Editor’s pickWoodworking machines market to grow by US$679.38 million amid ongoing recession
Technavio has announced its latest market research report titled Global Woodworking Machines Market 2020-2024 (Graphic: Business Wire)
The new woodworking machines market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
"One of the primary growth drivers for this market is the Adoption of Automated Woodworking Machines," said a senior analyst for the Industrials industry at Technavio.
The increasing focus toward ensuring flexibility and highly personalised products in the woodworking industry has increased the need for highly specialised woodworking machinery in the production process. This leads to the integration of automation technologies into traditional woodworking machinery. With the use of automated and IoT-enabled equipment, this integration is gaining prominence among all functions within and outside the company floor. Automated standalone machines are also flexible enough to find easy integration with other machinery and monitoring systems in the wood industry with the help of software; this enables the large industrial plants to partially shift toward the automated production process hence ensuring high performance and flexibility of production process with low human resource requirement.
As the markets recover, Technavio expects the woodworking machines market size to grow by US$679.38 million during the period 2020-2024.
Woodworking Machines Market Segment Highlights for 2020
- The woodworking machines market is expected to post a year-over-year growth rate of 1.19%.
- Woodworking machines are mainly used in the furniture industry. The wooden furniture and household wooden furniture are the basic products that are developed using woodworking machinery.
- In residential spaces, furniture is used for its usability and aesthetics. Specifically, the demand for portable wooden furniture is increasing due to the trend of shifting homes.
- Market growth in this segment will be slower than the growth of the market in the construction and others segments.
- 34% of the growth will originate from the Asia Pacific (APAC) region.
- Factors such as economic advancements and population explosion will significantly drive woodworking machines market growth in this region over the forecast period.
- China and India are the key markets for woodworking machines in APAC. Market growth in this region will be faster than the growth of the market in other regions.