The ‘Global Agricultural and Forestry Market Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global agricultural and forestry market, assessing the market on the basis of its segments like products and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Agricultural and Forestry Machinery Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Nearly USD 142.1 Billion
• Forecast CAGR (2023-2028): 4.10%
• Forecast Market Size (2028): Around USD 180.1 Billion
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The growing global population is one of the primary agricultural and forestry machinery market drivers. The rapid growth of the population brings with it an increased demand for food. Due to this scenario, farmers and workers in the agriculture sector are increasingly looking to improve their productivity and efficiency. This provides a great opportunity for the market expansion as the demand for various machines such as tractors, harvesters, and spraying machines continues to rise.
The shifting focus towards preserving forests has become a key factor aiding the agricultural and forestry machinery market development. Forests are being turned into national parks, and they have become an attraction for tourists and local visitors seeking natural settings. The increasing number of visitors raises the chances of damage to the environment, and this compels management authorities to utilise machinery for the preservation of the forest.
Agricultural and Forestry Machinery Market Industry Definition and Major Segments
Agriculture and forestry machinery refers to a type of machinery that is manufactured for various agricultural and forestry activities including land cultivation, harvesting, wood collection, and threshing, among others. Such equipment comes in a wide variety of forms, including hand tools, power tools, and tractors, among others.
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Based on product, the market is bifurcated into:
• Tractors
• Harvesters
• Soil Preparation and Cultivation Machines
• Agriculture Spraying Machines
• Milking and Poultry Machines
• Haymaking Machines
• Others
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Agricultural and Forestry Machinery Market Trends
One of the major agricultural and forestry machinery market trends is the increasing focus on the adoption of sustainable machinery. The rising concerns regarding soil degradation, water supply, and natural resources have compelled manufacturers to look for advanced technologies that can promote and enable sustainability.
In addition, the rising number of government initiatives focused on sustainability and agricultural development is propelling the demand for agricultural and forestry machinery. The Asia Pacific region strongly focuses on this trend as a large portion of the population is engaged and depends on agricultural activities for their income.
The agricultural and forestry machinery market value in the Asia Pacific region is likely to experience substantial growth during the forecast period. It is one of the primary regions that is highly active in the agricultural sector and forest preservation activities.
Moreover, being a region with a huge population and major involvement in agriculture, governments place special attention on food production for food security. This is prompting end users to adopt cutting-edge and innovative agricultural machinery to improve their productivity.
Key Market Players
The major players in the agricultural and forestry machinery market report include
• 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,
• others.
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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