Global Agricultural and Forestry Machinery Market Report and Forecast 2023-2028

Global Agricultural and Forestry Machinery Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global agricultural and forestry machinery market reached a value of USD 142.1 billion in 2022. Aided by the ever-growing demand for modern farming techniques and the increasing need for sustainable forestry practices, the market is projected to further grow at a CAGR of 4.10% between 2023 and 2028 to reach a value of USD 180.1 billion by 2028.

Agricultural and forestry machinery consists of tools and machinery used in farming, horticulture, and silviculture operations. These machines play a pivotal role in aiding farmers in increasing yield, efficiency, and profitability, while forestry machinery assists in sustainable wood production and forest management. Key machinery includes tractors, harvesters, ploughs, and planting machinery in agriculture, and logging trucks, feller bunchers, and skidders in forestry.

The upsurge in the global population has put enormous pressure on the agricultural sector to enhance productivity. With the world's food requirement on the rise, the agricultural sector is leaning more towards mechanisation. Modern agricultural machinery, with their precision and efficiency, provide solutions to meet these demands, leading to a considerable increase in agricultural and forestry machinery market size.

Furthermore, the shift towards sustainable agricultural practices and the growing importance of crop rotation, conservation, and soil health has significantly enhanced the role of machinery. These modern tools and machines help in achieving precise sowing, irrigation, and harvesting, reducing wastage and ensuring optimum use of resources.

Similarly, the agricultural and forestry machinery market is experiencing a boost due to the rising awareness about sustainable forestry practices. With the increasing demand for timber, pulp, and paper, there's an urgent need for machinery that can help in efficient and sustainable logging. These machines not only ensure minimal environmental damage but also assist in adhering to the regulatory guidelines set for forest preservation.

As per the agricultural and forestry machinery market analysis, the recent innovations in machinery, such as the integration of IoT, GPS, and AI, have further enhanced the agricultural and forestry machinery's capabilities. These smart machines can predict weather patterns, analyse soil quality, and even decide the optimal time for planting and harvesting. Such advancements not only reduce the dependency on manual labour but also lead to significant cost savings for farmers and forestry professionals.

The ever-growing support from governments worldwide, in the form of subsidies and grants, has also significantly impacted agricultural and forestry machinery market growth. In developing nations, especially, the push for agricultural mechanisation is strong, with governments rolling out schemes to make machinery more accessible and affordable for small and medium-scale farmers.

Market Segmentation

The market can be divided based on product and region.

Market Breakup by Product

• Tractors
• Harvesters
• Soil Preparation and Cultivation Machines
• Agriculture Spraying Machines
• Milking and Poultry Machines
• Haymaking Machines
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global agricultural and forestry machinery companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Deere & Company
• AGCO Corporation
• AKG Group
• Mahindra & Mahindra Ltd
• China National Machinery Industry Corporation
• Valmont Industries, Inc
• Junkkari Oy
• Escorts Limited
• SDF S.p.A.
• Komatsu Forest
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.