The global market for woodworking machinery is estimated at $4.2 billion in the year 2020, and is projected to reach a revised size of $4.7 billion by 2027.
An annual growth rate of 1.7 percent is predicted over the analysis period 2020-2027. Furniture, one of the segments analyzed in the report, is projected to record a 2 percent growth rate and reach $2.7 billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the construction segment is readjusted to a revised 1.4 percent growth rate for the next seven-year period.
The woodworking machinery market in the U.S. is estimated at $1.1 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $909 million by the year 2027 with a growth rate of of 3.4 percent over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.2 percent and 1.2 percent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 0.6 percent annually.
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