ones to upgrade their equipment. Finding workers with the necessary technical skills and knowledge to operate and maintain advanced woodworking equipment can be challenging. This shortage can lead to reduced productivity and efficiency, as well as increased labor costs due to higher wages for skilled workers.

Moreover, automation and technology have been transforming the woodworking industry. Advancements in CNC (Computer Numerical Control) technology and robotics have improved the precision, efficiency, and productivity of woodworking processes. Woodworking businesses are investing in modern machinery to remain competitive and meet the growing demand for customized, high-quality wood products.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of woodworking machinery was reached USD 4.9 billion in 2022 and will register over 4.5% CAGR from 2023 to 2032, due to the rapid development of the construction sector worldwide.

Woodworking machinery market from the lathe type segment recorded over USD 1.5 billion in 2022 and will witness over 4.5% CAGR through 2032, on account of the growing interest in woodworking as a hobby among consumers.

Europe registered over 30% share of the woodworking machinery market in 2022 and is expected to witness significant CAGR from 2023 to 2032, owing to the strong focus on sustainability and environmental regulations in the region.

Homag Group, SCM Group, Felder Group, Martin Woodworking Machines, Weinig Group, MiniMax, Powermatic, Robland, Biesse Group, Grizzly Industrial, Altendorf Group, JET Tools, Laguna Tools, and Cantek America are some of the major woodworking machinery companies worldwide.