Agricultural and Forestry Machinery Market Growth 2024, Emerging Trends, Revenue, Key Manufacturer, Business Opportunities and Forecast 2033: SPER Market Research
Two separate categories of machinery are used in farming and logging to facilitate work by making it easier, quicker, and more effective: agricultural and forestry equipment. Tractors, plows, cultivators, harvesters, and seed drills are examples of agricultural machinery that is used for planting, cultivating, and harvesting crops. Chainsaws, skidders, feller bunchers, and harvesters are examples of forestry equipment that is used in the harvesting and processing of trees. These devices are primarily meant to help farmers and foresters accomplish their jobs more precisely and with less physical strain. Farmers and foresters can boost agricultural yields, cut labor expenses, and increase productivity by utilizing this equipment. However, in order to avoid mishaps and ensure safety.
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 growing demand for contemporary technology from developing nations has led to an expansion of the agriculture machinery business in recent years. The countries’ growing populations and stable economies led to a rise in the demand for food, further taxing the agriculture industry. This has increased the pressure on farm owners to improve the productivity and efficiency of their land in the upcoming years, which will increase demand for effective agricultural gear. Strong economic growth in developing nations, government support for agriculture, and the modernization of forestry and agricultural operations have all contributed to the rise of the agriculture and forestry equipment industry.
However, there is now less agricultural land available due to ongoing deforestation and growing urbanization brought on by industrialization and land investments. The poor income of farmers combined with the high cost of using agricultural machinery further inhibited market expansion. Moreover, the biggest hindrance to market expansion was the lack of expertise and understanding among machine users regarding the operation and maintenance of different kinds of machinery.
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Nonetheless, the COVID-19 epidemic has had a significant impact on the world market for forestry and agricultural machinery. Global supply networks have been hindered by the outbreak, delaying the manufacture and transportation of machines used in forestry and agriculture. Commercial limitations brought about by the outbreak, including as travel bans and border closures, have made it difficult to import and export forestry and agricultural machinery. The pandemic has accelerated the use of digital technology in the forestry and agriculture sectors, driving up demand for machinery-integrable precision farming and forestry systems.
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.
Agricultural and Forestry Machinery Market Segmentation:
By Type: Based on the Type, Global Agricultural and Forestry Machinery Market is segmented as; Agriculture Machine (Combine & Forage Harvesters, Field Sprayers, Haymaking Machines, Milking & Poultry Machines, Soil Cultivating Equipment, Tractors), Forestry Machine (Bunchers, Chainsaw, Forwarders, Loaders, Skidders, Swing Machines).
By Automation: Based on the Automation, Global Agricultural and Forestry Machinery Market is segmented as; Automatic, Manual, Semi-Automatic.
By Business: Based on the Business, Global Agricultural and Forestry Machinery is segmented as; Aftersales, Original Equipment Manufacturers.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
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Agricultural and Forestry Machinery Market Revenue
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