VDMA (German Machinery and Equipment Manufacturers Association) Woodworking Machinery has retracted its forecast for 2024, expecting a 15% decline in production, down to EUR 3.6 billion in Germany. This follows a record EUR 4.2 billion in 2023. With 3,600 members, VDMA represents a key voice for the machinery manufacturing industry in Germany and Europe. “The initial market momentum was not sustainable, requiring us to revise our forecast,” stated Dr. Bernhard Dirr, Managing Director of VDMA Woodworking Machinery. Previously, a 10% decline had been predicted. Customers in woodworking and furniture sectors remain cautious about investments ...
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