The global agricultural and forestry machinery market size is predicted to surpass around US$ 401 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.2% over the forecast period 2021 to 2030.
The global agricultural & forestry machinery market would be largely driven by factors such as increasing demand for modern equipment from farmers and demand for agro & forestry products, along with their export across the globe. The mechanization of farming operations results in increased production and profitability by achieving timeliness in farming operations. This in turn helps farmers in optimum utilization of costly inputs such as fertilizers, seeds, and irrigation. Farm mechanization also helps in the preservation of farm produce, which further improves profitability by reducing post-harvest losses.
Traditionally, forestry activities were performed manually with a large labor force. However, with increasing urbanization and industrialization and mechanization in forestry, labor force is being replaced by forestry machinery. In addition, increasing government subsidies to promote farm and forestry production has resulted in rising mechanization across the globe, thereby improving the quantity of agricultural & forestry produce.
Demand for food is expected to rise substantially, owing to the significant increase in global population during the forecast period. Rising food demand has encouraged the adoption of advanced farming and forestry practices to increase crop yields, which is further resulting in the demand for agricultural machinery globally.
Rising demand for food and forestry products, owing to the growing global population has led to innovation in agricultural & forestry practices worldwide. Machinery such as tractors and harvesters are used in plowing and harvesting, which in turn, increases productivity.
Machinery manufacturers such as Deere & Company are focusing on developing advanced machinery, which can be utilized to increase productivity to the highest possible value
Increasing awareness about the importance of technology in agriculture and forestry practices is one of the major factors driving the growth of the agricultural & forestry machinery market globally. Integration of advanced technologies such as GPS tracking and telematics system in machinery is further expected to revolutionize the agriculture & forestry industry. This is likely to drive the agricultural & forestry machinery market over the next few years.
Farmers are sometimes deprived of opportunities to purchase agricultural machinery for farm production due to inadequacy of funds. In order to counter this restraint, governments worldwide are promoting and encouraging the adoption of farm machinery by providing subsidies on this equipment, thereby allowing manufacturers to offer the equipment at lower rates. In addition, manufacturers collaborating with regional bodies to gain contracts for supply of innovative solutions such as electrified machinery to save energy and avoid toxic pollution under various schemes of sustainable environment programs is an opportunity for the growth of the market.
Download Research Sample with Industry Insights @ https://www.trendsmarketresearch.com/report/sample/13648
Growth in both exports and domestic demand provides manufacturers an opportunity to maximize their profit margins. This is expected to enhance the demand for agricultural & forestry machinery across the globe.
Key Trend of the Market
- These days, global manufacturers are offering innovative electrification models of agricultural & forestry machinery to meet the standards of sustainable energy. Manufacturers are also offering an economy range i.e., affordable and low-power tractors, harvesters, and soil cultivating machines suitable for small-size farmers. Key players opt for V & VI generation of engine in machinery to improve its efficiency and overall productivity.
- In recent years, mechanization of farming has revolutionized farming practices across the world. Precision farming is a key trend in the field of agriculture, currently. It comprises the use of various technologies in farming practices such as high-precision positioning systems, a range of IT applications combined with high-tech engineering, and smart sensors.
- Growing Urbanization and Decreasing Farmlands & Forestlands to Hamper Expansion of Agricultural & Forestry Machinery Market
- In recent years, farmlands & forestlands are utilized in profitable business investments such as construction of housing, hotels, and shopping centers. As a result, farmlands, meadows, and forests are vanishing rapidly. This has had an indirect impact on the use of agricultural & forestry machinery. Ironically, decreasing farmlands & forestlands make it essential to produce adequate supply of agro & forestry products with better efficiency.
- Maximum production could be obtained from minimum land by using machinery; however, high cost of machinery and low purchasing power of owners further restrains the adoption of these equipment. These are factors influencing regulatory bodies to implement stringent laws for the protection of farmlands & forestlands and maintain ecological balance.
- In addition, rising awareness about the importance of protecting the environment by maintaining forestlands is also one of the major factors that restrains the growth of the agricultural & forestry machinery market. This has directly become a major challenge for the growth of the agricultural & forestry machinery market.
- Manufacturers of heavy machinery have to sacrifice quality in order to maintain a low price. Farmers are unable to buy these machineries despite being aware of their good performance due to their financial stringency. Therefore, small-scale farmers are generally satisfied with the minimum serviceability of available machinery.
- Furthermore, inadequate skills and lack of technical expertise of machinery owners results in high operational cost and makes investment in mechanization expensive and less attractive. Penetration of energy-efficient machinery has high initial costs and thus many owners avoid purchasing it on account of their low purchasing power.
- In the agricultural & forestry machinery market report, the machinery type segment includes agricultural machinery and forestry machinery. Agricultural machinery is further sub-segmented into combine and forage harvesters, field sprayers, tractors, soil cultivating equipment, milking & poultry machines, haymaking machines, and others. Forestry machinery is sub-segmented into harvesters, forwarders, swing machines, skidders, bunchers, loaders, and others.
- Rapid acceptance of modern machinery by farmers is expected to propel the growth of the agricultural & forestry machinery market in the future. The agricultural & forestry machinery market is widely fragmented. Large number of small, medium, and large companies operate in the market at the global and domestic level. Companies are focusing on offering innovative solutions to increase their market reach.
- Asia Pacific is expected to remain a popular region in the agricultural & forestry machinery market, due to rapid growth in agricultural & forestry production and penetration of multinational players in emerging countries such as India, China, Indonesia, and other Asian countries. This is expected to expand the growth of the agricultural & forestry machinery market in Asia Pacific at a rapid pace in the future as compared to other regions.
- Demand for agricultural & forestry machinery in Europe and North America is estimated to expand at a significant pace in the near future due to increase in demand for agricultural and forestry machinery. The U.K., Germany, France, Italy, Russia, U.S., and Canada are anticipated to be prominent markets for agricultural and forestry machinery during the forecast period.
- The markets in Latin America and Middle East & Africa are anticipated to grow at a rapid growth rate in the coming years. GCC Countries, South Africa, Brazil, Mexico, and Argentina are anticipated to be potential markets for agricultural & forestry machineries.Direct Purchase this Market Research Report Now @ https://www.trendsmarketresearch.com/checkout/13648/Single
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global agricultural and forestry machinery market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Key players operating in the global agricultural & forestry machinery market include Deere & Company, AGCO Corporation, Caterpillar Inc., Kubota Corporation, Class KGaA mbH, and Mahindra & Mahindra.
By Machinery Type
- Agricultural Machines
- Combine & Forage Harvesters
- Field Sprayers
- Soil Cultivating Equipment
- Milking & Poultry Machines
- Haymaking Machines
- Forestry Machines
- Swing Machines
Request for Sample with Complete TOC and Figures & Graphs @ https://www.trendsmarketresearch.com/report/requesttoc/13648
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
This report focuses on agricultural and forestry machinery market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall agricultural and forestry machinery market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global agricultural and forestry machinery market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.