Global CNC Router Market Overview
The key driver impacting the CNC router market is the growing furniture industry globally. The rising disposable income of the middle-class consumer globally leads to high demand for aesthetically pleasing woodwork and furniture. This leads to massive growth in the furniture industry worldwide. As per the World Bank, the organized furniture industry is anticipated to grow by 20 percent annually. Globally, domestic furniture represents 65% of the production value, at the same time as corporate/office furniture accounts for 15%, hotel furniture 15%, and furniture parts 5%. Moreover, the rising adoption of advanced machines for driving productivity and efficiency of processes contributes to CNC router market demand in the coming years.
According to Value Market Research, the global CNC Router market size was valued at about USD 625 million in 2020 and is estimated to grow at a CAGR of around 3.5% during the forecast period 2021 to 2027.
The growing usage of CNC routers in the automotive sector is likely to augment the market demand in the forecast period. The rapidly growing automotive industry is anticipated to create huge demand for CNC routers in the coming years. For instance, For instance, The Crescendo Worldwide Organization report shows that the automobile production across the world in 2019 was projected as 92 MN Vehicles, and it is estimated to climb by a CAGR. It is also projected to reach around $ 9 trillion by 2030. However, a lack of skilled laborers may hamper the market in the long run. Also, huge costs incurred in training new employees negatively impact the growth of the market. Nonetheless, the current industry trends, such as the growing demand for wood furniture and rapidly growing construction sector are expected to offer several beneficial market opportunities to the key players.
The CNC router market is vast, with many local and global players. The CNC router market is extensive, with many regional and international players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The significant players studied in the report include Anderson Group, Biesse S.p.A., Exel CNC Ltd, ShopSabre, Exel CNC Ltd, Thermwood Corporation, AXYZ Automation Group, Carbide 3D LLC, HOMAG Group, MultiCam Inc., and The SHODA Company.
In this research report, the CNC Router market is segmented by end-use, product, and region.
Analysis by End-Use:
By end-use, the report is categorized into automotive, construction, industrial, and others. The construction segment dominates the end-use segment with over 20% share in 2020. It is due to the high demand for wood construction and the rising adoption of advanced machinery for time-saving applications such as cutting, routing, and drilling. Moreover, the growing utilization of CNC routers in woodworking and metalworking applications in the construction sector contributes to the growth of the construction segment in the forecast period.
Analysis by Product:
By product, the report is categorized into metal tools, water jet, laser, and plasma. The metal tool segment dominates the application segment with over 30% share in 2020. It is due to the increasing utilization of the metal tool machine in woodworking and metalworking. Moreover, the rising extraction of wood contributes to the growth of the metal tool segment in the forecast period.
Analysis by Region:
In the regional outlook of the global CNC router market, the Europe region is expected to hold the second-largest market share of around 25% in the forecast period. It is due to the increased trading and adoption of advanced technology in the region. Moreover, the existence of automotive manufacturers such as Volvo, Audi, and BMW, as well as investments in research and development, contributes to the tremendous market growth across Europe.
Market Segmentation covered in the Report:
By End-Use
- Automotive
- Construction
- Industrial
- Others
By Product
- Metal Tool
- Water Jet
- Laser
- Plasma
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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