The global Woodworking Machinery market, valued at $4.3 billion in 2020, is expected to expand at a CAGR of 5.1% during the analysis period 2020-2027 and reach a revised size of $6.1 billion by 2027.
Looking at the individual industry segments, the lathe market will achieve a CAGR of 4.8% and reach a value of $2.9 billion by the end of the analysis period. In the same interval, the growth rate for the planer segment has been adjusted to a revised CAGR of 5.9%.
As regards the different national realities active in the production of woodworking machinery, China is expected to reach a market size of 1.2 billion dollars by 2027, equaling the performance recorded by the United States in 2020, with a CAGR of 7.8%. Other growing geographic markets include Japan (+3.3%), Germany (+4%), and Canada (+4.2%).
The United States, Canada, Japan, China, and Europe are supposed to fuel the global saw segment‘s predicted 5.1% CAGR. By the end of the analysis period, these regional markets, which together had a market size of US$578.3 million in 2020, are expected to have grown to US$817 million.
The market in Asia-Pacific is anticipated to reach US$795 Million by the year 2027, driven by nations like Australia, India, and South Korea, while Latin America will grow at a 5.7% CAGR over the course of the analysis period.
Source: woodworkingnetwork.com
