Agricultural and Forestry Machinery Market Share and Growth, Emerging Trends, Key Manufacturer, Business Opportunity and Forecast 2023-2033: SPER Market Research
Agricultural and forestry equipment are two distinct types of machinery employed in the fields of farming and logging to aid work by making it less arduous, faster, and more efficient. Agricultural machinery includes tractors, plows, cultivators, seed drills, and harvesters, which are utilized for planting, cultivating, and harvesting crops. Forestry equipment consists of tools like chainsaws, skidders, feller bunchers, and harvesters, which are employed for harvesting and processing trees. The primary purpose of these machines is to assist farmers and foresters in completing their tasks with greater precision and less physical effort. By using this equipment, farmers and foresters can increase their productivity, reduce labor costs, and achieve higher crop yields. However, it is essential to use them correctly and safely to prevent accidents and environmental harm.
According to SPER market research, ‘Global Agricultural and Forestry Machinery Market Size- By Type, By Automation, By Business – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Agricultural and Forestry Machinery Market is estimated to reach USD 605.41 billion by 2033 with a CAGR of 5.93%.
The agriculture machinery industry has expanded in recent years as a result of rising demand for modern technology from developing countries. Economic stability in the countries, along with a growing population, resulted in increasing demand for food, putting further strain on the agriculture sector. This has pushed farm owners to make agricultural land more efficient and productive in the coming years, fueling demand for efficient agricultural machinery. Agriculture and forestry equipment market growth has been aided by factors such as mechanization of agricultural and forestry activities, government assistance for agriculture, and strong economic growth in developing regions.
However, continuing deforestation and increased urbanization in the name of development and land investments have resulted in a scarcity of farmed land. The high expense of employing agricultural machinery, along with farmers’ low income, further stifled market growth. Furthermore, lack of experience and knowledge among machine users regarding how to utilize and work with various types of machinery had the greatest impact on market growth.
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However, the pandemic of COVID-19 has had a substantial influence on the global agricultural and forestry machinery sector. The epidemic has hampered global supply networks, causing delays in the production and delivery of agricultural and forestry machinery. The epidemic has resulted in commercial restrictions, including travel restrictions and border closures, which have hampered the export and import of agricultural and forestry machinery. The epidemic has expedited the use of digital technology in the agriculture and forestry industries, increasing demand for precision farming and forestry systems that can be combined with machinery.
Geographically, Due to improved farmer awareness of the usage of farming machinery and mechanized farming practices, Asia Pacific has experienced the highest market growth in recent years. Because of the presence of highly skilled farmers in the region, North America and Europe are likely to account for the most market growth in the future years. The Middle East and Africa region is expected to grow slowly due to less ideal farming weather and a lack of or limited access to water in the region. Additionally, some of the market key players are AGCO Corporation, Caterpillar Inc., Changfa Agricultural Equipment Co. Ltd., Massey Ferguson, Mitsubishi Agricultural Machinery, YTO Group Corporation, Others.
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Agricultural and Forestry Machinery Market Revenue
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Sara Lopes, Business Consultant — USA
SPER Market Research