Woodworking machinery market size in growth mode

Corporate analysis and data biggie, Fortune Business Insights, announced that the global woodworking machinery market size is on the rise. The market is projected to reach US$ 4.86 billion this year.

The market drive can be credited to two reasons: increased adoption of automated woodworking machinery and precise engineering. Manufacturers have been using CNC machines for precise quality and customisation in wood products.

However, health hazards are expected to hinder the market growth. The Covid-19 pandemic had a significant impact on the industry, manufacturing and retail areas of woodworking.

The industry in North America suffered a manufacturing shutdown due to disruptions. Timber importers in the UK encountered supply chain disruptions and were forced to stop orders.

For the basis of type, the lathe segment is projected to have the highest market share due to the increasing number of working centres. The planer segment had the highest compound annual growth rate (CAGR) due to the increasing use of high-efficiency and light-weight planer machines.

For the basis of application, the furniture segment is expected to hold the largest share due to rising government investments. The construction segment is predicted to show exponential growth due to increasing disposable income in countries.

The market report is segmented into North America, Europe, Asia Pacific, the Middle East, Africa and South America. Since Europe is home to various wood-working machine manufacturers, it is predicted to lead the woodworking machinery market share.

North America is expected to see significant growth due to the utilisation of timber, including the adoption of cross-laminated timber for manufacturing houses and commercial buildings within the region.

For more information, visit: fortune business



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