Woodworking Tools Market - Forecasts from 2023 to 2028

The woodworking tools market is projected to grow at a CAGR of 10.07% to reach US$10.024 billion in 2028 from US$5.122 billion in 2021.

Woodworking tools such as hand tools, power tools, and woodworking machines are tools that are used to shape and manipulate wood. Woodworking tools can range from basic hand tools to complex machines, depending on the level of expertise and the nature of the woodworking project. The woodworking tools market is a diverse and growing industry that provides tools and equipment for both professional woodworkers and hobbyists. The market offers a wide selection of instruments, from simple hand tools to sophisticated power tools and equipment. The market for woodworking tools is being pushed by the rising desire for personalization and the DIY movement as more people look to make distinctive and personalized wood goods. Innovative and environmentally friendly items like cordless and battery-powered tools are also becoming more popular on the market, while digital technology like computer-aided design (CAD) software and CNC machines are becoming more widely used.

The woodworking tools market is driven by growing demand for general and customized furniture coupled with the rise in use and advancement of technology.

Demand for sophisticated woodworking equipment is rising as consumers become more interested in custom and one-of-a-kind wood creations. This pattern may be seen most clearly in the domestic woodworking market, where DIY enthusiasts are using woodworking equipment to make unique furniture and home accents.

The emergence of e-commerce platforms has made it easier for consumers to access woodworking tools from anywhere, at any time. As a result, sales of woodworking tools and equipment have surged, especially in developing regions where there is limited access to physical storefronts. According to research by the U.S. Census Bureau, the COVID-19 pandemic and the growing popularity of online shopping caused e-commerce sales of furniture and home furnishings in the United States to rise by 41.4% in 2020.

Significant expansion is being seen in the world's furniture manufacturing sector, especially in developing economies. Demand for cutting-edge woodworking equipment and tools is rising as a result of this expansion, especially in the commercial woodworking market.

Market Developments:

In January 2023, BORA® Tool, a leading manufacturer of woodworking equipment and workshop supplies introduced the NGX Rip Guide to its extensive cutting guide range. The BORA® NGX RIP Guide makes it quick and simple to precisely rip or cross-cut sheets, wooden goods, and dimensional lumber. Right- and left-handed circular saws can easily be mounted using the Rip Guide's advanced tool-free clamping system. Since it is portable, there is no need for a heavy table saw, making setup simple.

In August 2022, Shaper Tools, a San Francisco-based manufacturer of woodworking and robotics equipment, introduced two new products for the woodworking and fabrication sectors called Shaper Studio and Shaper Plate. Studio is a streamlined design tool for artisans, while Plate is a global template and fixture for Shaper Origin. Shaper Studio is a streamlined 2D design tool that aims to concentrate on the features that matter most to craftspeople, reducing the time it takes to go from concept to finished product while excluding the extraneous and perplexing features that have crept into design software that is designed to fit all needs. Meanwhile with Shaper Plate, installing hardware and other localized precision cutting operations are quick and easy. It seamlessly joins physical workpieces with digital designs.

Based on application, the woodworking tools market is expected to witness positive growth in the construction segment.

The construction application segment is one of the major segments of the woodworking tools market. The demand for wooden fixtures and fittings in construction projects is the main factor driving the use of woodworking tools in the industry. Urbanization and infrastructure development in emerging economies are driving the construction industry's rapid rise. Due to this expansion, there is an increase in demand for wooden fixtures and fittings like doors, windows, and frames that need to be manufactured and installed with the use of woodworking tools. Prefabricated wooden buildings are also becoming more and more common in construction projects, and their production has led to increased demand for sophisticated woodworking equipment.

North America and Europe account for major shares of the woodworking tools market.

Based on geography, the woodworking tools market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is a major market for woodworking tools, driven by the presence of a large number of DIY enthusiasts and woodworking professionals. The United States and Canada are the leading countries in the region, with a high demand for advanced woodworking tools and machinery. The U.S. woodworking machinery business shipped goods worth $2.3 billion in 2020, with Canada and Mexico serving as its main export destinations, according to a report by the U.S. Department of Commerce.

Europe also holds a substantial share of the woodworking tools market, driven by the presence of a large number of furniture manufacturers and woodworking professionals. Germany, the United Kingdom, and Italy are some of the leading countries in the region. According to Verband Deutscher Maschinen und Anlagenbau (VDMA) (German Engineering Federation), the German woodworking machinery market generated a €3.5 billion revenue in 2019 with more than 70% of sales coming from exports.

Market Segmentation:

By Type

• Hand Tools
• Power Tools
• Woodworking Machines

By Application

• Furniture Manufacturing
• Construction
• DIY Woodworking Projects
• Others

By Distribution

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East And Africa
• Saudi Arabia
• Israel
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Vietnam
• Indonesia
• Others