Agricultural and Forestry Machinery Market Share, Growth, Report, and Forecast

Market Overview:

The global agricultural and forestry machinery market size reached US$ 194.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 290.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.59% during 2024-2032. The increasing demand for high-quality food grains, rising farming activities, and the growing popularity of outdoor recreational activities represent some of the key factors driving the market.

Agricultural machinery refers to an equipment used in farming, which include tractors, plows, planters, sprayers, seed drills, spreaders, mowers, harvesters, and irrigation systems. They help farmers increase efficiency and productivity and can be used for performing different tasks, such as tilling soil, planting crops, and harvesting. On the other hand, forest machinery comprises chainsaws, skidders, forwarders, chippers, and brush cutters. They are used in forestry operations, such as logging, wood processing, and tree planting. At present, key players operating worldwide are focusing on introducing autonomous agricultural and forestry machinery that can operate without human intervention, enhance efficiency, improve productivity, reduce waste, and minimize labor costs.

Agricultural and Forestry Machinery Market Trends:

Rapid urbanization, increasing global population, declining arable land, and rising food security concerns are currently driving the sales of agricultural machinery to improve crop yield and enhance convenience. This, coupled with the growing demand for high-quality food grains, represents one of the major factors strengthening the market growth around the world. Moreover, the increasing inclination towards the automation of farming activities, such as plowing, harrowing, planting, harvesting, and tilling is catalyzing the demand for agricultural machinery worldwide. In addition, rising farming activities and significant growth in the agricultural sector is favoring the growth of the market. Apart from this, various financial institutions are providing credit to farmers at low-interest rates for purchasing agricultural machinery and governments of numerous countries are focusing on promoting the utilization of sustainable agriculture practices. Furthermore, there is a rise in the shift of tourist preferences for sites surrounded by nature on account of the increasing awareness about the adverse impact of traditional tourism destinations and activities. This, along with the growing popularity of immersive travel, solo trips, camping, and outdoor recreational activities on account of the increasing income levels, is influencing the market positively. Besides this, the rising adoption of advanced agricultural and forestry machinery like drones for crop monitoring, mapping, spraying, and forest inventory is propelling the growth of the market. Additionally, the integration of a global positioning system (GPS) and telematics in agricultural and forestry machinery that enables real time monitoring of equipment performance and maintenance needs is creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global agricultural and forestry machinery market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on machinery type.

Machinery Type Insights:

• Agriculture Machines
  • Combine and Forage Harvesters
  • Field Sprayers
  • Tractors
  • Soil Cultivating Equipment
  • Milking and Poultry Machines
  • Haymaking Machines
  • Others
• Forestry Machines
  • Harvesters
  • Forwarders
  • Swing Machines
  • Skidders
  • Bunchers
  • Loaders
  • Others
     

The report has provided a detailed breakup and analysis of the agricultural and forestry machinery market based on the machinery type. This includes agriculture machines (combine and forage harvesters, field sprayers, tractors, soil cultivating equipment, milking and poultry machines, haymaking machines, and others) and forestry machines (harvesters, forwarders, swing machines, skidders, bunchers, loaders, and others). At present, tractors amongst agriculture machines and skidders among forestry machines represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for agricultural and forestry machinery. Some of the factors driving the Asia Pacific agricultural and forestry machinery market included increasing food security concerns, rapid automation, integration of advanced technologies, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global agricultural and forestry machinery market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AGCO Corporation, Caterpillar Inc., Changzhou Dongfeng Agricultural Machinery Group Co. Ltd., China National Machinery Industry Corporation, Claas KGaA mbH, CNH Industrial N.V., Deere & Company, Komatsu Ltd., Kubota Corporation, Mahindra & Mahindra Limited, SDF Group, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global agricultural and forestry machinery market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global agricultural and forestry machinery market?
• What is the impact of each driver, restraint, and opportunity on the global agricultural and forestry machinery market?
• What are the key regional markets?
• Which countries represent the most attractive agricultural and forestry machinery market?
• What is the breakup of the market based on the machinery type?
• Which is the most attractive machinery type in the agricultural and forestry machinery market?
• What is the competitive structure of the global agricultural and forestry machinery market?
• Who are the key players/companies in the global agricultural and forestry machinery market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the agricultural and forestry machinery market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global agricultural and forestry machinery market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the agricultural and forestry machinery industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.