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.
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.