Update: The global woodworking machinery market is estimated at $4.3 billion in 2020, and is expected to reach $6.1 billion in 2027 and $7.2 billion in 2030, given the changing business landscape following the pandemic.
A compound annual growth rate of 5.1% during 2020-2027; The compound annual growth rate for 2022-2030 is 5.9%. Lathes, one of the market segments analyzed in the report, is expected to grow at a compound annual growth rate of 4.8% and reach $2.9 billion by the end of the report period.
After an early analysis of the business impact of the economic crisis, growth in the planning sector was readmitted to a revised CAGR of 5.9 per cent over the next seven years and a revised CAGR of 7 per cent over the next eight years.
The U.S. woodworking machinery market is estimated to be $1.2 billion in 2020.
China, the world's second largest economy, is expected to have a market size of $1.2 billion by 2027 and $1.5 billion by 2030. The compound annual growth rate from 2020 to 2027 is 7.8%, while the compound annual growth rate from 2022 to 2030 is 9.2%.
Other markets to watch include Japan and Canada, which are expected to grow by 3.3% and 4.2% respectively over the 2020-2027 period; By 3.6% and 4.7%, respectively, in the 2022-2030 period.
In Europe, Germany is expected to grow at a compound annual rate of about 4 per cent.
The US, Canada, Japan, China and Europe will drive the sector's compound annual growth rate of 5.1 per cent. The total market size of these regional markets is $578.3 million in 2020 and is expected to reach $817 million by the end of the study period. China will remain one of the fastest growing countries in this regional market group. Led by countries such as Australia, India and South Korea, the Asia-Pacific market is expected to reach $795 million by 2027, while Latin America is expected to grow at a compound annual rate of 5.7 percent throughout the report's survey period.
Source：Furniture micro news