The global woodworking machinery market is estimated to be USD 4.2 billion in 2020, and the revised scale is expected to reach USD 4.7 billion by 2027.

The annual growth rate is expected to be 1.7% during the analysis period 2020-2027. Furniture is one of the market segments analyzed in the report, and is expected to achieve a growth rate of 2% and reach US$2.7 billion by the end of the analysis period.

After an early analysis of the business impact of the pandemic and the economic crisis it caused, the construction sector's growth was readjusted to a revised 1.4% growth rate for the next seven years. The size of the U.S. woodworking machinery market in 2020 is estimated at 1.1 billion U.S. dollars. As the second largest economy in the world, China is expected to reach a market size of US$ 909 million by 2027, with a growth rate of 3.4% during the analysis period from 2020 to 2027.

Other notable geographic markets include Japan and Canada, which are expected to grow by 0.2% and 1.2% during 2020-2027. In Europe, the annual growth rate in Germany is expected to be approximately 0.6%.

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Karl D. Forth is the online editor of CCI Media. In addition to newsletters and custom publishing projects, he also writes news and feature stories in FDMC magazine. He also participated in event organization and compiled the annual FDM 300 industry leader list. You can contact him at karl.forth@woodworkingnetwork.com.

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