The Forestry Machinery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Forestry Machinery Global Market Report 2024, The forestry machinery market size has grown strongly in recent years. It will grow from $9.03 billion in 2023 to $9.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to timber industry expansion, environmental awareness government policies and regulations, global demand for wood products, natural disaster response.
The forestry machinery market size is expected to see strong growth in the next few years. It will grow to $11.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to renewable energy and biomass utilization, evolving logging practices, climate change adaptation, rising urbanization, government incentives for sustainable practices. Major trends in the forecast period include automation and technology integration, fuel efficiency and alternative power sources, data analytics and remote monitoring, safety features and ergonomics, circular economy and recycling initiatives.
Growing demand for wood and wood products is driving the forestry machinery market forward. Wood products refer to items or materials that are made from or derived from wood. The main function of forestry machinery is the clear-cut production of wood. The wood used for making wood products is harvested from forests using forestry machinery such as loggers and harvesters that makes large forestry tasks much easier. For instance, in December 2022, according to the reports shared by Eurostat, a Luxembourg-based government agency, Europe’s roundwood production increased by 3.9 percent in 2021. Furthermore, in 2022, according to the United Nations Economic Commission for Europe, a Switzerland-based regional commission of the United Nations, the production of sawn softwood in the US was 63.4 thousand cubic meters, which was up by 1.1 % from 2020. Further, the wood products consumption index increased by 5.5% from 95.9 in 2020 to 101.2 in 2021 and the consumption index for paper and pulpwood products grew from 93.9 in 2020 to 95.5 in 2021, an increase of 1.7%. Therefore, growing demand for wood and wood products is driving the growth of the forestry machinery market.
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The forestry machinery market covered in this report is segmented –
1) By Type: Feller Bunchers, Harvester, Skidders, Loaders, Forwarders, Grapples, Felling Heads, Harvesting Heads, Yarders, Other Types
2) By Operation: Diesel, Electrical Hybrid
3) By Sales: Used Units, New Units
Product innovations are a key trend gaining popularity in the forestry machinery market. Major companies in the forestry machinery market are introducing innovative products to sustain their position in the market. For instance, in September 2022, Komatsu Ltd., a Japan-based manufacturing company, launched PC230F-11 forestry processor, a new swing machine for timber processing. It is intended for use in heavy-duty timber delimbing, chopping, and stacking operations. With this powerful swing system, large trees may be moved more easily. The machine is powered by a 197-horsepower Komatsu Tier 4 Final engine, which uses less gasoline than the previous Tier 4 Interim engines. It also has double the fuel capacity. Komatsu created greater storage capacity for tools, oil, and chains by relocating the fuel tank to the counterweight. Additionally, the processor includes auto power max, which automatically adjusts to sudden changes in load weight by raising power in 7-second bursts for trimming branches while cutting through trees.
The forestry machinery market report table of contents includes:
1. Executive Summary
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