Agricultural & Forestry Machinery - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Agricultural & Forestry Machinery Market is accounted for $166.41 billion in 2019 and is expected to reach $308.01 billion by 2027 growing at a CAGR of 8.0% during the forecast period. Increase in mechanization in the agricultural & forestry sector across the globe and increasing awareness about the importance of technology in agriculture and forestry practices are the major factors driving the market growth. However, high cost of machinery and low purchasing power of owners are restraining the market growth.
Agriculture and forestry machinery are the machines that assist in the cycle of farming and forestry operations, such as field planting, mining, and wood log processing. The types of agricultural and forest equipments present in the industry include tractors, crop sprayers, rotators, harvesters, and skidders.
Based on machinery type, the agricultural machines segment is likely to have a huge demand due to rise in demand for food owing to the significant increase in global population. 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. By geography, Europe is going to have a lucrative growth during the forecast period due to financial support offered to the rural areas through the Common Agricultural Policy (CAP) and EU countries initiatives to finance forestry programs through national development programs.
Some of the key players profiled in the Agricultural & Forestry Machinery Market include AGCO Corporation, AgriArgo, Balwan Tractors (Force Motors), Caterpillar Inc, Class KGaA mbH, Deere & Company, Kioti, Kubota Corporation, Mahindra & Mahindra, New Holland, Shifeng, Sonalika International, Tractors and Farm Equipment Limited, Wuzheng and Zoomlion.
Machinery Types Covered:
• Forestry Machines
• Agricultural Machines
Sales Channels Covered:
• Manufacturer/Distributor/Service Provider
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Supply chain trends mapping the latest technological advancements
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