The forestry machinery market is poised to experience moderate growth at a CAGR of around 5% over the assessment period, 2020-2030. The growing focus of players on designing machinery for higher manufacturing applications, extreme terrain conditions, and demanding operations, will augur well for the forestry machinery market growth.
“The COVID-19 impact will have long-term significance on the forestry machinery market growth. Even after the relaxation of lockdown measure, the demand will remain muted by 2020 end, due to uncertain economic conditions. However, developing nations of APAC will exhibit a positive outlook, together with a move towards the mechanized mode of operations, fostering the forestry machinery demand in the coming years,” says the Fact.MR report.
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Forestry Machinery Market – Key Takeaways
- By type, the air heater category is slated to witness mounting demand due to progressions in the automobile sector.
- Based on vehicle technology, the BEV segment will record a stellar CAGR of 25% throughout the assessment period, to be estimated at US$ 3.5 Billion towards 2030-end.
- Based on the vehicle, the demand for Forestry Machinery for passenger cars will remain dominant by holding over 90% of the market share.
- By maximum heat capacity, the 4-7 kW capacity segment will record a CAGR of 24% throughout 2020-2030.
- China will remain dominant in the global market owing to the high growth in the automobile industry.
Forestry Machinery Market – Driving Factors
- Technological progressions in the electrical sector will facilitate several development prospects for the market
- Escalating demand for customized products according to application perquisites by several OEMs will boost the market demand in the approaching years.
- New public-private partnerships are designed to hasten the development of the electric vehicle sector, which also multiplies the market size.
- Progressions in the automotive sector and the development of several concepts such as electric cars, connected cars, and smart cars will complement market growth.
Forestry Machinery Market – Constraints
- Maintenance cost competitiveness in the worldwide market is a major restraint to market expansion.
- Steady maintenance prerequisites to ascertain smooth operations, compliance with several regulations while developing novel products, and high investment costs are poised to limit the market growth.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has caused grave repercussions for the forest-based industry, consecutively, affecting the forestry machinery sales. The outbreak has ensued in a forest management operations slowdown, together with interrupted supply chains and a drop in wood outlets, a majority of the forest products are exported and imported in the log form. These challenges will have major implications for the worldwide forestry machinery market.
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Key companies identified in the forestry machinery market are Tigercat International Inc., Komatsu Ltd., Deere & Co., Caterpillar, Inc. Barko Hydraulics L.L.C., AGCO Corporation, Ponsse Oyj, Kubota Corporation, and Rottne Industri AB.
More on the Report
The FACT.MR’s market research report provides in-depth insights into the Forestry Machinery market. The market is scrutinized based on machine (forwarders, skidders, swing machines, harvesters, bunchers, loaders, and other forestry machinery), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).