The forestry equipment market is expected to grow from USD 10.59 billion to USD 12.98 billion over the forecast period, registering a CAGR of 4.15%.
The market is growing owing to the rising awareness about forest preservation and management in several developed and developing countries and the transition in forestry operations from manual work to mechanized and automated modes of operation in forests.
The forestry equipment market is highly fragmented, with the presence of major players like Deere and Company, Komatsu Ltd., Volvo CE (AB Volvo), Hitachi Construction Machinery Co. Ltd. (HCM), and Barko Hydraulics LLC. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
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