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The Global Forestry Equipment Market is likely to grow in the coming years, with impetus from advancements in forestry equipment. According to a report published by Fortune Business Insights, titled “FORESTRY EQUIPMENT MARKET: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026,” the market was valued at US$ 9,559.4 Mn in 2018. Fortune Business Insights has predicted that the market will reach US$ 13,109.9 Mn by the end of 2026, thereby exhibiting a CAGR of 4.09%.
Increasing investment in forest preservation has added to the growth of the global forestry equipment market. Increasing emphasis on enhancing the silviculture, in order to inculcate long term plans with a view to boosting social and environmental needs. The increasing production of industrial roundwood has led to high demand for forestry equipment. Several government programs have been initiated to preserve the forest areas in recent years. In addition to government initiatives, efforts taken by the forestry industry to better the quality and quantity of forest yield has added to the demand for forestry equipment. Furthermore, the efforts taken by private organizations to promote forest management and preservation will contribute to the growth of the global forestry equipment market in the forthcoming years.
The advent of Modern Equipment Bolsters Growth Opportunities
The high emphasis on forest preservation has led to the need for modern equipment. The global forestry equipment market derives growth from the advent of innovative equipment. Influenced by the inflating demand, companies have been stressing on the research and development of newer equipment. Furthermore, the market is witnessing the entry of newer players more frequently. Altogether, the need for modern equipment will add to the growth of the global forestry equipment market in the forthcoming years. The need for on-site processing in forest areas resulting from activities such as log processing has boded well for the global market. Log processing allows cutting an entire tree in motion, thereby saving time and energy. Therefore, such properties of modern equipment lead to an increase in demand for the products. This, in turn, will favor growth of the global forestry equipment market in the forthcoming years.
Expansion of Online Facilities Enables North America to Emerge Dominant
The increasing government investment towards forest management equipment has contributed to the growth of the market in North America. Increasing adoption of online retail facilities has led to subsequent growth in the regional market. Additionally, increasing government initiatives in forest infrastructure development have led to an increase in uptake of forestry equipment in the region. Due to the high demand, there is a growing trend of availability of forestry equipment on a rental basis. Altogether, the aforementioned will have a positive impact on the forestry equipment market in North America. Fortune Business Insights has predicted that North America will emerge dominant in the global forestry equipment market during the forecast period. Having said that, the increasing government expenditure on forest infrastructure development will boost the market in the Asia Pacific. Fortune Business Insights states that Asia Pacific will expand considerably during the forecast period.
Some of the leading companies that are operating in the global forestry equipment market are AB Volvo, Caterpillar Inc., Komatsu Ltd, Doosan Infracore Co. Ltd, Hitachi Construction Machinery Co. Ltd, J.C. Bamford Excavators Limited, Deere & Company., CNH Industrial N.V, Hyundai Heavy Industries Co. Ltd, Bell Equipment, and Sumitomo Heavy Industries.
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The global forestry equipment market is segmented based on:
By Equipment Type
· Felling Equipment
· Extracting Equipment
· On-Site Processing Equipment
· Cutting & Loading Equipment
· Other Forestry Equipment
· North America (USA and Canada and Rest of North America)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)