Woodworking CNC Tools Market is Projected to Register a CAGR of 5.6% during Forecast 2023 to 2033 | Report by FMI

In 2022, the net valuation of the woodworking CNC tools market is expected to reach around US$ 1,823.3 million. Furthermore, the global market is expected to grow at a 5.6% annual pace from 2023 to 2033. The Future Market Insights market study estimates that by the end of this forecast period, it will be worth US$ 3,335.4 million.

Global demand for modern woodworking tools and equipment is increasing as the construction industry expands in tandem with economic growth. The growing popularity of luxury furniture and 3D design approaches has resulted in a significant increase in demand for CNC 3D wood carving machines. Furthermore, the adoption of CNC wood lathe equipment reduces the chance of human errors, lowering overhead costs even further.

The expanding trend of automation across sectors is one of the key drivers driving sales of woodworking CNC equipment. Furthermore, market participants are likely to profit from the inclusion of business information modelling and 3D wood carving technology. On the other hand, their high installation and maintenance costs in comparison to manually operated woodworking machines are expected to limit market growth and trends.

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The market is expected to face challenges related to worries about expensive errors that could result from faulty instructions that aren't caught.

Key Takeaways from the Woodworking CNC Tools Market Study Report

• The use of all types of CNC woodworking machines is rampant in the United States as it contributes 14.8% to the global market alone. The United States market is anticipated to grow through 2033 supported by an increase in the use of timber in the building sector.
• Throughout the projection period, Germany is anticipated to have the commanding market share for woodworking CNC tools in Europe. This might be attributed to the country's long-standing makers of CNC tools acquiring a total share of 6.5% in the global market.
• FMI estimates that Asia Pacific countries together accounted for 47.3% of the total revenue generated by sales of woodworking CNC tools back in 2022. China is the leading market for the supply of woodworking CNC tools in Asia Pacific and is poised to advance at 6.8% CAGR through 2033.
• China is followed by Japan market in the production of woodworking CNC tools which was valued at US$ 82 million in 2022. Meanwhile, the sales of woodworking CNC tools in Australia generated a revenue of around US$ 43.75 million in that year.

• India is estimated to present some key opportunities for regional as well as global players by expanding at a CAGR of 7.2% through 2033.
• Among different types of tools, the woodworking CNC cutter segment dominates the market which held 49% of the revenue share in 2022.

Competitive Landscape for the Woodworking CNC Tools Market Players

Besides acquisitions and mergers, the leading woodworking CNC tools companies may adopt strategies like alliance, and facility expansion to maintain their stronghold.

The market is also getting influenced by the increasing use of cutting-edge technology in response to rising labor costs. To provide precision saws and panel saw series, prominent manufacturers like IMA Schelling Group GmbH are effectively utilizing cutting-edge woodworking tools.

SCM Group revealed in June 2020 that its DMC system flexible abrasives modular center might be added to its products portfolio of broad belt sanders. According to the firm, the modular center has a hand-scraping device to attain high degrees of wood manufacturing finishing.

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Key Segments Covered by Woodworking CNC Tools Industry Survey Report

By Tool Type:

• Router Bits
  • 1/2"
  • 1/4"
  • 3/8"
  • 3/4"
  • 5/8"
  • 5/16"
• Insert Knives
  • Less than 0.3"
  • 0.3" to 0.4"
  • 0.4" to 0.5"
  • 0.5" to 0.6"
  • More than 0.6"
• Engraving Tools
• Cutters
  • Single Flute Cutters
  • Finger Joint Cutter
  • Grooving Cutter
• Other Tool Types

By Wood Type:

• Plywood
• Chipboard
• Medium Density Fiberboard (MDF)
• High-density Fiberboard (HDF)
• Hardwood
• Other Wood Types

By Operation:

• Milling
• Drilling
• Cutting
• Profiling

By Application:

• Woodworking Shop
• Construction
• Other Applications

By Region:

• North America Market
• South America Market
• Europe Market
• East Asia Market
• South Asia & Pacific Market
• The Middle East & Africa Market