Woodworking Machines Market to Grow by $ 679.38 Million Amid Ongoing Recession | APAC to Offer Maximum Opportunities During 2020-2024 | Technavio | Financial Buzz

Woodworking Machines Market to Grow by $ 679.38 Million Amid Ongoing Recession | APAC to Offer Maximum Opportunities During 2020-2024 | Technavio

The new woodworking machines market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Woodworking Machines Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Woodworking Machines Market 2020-2024 (Graphic: Business Wire)

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the woodworking machines market.

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“One of the primary growth drivers for this market is the Adoption of Automated Woodworking Machines,” says a senior analyst for the Industrials industry at Technavio.

The increasing focus toward ensuring flexibility and highly personalized product in the woodworking industry has increased the need for highly specialized 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 USD 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.

Regional Analysis

  • 34% of the growth will originate from the 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.

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Related Reports on Industrials Include:

Global Wood Packaging Market: The wood packaging market size has the potential to grow by USD 16.99 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

Global Furniture Wood Coatings Market: The furniture wood coatings market size has the potential to grow by USD 1.80 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

Notes:

  • The woodworking machines market size is expected to accelerate at a CAGR of over 3% during the forecast period.
  • The woodworking machines market is segmented by Application (furniture, construction, and others) and Geography (Europe, APAC, MEA, North America, and South America).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including Biesse Spa, Durr AG, HOLYTEK INDUSTRIAL Corp., IMA Schelling Group GmbH, KTCC WOODWORKING MACHINERY, Masterwood Spa, Michael Weinig AG, Otto Martin Maschinenbau GmbH & Co. KG, SCM GROUP Spa, and Shandong Gongyou Group Co. Ltd.

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