The global forestry machinery market is expected to be valued at over US$ 4 Bn by the end of 2020, and is anticipated to surpass US$ 6 Bn by the end of the forecast period of 2020-2030. However, the COVID-19 pandemic has interrupted the growth of the industrial equipment machinery market due to nationwide lockdowns, leading to a steep fall in the sales of forestry machinery, globally. In addition, high initial investment of forestry machinery adds another layer of complexity, as several users are hesitant to invest in new forestry machinery at this time. This, in turn, is expected to see a decline in the demand for forestry machinery in the near future.
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Key Takeaways from Global Forestry Machinery Market Study
- The global forestry machinery market is projected to create an absolute dollar opportunity of around US$ 2 Bn, and is anticipated to expand at a value CAGR of 5% during the forecast period
- By machine, forwarders are set to hold a share-wide market dominance with over 38% of the total market value by the end of the forecast period.
- Skidders are projected to progress at a value CAGR of 5%, and be valued 1.5X more than bunchers by the end of 2020.
- By region, Europe is expected to emerge as the fastest-growing forestry machinery market, and surpass a market valuation of US$ 2.5 Bn by the end of 2030.
“The impact of COVID-19 will have long-term implications on the growth of the forestry machinery market. It is anticipated that, even if the pandemic is brought under control, demand is expected to remain muted till the end of 2020, owing to uncertain economic conditions. However, a positive outlook for forestry machinery in developing countries of Asia Pacific, coupled with a shift towards mechanized mode of operations, is anticipated to foster the demand for forestry machinery over the coming years,”says a Fact.MR analyst.
Forestry Machinery Market Insights Segmentation
- North America
- East Asia
- South Asia
- Latin America
- Middle East & Africa
- Swing Machines
- Other Forestry Machinery
Forestry Machinery Market: Competition Analysis
The forestry machinery market is consolidated and highly competitive in nature, as leading players in the market account for a major portion of the share. These market players are concentrating on product launches in order to broaden their market footprints and are entering into contracts to deliver customers with high-efficiency level products.
For instance, in 2020, John Deere expanded the L-Series Wheel Loader lineup with four new utility models – 444L, 644L, 644L Hybrid, and 724L. These newly introduced loaders incorporate redesigned Z-Bar loader linkage, an updated, ergonomically designed cab, electrohydraulic (EH) controls, and a more robust heating, ventilation, and air conditioning (HVAC) system.