The ‘Global Agricultural and Forestry Machinery Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global agricultural and forestry machinery market, assessing the market on the basis of its segments like product and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Agricultural and Forestry Machinery Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 142.1 billion
• Forecast CAGR (2023-2028): 4.10%
• Forecast Market Size (2028): USD 180.1 billion
Rapid surge in global population is significantly contributing to the growth of the global agricultural and forestry machinery market. The demands of feeding an ever-growing population have resulted in adoption of advanced agricultural and forestry machinery in farming and agricultural practices in order to increase the quality and yield of produce. The projected increase in investment and research and development activities by several governments as well as key players in the market is further expected to drive the growth of the market for agricultural and forestry machinery.
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Increasing innovation along with growing measures taken by several governments for creating awareness pertaining to several advantages associated with agricultural and forestry machinery is expected to have a positive impact on the growth of the market. Application of these machinery helps result in increased productivity which in turn can bring in more profits for the farmers and minimise farm losses.
Changing food habits coupled with declining land fertility are contributing towards the agricultural and forestry machinery market growth. However, lack of knowledge about the advantages of employing advanced agricultural and forestry machinery may restrict the growth of the market.
Agricultural and Forestry Machinery Industry Definition and Major Segments
Agricultural and forestry machinery include devices, machines, and tools that aid farmers in carrying out agricultural and forestry activities. They have applications in various domains including soil preparation, harvesting, haymaking, and pesticide spraying, among others. They can be used to optimise agricultural processes and cultivate large areas of land efficiently.
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Based on product, the market is segmented into:
• Soil Preparation and Cultivation Machines
• Agriculture Spraying Machines
• Milking and Poultry Machines
• Haymaking Machines
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Agricultural and Forestry Machinery Market Trends
The key trends in the agricultural and forestry machinery market include increasing demand for advanced agricultural machinery in developing regions. Rapid increase in population in several developing countries is propelling the demand for food items. To meet these increasing demands, employment of automated machinery is beneficial as they ensure improved yields.
The projected increase in labour shortage is expected to offer several growth opportunities to the market for agricultural and forestry machinery.
Additionally, increased focus towards forest protection for conserving the environment has resulted in development of forests as natural parks in various regions. Increasing visitation of such forests by locals and tourists has resulted in increase in demand for forest machinery to develop and maintain the forests, further fuelling the growth of the agricultural and forestry machinery market.
In regional terms, the Asia Pacific is expected to witness massive growth in the market because of the emergence of mechanised farming activities and increasing adoption of advanced agricultural and forestry machinery among farmers. India and China, owing to their large population base, are the leading countries contributing towards the growth of the Asia Pacific market for agricultural and forestry machinery. Meanwhile, several actions undertaken by various EU nations are expected to contribute towards the growth of the market in Europe.
Key Market Players
The major players in the global agricultural and forestry machinery market report are:
• Deere & Company
• AGCO Corporation
• AKG Group
• Mahindra & Mahindra Ltd
• China National Machinery Industry Corporation
• Valmont Industries, Inc
• Junkkari Oy
• Escorts Limited
• SDF S.p.A.
• Komatsu Forest
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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