The new report by Expert Market Research titled, ‘Global Forestry Equipment Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global forestry equipment market, assessing the market based on its segments like product, power, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 10.3 billion
- Forecast CAGR (2023-2028): 4%
- Forecast Market Size (2026): USD 13 billion
The market for forestry equipment has seen substantial growth due to factors such as increasing awareness about forest preservation and related practices in both developed and developing countries. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the forestry equipment market. In addition, the shift of forest operations from manual to automated forest mode of operation is likely to drive demand for forest equipment during the forecast period. The rising demand for timber and various by-products, along with the move towards mechanized forest tree cutting processes, has significantly enhanced the demand for forest equipment.
In addition, by developing forestry machines equipped with telematics and GPS systems for real-time tracking and monitoring of machinery that would increase performance, major players in the sector are changing the landscape of the industry. Such advances, as well as the growing demand for these hybrid technologies, are expected to fuel the growth of the sector. In addition, there is expected to be an increased demand for wooden slabs and pillars as the construction industry grows, which, in turn, will fuel demand for forest equipment. In addition, manufacturers are concentrating on designing equipment for forestry, which will have a reduced impact on soil and fuel efficiency. In turn, this is expected to fuel the growth of the demand for forestry equipment.
Industry Definition and Major Segments
The science or art of planting, maintaining and caring for forests refers to forestry. Forestry equipment is called the equipment that facilitates this practice. One of the oldest sectors practiced by mankind is agriculture and forestry. We have become more reliant on agricultural products and forestry over the past few years.
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Based on the product, the industry is divided into:
- Feller Bunche
Based on the power, the industry is divided into:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Geographically, European countries hold a large market share of global forestry equipment and are expected to sustain their dominance. This region’s agricultural policy ensures that this sector is financially assisted. This helps organizations in Europe to make high-end agricultural and forestry equipment available. The numerous steps taken by European countries to facilitate forestry activities help the growth of forestry machinery in the region over the forecast period. In addition, increasing demand for forest products such as trees, herbs and other minerals specifically grown in recent years is expected to reinforce market development, owing to rising awareness and health concerns. Because of this rising demand, companies are calling for modern, heavy-duty forestry equipment. These machines can be used smoothly for chopping, segregation, collection, log storage, and other goods. The global forestry equipment market is expected to expand at a decent pace in the coming years as a result of this thriving demand.
Key Market Players
The major players in the market are Deere & Company, Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Barko Hydraulics, LLC, Caterpillar Inc., Rottne Industry AB, among 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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