(MENAFN- GlobeNewsWire - Nasdaq) The Global Agricultural & Forestry Machinery market Size was Valued at USD 340.36 Billion in 2023 and the Worldwide Agricultural & Forestry Machinery Market Size is Expected to Reach USD 576.12 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: AGCO Corporation, Escorts, Valmont, Concern Tractor Plants, Caterpillar Inc., Claas KGaA mbH, CNH Industrial N.V., Deere & Company, Komatsu Ltd., Kubota Corporation, Mahindra & Mahindra Limited, SDF Group, and Others.
New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Agricultural & Forestry Machinery Market Size is to Grow from USD 340.36 Billion in 2023 to USD 576.12 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.40% during projected period.
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Agricultural machinery refers to tools used in farming, such as tractors, plows, planters, sprayers, seed drills, spreaders, mowers, harvesters, and irrigation systems. They help farmers increase productivity and efficiency by doing a variety of tasks such as tilling soil, planting crops, and harvesting. On the other hand, skidders, chippers, forwarders, chainsaws, and brush cutters are examples of forest machinery. Among other forestry operations, they are utilized in logging, wood processing, and tree planting. Major international players are actively focused on the development of autonomous agriculture and forestry technology that can operate without human intervention, enhance production, decrease waste, and save labor expenses. Furthermore, the global market for farm machinery, which includes agricultural and forestry machinery, is driven by the growing automation of agricultural processes. The industrialization of agricultural techniques increases production and profitability by ensuring opportunities in farming practices. As a result, this helps farmers utilize expensive inputs like seeds, irrigation, and fertilizer to their fullest potential. Furthermore, by reducing post-harvest losses, farm modernization contributed to the preservation of agricultural products and boosted efficiency. The integration of telematics and global positioning systems (GPS) is predicted to drive growth in the agriculture and forestry machinery industry by providing real-time monitoring of equipment performance and maintenance requirements. However, relatively high initial costs are still a major problem, which has forced harvesters to incorporate intelligent machinery.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Agricultural & Forestry Machinery Market Size, Share, and COVID-19 Impact Analysis, By Agriculture Machines (Combine & Forage Harvesters, Field Sprayers, Tractors, Soil Cultivating Equipment, Milking & Poultry Machines, and Haymaking Machines), By Forestry Machines (Forwarders, Chainsaws, Swing Machines, Skidders, Bunchers, Loaders, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The tractors segment is anticipated to hold the greatest share of the global agricultural & forestry machinery market during the projected timeframe.
Based on the agriculture machines, the global agricultural & forestry machinery market is divided into combine & forage harvesters, field sprayers, tractors, soil cultivating equipment, milking & poultry machines, and haymaking machines. Among these, the tractors segment is anticipated to hold the greatest share of the global agricultural & forestry machinery market during the projected timeframe. The segment's growth is attributed to its extensive and widespread application in agriculture. Tractors come in various varieties for use in farming; these include track tractors, wheeled tractors, miniature tractors, and tractors for orchards. Wheeled tractors are the most often used and might be utilized for a wide range of tasks.
The skidders segment is expected to grow at the fastest CAGR in the global agricultural & forestry machinery market during the projected timeframe.
Based on the forestry machines, the global agricultural & forestry machinery market is divided into forwarders, chainsaws, swing machines, skidders, bunchers, loaders, and others. Among these, the skidders segment is expected to grow at the fastest CAGR in the global agricultural & forestry machinery market during the projected timeframe. The skidder has total control over everything and is profitable on every track it travels on. The skidder picks up the trunks of the chopped trees, moves them to a collection location, and stacks them. The operator is positioned in a comfortable working location, and the forestry equipment goes smoothly forward, backward, and sideways.
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Asia Pacific is expected to hold the largest share of the global agricultural & forestry machinery market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agricultural & forestry machinery market over the forecast period. The increasing awareness among farmers of the benefits of using farming equipment and mechanized agricultural practices is credited with the region's progress. The usage of cutting-edge and sophisticated agricultural machinery has increased in this region, which is one of the world's major agricultural areas. The use of novel agricultural techniques rather than labor has increased due to population growth and rising per capita income, especially in India.
North America is predicted to grow at the fastest pace in the global agricultural & forestry machinery market during the projected timeframe. These regions are home to very skilled farmers. The farmers' understanding of new farming practices and mechanical equipment had an impact on the market expansion. Finally, agricultural productivity in North America increased. Using hybrid forestry equipment increased its benefits for agriculture as well.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural & Forestry Machinery Market include AGCO Corporation, Escorts, Valmont, Concern Tractor Plants, Caterpillar Inc., Claas KGaA mbH, CNH Industrial N.V., Deere & Company, Komatsu Ltd., Kubota Corporation, Mahindra & Mahindra Limited, SDF Group, and Others.
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Recent Developments
In July 2023, A new Compact Business Unit is being established by Volvo Construction Equipment. To propel growth and profitability in this significant and expanding product category, Volvo CE has established a separate business unit for its line of compact equipment machines and solutions as part of its goal to lead the transformation journey through electrification and sustainable power.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural & Forestry Machinery Market based on the below-mentioned segments:
Global Agricultural & Forestry Machinery Market, By Agriculture Machines
Combine & Forage Harvesters Field Sprayers Tractors Soil Cultivating Equipment Milking & Poultry Machines Haymaking Machines
Global Agricultural & Forestry Machinery Market, By Forestry Machines
Forwarders Chainsaws Swing Machines Skidders Bunchers Loaders Others
Global Agricultural & Forestry Machinery Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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