Global Agricultural and Forestry Machinery Market Report and Forecast 2024-2032

Global Agricultural and Forestry Machinery Market Outlook

The global agricultural and forestry machinery market size reached a value of around USD 147.93 billion in 2023. The market is expected to grow at a CAGR of 4% between 2024 and 2032, reaching a value of around USD 211.50 billion by 2032.

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Key Trends in the Market

Agriculture and forestry machines aid farmers and other personnel in carrying out farming and other forestry operations. These machines are available in different designs and serve a wide range of functions, including harvesting, soil preparation, haymaking, and agriculture spraying. Using machinery, farmers can cultivate larger areas of land quickly and efficiently and foresters can optimise overall operations. 

• During the forecast period, one of the key agricultural and forestry machinery market trends includes the growing effort in numerous regions towards incorporating technological advancements in the agriculture and forest sector. A greater understanding of the role technology plays in farming and agriculture is contributing to the growth of the global market.

• The growing population throughout the globe is also posing a high demand for food, bolstering the need for high-yield agriculture techniques and technologies that can maximise the available land, which is propelling the agricultural and forestry machinery market growth.

• The increasing focus on protection of forests to conserve the environment is leading to many regions developing and promoting forests as natural parks. As more tourists and locals visit forests for their natural beauty, there is a greater demand for forestry machinery to maintain the forests.

• The use of IoT and GPS in agricultural machinery benefits numerous processes, such as high-precision positioning systems and other IT applications and is also a major driver of the global market's expansion. 

Global Agricultural and Forestry Machinery Market Analysis

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Based on product, the market is divided into tractors, harvesters, soil preparation and cultivation machines, agriculture spraying machines, milking and poultry machines, and haymaking machines, among others. The regional markets for agricultural and forestry machinery are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global agricultural and forestry machinery market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• Deere & Company

• AGCO Corporation

• AKG Group

• Mahindra & Mahindra Ltd

• China National Machinery Industry Corporation

• Valmont Industries, Inc

• Junkkari Oy

• Escorts Limited

• SDF S.p.A.

• Komatsu Forest

• Others

Market Share by Product

Tractors hold a significant agricultural and forestry machinery market share in terms of product due to their widespread use in farming. The most common and versatile tractors in farming are wheeled tractors, which are used for a broad range of tasks. Other types of tractors used in farming include mini tractors, track tractors, and orchard tractors. Any farm enterprise can use these tractors, although their primary function may be to tow agricultural equipment including cultivators, harvesters, sprayers, and more. 

Harvesters, also known as combiners, are another common agricultural machine that has seen expansion in recent years. Even farmers who grow low volumes of grains can benefit from harvesters as these machines make crop harvesting more efficient. In addition, the introduction of new harvesters will likely elevate the segment market growth in the future.

Market Share by Region

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Asia Pacific experienced significant growth in recent years in the agricultural and forestry machinery market due to a greater usage of farming machinery and mechanised farming practises among farmers. With large populations in the region, there is greater emphasis on food production for food security. The utilisation of innovative and cutting-edge agricultural machinery in the region has increased as a result of it being one of the main regions involved in the agricultural sector. 

Increases in per capita income and population, particularly in India, encourage the use of innovative farming techniques rather than physical labour. China and India are leading countries in the global agriculture sector, which is further accelerating the market growth for agricultural and forestry machinery in the Asia Pacific.

Meanwhile, in Europe the region's sales of forestry machinery are being supported by a number of actions made by EU nations to promote forestry activities with the aid of national development programmes. Globally increasing food demand has prompted aggressive farming practises, which in turn have caused the conversion of forest lands into arable lands. This led to the development of mechanised techniques as well, which increased the agricultural and forestry machinery market demand globally.

Competitive Landscape

Deere & Company, with its headquarters in Illinois in the United States is one of the largest producers of agricultural and lawn equipment worldwide. The company, which was established in 1837, specialises in the production and distribution of machinery for forestry, construction, agricultural, and grass maintenance. Agriculture and turf, construction and forestry, and financial services comprise its operating segments. 

AGCO Corporation, with its headquarters in Georgia in the United States, is a market leader in the development, production, and marketing of intelligent agricultural solutions. The widest range of tractors, seeding and tillage tools, combine harvesters, grain storage, hay and forage equipment, and protein production systems are all part of its industry-leading portfolio.

China National Machinery Industry Corporation, established in 1997 is a Chinese conglomerate with operations in tool manufacturing, construction equipment, agricultural equipment, and infrastructure development. The company manufactures a variety of goods, including heavy machinery, engineering machinery, geological equipment, power machinery, machine tools, and machine parts. China National Machinery largely markets its products within China, with selective global sales.

Other market players include AKG Group, Mahindra & Mahindra Ltd, Valmont Industries, Inc, Junkkari Oy, Escorts Limited, SDF S.p.A., and Komatsu Forest, among others.

Key Highlights of the Report

Agricultural and Forestry Machinery Market Report Snapshots

Agricultural and Forestry Machinery Market Size

Agricultural and Forestry Machinery Market Analysis

Agricultural and Forestry Machinery Market Share

Agricultural and Forestry Machinery Companies