CNC Router Market Forecast and CAGR
According to the latest study by Fact.MR, the CNC (computer numerical control) router market is projected to show decent growth over the forecast period (2021-2031). Substantial growth in production and sales for CNC router seems to provide a positive outlook to the industry. Moreover, constant demand from the hospitality and corporate sector for better and economical woodwork for beautification will act as a constant driver for the sales in the long run.
What is Driving Demand for CNC Router?
Industries are adopting new ways and technologies such as automation to cut cost, increase efficiency and make the process more consistent. Additionally, the need to reduce human errors, reduce wastage and maintain high quality & precision are some intrinsic properties driving the potential volume for CNC router.
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Moreover, with rapid urbanization and rise in high disposable income among middle classes demand for well-engineered, elegantly designed and aesthetically pleasing woodwork is on the rise creating a high sales for CNC router.
The main application driving the sales for CNC router is the woodworking segment which includes wood frames, door carvings, exterior and interior decorations, moldings etc. Additionally, companies are changing the traditional sales and marketing strategies by shifting to e-commerce platforms paving the way for an increase in sales of e-commerce furniture.
Automotive Sector to Bolster the Sales of CNC Router
Automotive sector is growing fast and with the introduction of electric vehicles, the sector is projected to pick up pace in production and sales. A surge in demand has let companies adopt technologies that can produce components on time with utmost precision. Additionally, with rising income levels and economic boom demand for both fuel-based and hybrid vehicles is projected to rise increasing the sales for CNC router.
Moreover, market players are focusing on the development and launching of cutting edge, next-gen CNC machines by continually investing in R&D to enrich their position in the industry. For instance, in September 2020 Mitsubishi Electric launched the M80 series CNC which includes features like optimum machine response-direct drive, low inertia, high-speed spindle motors and high-accuracy tapping function.
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What Was the Impact of the COVID-19 Pandemic on CNC Router Market?
COVID-19 pandemic has impacted every sector including the financial sector, construction sector, automotive sector etc. The CNC market has suffered significant disruptions due to a slowdown in the production for wooden work and automobiles components attributed to prolonged lockdown in major manufacturing countries like China and India. Additionally, as a result, sales of machinery and equipment declined to cause a negative impact on the growth of cnc router.
Moreover, lockdowns, limited working capacity coupled with the change in the spending behaviour of consumers contributed to the decline in the growth of the production
However, with the construction and automobile segment back on track and people choosing to spend on home decors, a surge in demand for CNC routers is projected to grow over the forecast period.
Asia Pacific CNC Router Market Outlook
The Asia Pacific has seen a significant rise in sales of CNC driven machinery attributed to the rise in industrial development and the well-established automobile sector. For instance, Asia Pacific dominated the CNC machine tool market in 2019 with a value of approximately US$ 44 Bn. This significant growth is due to the presence of manufacturing hubs such as China and India which is creating the demand for CNC driven machine tools.
Meanwhile, countries like Japan and South Korea focuses on the development of cutting edge CNC machine tools and investing heavily in R&D programmes. For instance, Japan-based MAZAK is among the top players in CNC machine tool manufacturing providing high tech solutions in their products with their diversified product offering.
Europe CNC Router Market Outlook
Europe is estimated to hold the second largest market volume after the Asia Pacific owing to the trend of adopting new advanced technologies coupled with the presence of some prominent market players in the automotive industry such as Volvo, BMW and AUDI. Additionally, regional policies favouring the adoption of hybrid or electric vehicles coupled with changing consumer preference has led to a surge in demand for CNC routers in the region.
Moreover, the rise in demand for aesthetically produced wooden and metal works for home decorations over the past half-decade has led to the rise in sales for CNC routers in the region.
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Who are the Key Manufacturers and Suppliers of CNC Routers?
Some of the prominent players in this space are
- Thermwood Corporation
- Anderson Group
- The SHODA Company
- AXYZ Automation Group
- Biesse S.p.A.
- Carbide 3D LLC
- MultiCam Inc
- HOMAG Group
- Exel CNC Ltd
- Komo Machine.
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