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As per an FMI study, in terms of volume, the router bits segment is projected to account for more than 40% share throughout the forecast period (2022-2028), and the global woodworking CNC tools market value is expected to cross US$ 2.6 Bn by the end of 2028.
In terms of wood type, medium-density fiberboard (MDF) is anticipated to account for 1/3rd of the total woodworking CNC tools sales through 2028. FMI estimates that the Asia Pacific will hold the dominant share in the market, accounting for 47.3% of the total revenue share in 2022.
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“Globally, woodworking CNC tools are expected to gain healthy traction in the coming decades, boosted by rapid developments in the automation industry and growing focus on safety. CNC machines are highly safe, as these can perform all operations on wood without the requirement of human interaction or labor.”
Key Takeaways of Woodworking CNC Tools Market Study
The global woodworking CNC tools market is highly fragmented, owing to the presence of numerous international and local players. Furthermore, leading players are expected to hold less than 15% share, while the remaining is accounted for by local players. Moreover, China and Mexico are two countries that are anticipated to change the landscape of the global woodworking CNC tools market over the coming years. During the course of research, players such as Robert Bosch GmbH, Rockler Companies, Inc., and Vortex Tool Company Inc., among others, were identified to be the leading players in the woodworking CNC tools market across the value chain.
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Future Market Insights has published a market research report on the global woodworking CNC tools market that contains global industry analysis of 2013–2021 and opportunity assessment for 2022–20289. The report provides insightful analysis of the woodworking CNC tools market through four different segments – tool type, wood type, operation, and region. The woodworking CNC tools report also includes macroeconomic factors, forecast factors, and key success factors. Furthermore, the team has also incorporated a list of global suppliers and distributors, as well as a list of online product sellers.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Global Woodworking CNC Tools Market Are Expected To Exceed US$ 2.60 Bn By 2028 appeared first on Future Market Insights.
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