Growth of Construction to Create New Opportunities
According to a recent report, major economies like the US, China, and India are expected to invest significantly in infrastructure developments to double growth of the construction sector by 2030. Additionally, various economies around the world are investing in better infrastructure with investments in housing, highways, ports, bridges, and various other public initiatives. The growth of construction is expected to be a major boon for the woodworking machines market. Additionally, trends like automated in woodworking can also reduce costs significantly. Lack of trained experts continues to pose a challenge to growth of woodworking machine market. However, new tutorials online and courses are expected to advanced skill training programs in the market.
Rise in Demand for Wooden Furniture to Drive Growth
Woodworking machines market is expected to witness major growth in the near future, thanks to rising innovation in wooden aesthetics, tremendous growth in construction, and trends like DIY. The increased innovation in the market are making ways for more pleasing wooden designs, with more variety in wooden furniture, while simultaneously reducing conventional risks of termite attacks, and water spoilage. The increasing reliability of wooden furniture is apparent in homes and offices, wherein the furniture often provides familiarity, a soothing calm of nature, and robust use in heavy-duty applications. The growth woodworking machines market is expected to drive significant growth as new startups continue to prefer wooden furniture with stylish designs over plastic furniture which can uncomfortable and lack prestige.
DIY Trend to Become a Major Growth Driver
Despite some challenges in growth of wooden artefacts in commercial projects, trends like DYI are expected to make up for growth in major markets like the US. Rising demand for wood working machines in homes for pursuing hobbies are expected to open new channels for growth in the Woodworking machines market.
Woodworking Machines Market – Introduction
Woodworking machines is a wood machine, usually powered by electric motors which are used to process and shape wood into the desired dimensions. It is also used to eliminate huge wastage of wood, so as to deliver high quality products to meet the need the consumers.
Woodworking machines are classified according to the type of work they perform such as bending, woodcutting, cementing, and finishing machines. Wood working machines can perform these functions by using different kinds of woodcutting tool, so as to separate certain part of wood on these machines in order to produce parts or products of predetermined shape and size.
Woodworking Machines Market – Company profile
Incorporated in 1952, SCM Group is a prominent global company that operates across four continents and has more than 4,000 employees. The company engages in the manufacture and processing a wide range of machinery and industrial equipment with variety of materials such as metal, plastics, glass, stone, wood and composites. The company’s machinery and industrial equipment are used across different sectors including construction, furniture, automotive, ship-building, aerospace, and plastic processing.
HOMAG Group is the leading provider of integrated solutions with around 6500 employees, for providing integrated solutions to woodworking shops and woodworking industry. The company has global presence in more than 100 countries and offers high-tech machines and systems with the corresponding control software in order to cater to the customers need. Moreover, the products of HOMAG Group are utilized across various sectors including construction, furniture production, and timber house construction.
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Established in 1918, Paolino Bacci is a prominent manufacturer of woodworking machines based in Italy. Additionally, the company began to specialize in the production of woodworking machines in the 1950s. Bacci has recently developed a complete 5-axis and multi-axis computer numerical control (CNC) machining center, equipped with operating software and latest technology.
Key players operating in the woodworking machines market include Paolino Bacci, Biesse Group, Michael Weinig AG, Dürr AG, SCM GROUP S.p.A., ROJEK Woodworking Machinery, HOMAG Group, Dura Wood Working Machinery Industry & Trade Company Ltd., Otto Martin aschinenbau GmbH & Co. KG, Masterwood SpA, and Oliver Machinery Co.
Woodworking Machines Market - Dynamics
Increasing adoption of automated woodworking machines across the globe
Rapid and continuous rise in the demand for furniture and craft and expansion of construction industries in developing countries of Latin America, Middle East & Africa and Asia Pacific, are propelling the demand for woodworking machines. Moreover, increasing demand for engineered wood and wooden furniture in construction and furniture industries is expected to boost the global woodworking machines market during the forecast period. Furthermore, rise in the number of commercial and residential buildings to meet the demand of customers coupled with the increasing preference of residents toward superior esthetic appearance of their building structure is expected to drive the woodworking machines market. Additionally, growing preference for automation and woodworking machines to manufacture products that are precise, attractive, and enhance overall efficiency and productivity is expected to drive the demand for woodworking machines.
High initial cost of woodworking machines and maintenance expenditure of woodworking machines is a major factor hampering the global woodworking machines market. Moreover, lack of skilled labor is expected to restrain the woodworking machines market.
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Woodworking Machines Market – Segmentation
The global woodworking machines market can be segmented based on:
- Operating Principal
- Product Type
- Sales Channel
Woodworking Machines Market Segmentation – By operating principal
Based on operating principal, the woodworking machines market can be bifurcated into:
Woodworking Machines Market Segmentation – By Product Type
Based on product type, the woodworking machines market can be classified into:
- Thickness planer
- Grinding machines
- Chain/chisel mortise
- Wood lathes
- Others (saw, drills, etc.).
Woodworking Machines Market Segmentation – By End- use
In terms of end-use, the woodworking machines market can be divided into:
- Locomotive (Railway)
Woodworking Machines Market Segmentation – By Sales Channel
Based on sales channel, the woodworking machines market can be split into:
- Offline i.e. retail stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.