Agricultural and Forestry Machinery Market Outlook
According to the report by Expert Market Research (EMR), the global agricultural and forestry machinery market size reached a value of nearly USD 147.93 billion in 2023. Aided by the increasing demand for food and the mechanisation of agriculture, the market is projected to grow at a CAGR of 4% between 2024 and 2032 to reach a value of around USD 211.50 billion by 2032.
Agricultural and forestry machinery encompasses a wide range of equipment designed to facilitate various tasks in the agriculture and forestry sectors. This includes tractors, ploughs, harvesters, chainsaws, and woodchippers, among others. These machines play a crucial role in enhancing productivity, reducing manual labour, and improving the overall efficiency of farming and forestry operations.
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One of the key factors driving the growth of the global agricultural and forestry machinery market is the increasing adoption of precision farming techniques. Precision farming involves the use of advanced technologies such as GPS, drones, and sensors to optimise crop yield and minimise resource usage. This approach requires sophisticated machinery, thus fuelling the demand for high-tech agricultural equipment.
Furthermore, the rising global population and the subsequent need for higher food production are pushing the agricultural sector to adopt mechanised farming practices. This is leading to a surge in demand for tractors, combine harvesters, and other agricultural machinery that can significantly increase the speed and efficiency of farming operations. This is expected to contribute to the agricultural and forestry machinery market growth.
In the forestry sector, the demand for machinery is driven by the need for sustainable forest management practices. Mechanised equipment such as harvesters and forwarders are increasingly being used for selective logging, which helps in maintaining forest health while meeting the demand for timber.
The Asia Pacific is expected to dominate the global agricultural and forestry machinery market share, owing to the large agricultural sector in countries such as China and India. The adoption of modern farming techniques and the increasing mechanisation of agriculture in these countries are driving the market growth in the region.
North America and Europe are also significant markets, with a strong focus on precision farming and sustainable forestry practices. These regions are witnessing a growing demand for advanced machinery equipped with GPS, telematics, and automation technologies. This is one of the key agricultural and forestry machinery market trends.
However, the growth of the market is not without its challenges. The high cost of advanced machinery can be a significant barrier to adoption, especially in developing countries where small-scale farmers may not have the financial resources to invest in such equipment. Additionally, there is a need for training and education to ensure that operators can effectively use and maintain these sophisticated machines.
To address these challenges, governments and organisations are implementing various initiatives to promote the use of agricultural and forestry machinery. These include providing subsidies and financial assistance to farmers for purchasing equipment, offering training programmes to enhance their technical skills, and investing in research and development to create more affordable and user-friendly machinery.
The market is also witnessing a trend towards the development of autonomous and electric machinery. Autonomous tractors and drones are being developed to perform tasks such as planting, spraying, and monitoring crops with minimal human intervention. Electric and battery-powered machinery is gaining popularity due to its environmental benefits, such as reduced emissions and lower noise levels. This is expected to drive the agricultural and forestry machinery market expansion.
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Moreover, the integration of digital technologies like the Internet of Things (IoT) and artificial intelligence (AI) is transforming the agricultural and forestry machinery market. These technologies enable real-time monitoring and data analysis, leading to more informed decision-making and optimized operations.
In conclusion, the global agricultural and forestry machinery market is expected to continue its growth trajectory in the coming years, driven by the need for increased efficiency and productivity in farming and forestry operations. With technological advancements and supportive initiatives, the market is poised to overcome its challenges and contribute significantly to global food security and sustainable forestry management in the forecast period.
Agricultural and Forestry Machinery Market Segmentation
The market can be divided based on product and region.
Market Breakup by Product
- Tractors
- Harvesters
- Soil Preparation and Cultivation Machines
- Agriculture Spraying Machines
- Milking and Poultry Machines
- Haymaking Machines
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Agricultural and Forestry Machinery Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global agricultural and forestry machinery market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
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