Global Forestry Machinery Market Forecast to 2028: Technology Trends, Market Size and Major Manufacturers - Fact.MR | Key Players are Barko Hydraulics L.L.C., Tigercat International Inc., Caterpillar Inc., etc.
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Forestry Machinery Market in Numbers:
The forestry machinery market registered a CAGR of over 3.5% during the period 2013 to 2017. Sluggish sales of new equipment, and continued use of aging machinery, have tugged on growth of the forestry machinery industry in recent years.
The global forestry machinery market was valued close to US$ 4 Bn in 2018, and is anticipated to grow at a CAGR of 5% through 2028.
Europe is expected to remain the leading as well as high-growth market for forestry machinery. Financial support through the common agricultural policy (CAP) to rural areas, and measures taken by EU countries to fund forestry activities via national development programs continue to underpin sales of forestry machinery in the region.
Integration of GPS machine control systems into the forestry machinery is one of the fast-growing trends, which has led to sustainable operations and real-time tracking & monitoring of the machinery, in turn boosting productivity.
Forestry Machinery Market: Competitive Assessment
According to FactMR study, the forestry machinery landscape continues to witness the consolidation of leading players, who collectively account for nearly 60% market shares. The forestry machinery market remains influenced by region-specific dynamics; for instance, the number of product launches and expansion activities are relatively higher in Europe and North America, owing to the presence of established manufacturers who focus on collaborating with vendors and suppliers in other regional markets, such as East Asia and South Asia, for strengthening their global distribution and footprint.
Sensing the varying demand for forestry machinery by region, stakeholders are taking appropriate measures to tap opportunities existing in respective markets. These players focus on leveraging the growing adoption of on-site processing equipment in Europe, ensued by high mechanization rates, which have driven the demand for skidders, harvesters, and forwarders in the region. On the other hand, adoption of feller bunchers, forwarders, and harvesters in North America is significantly driven by the uptick in roundwood production, rising replacement product sales, and adoption of cut-to-length logging methods.
The study states that success rate for players in the forestry machinery market remains modest in developed markets, wherein ROI is average and competition remains high. On the contrary, developing markets present relatively higher ROI and success rate for players, as adoption of precision forestry and mechanized practices grow, and competition remains comparatively low in these markets.
Key Challenges in Forestry Machinery Market
High initial investment continues to remain a key concern among harvesters, which has constrained adoption of new equipment to affluent end-users, while preference remains strong for rental equipment among others.
Forestry machinery are subjected to periodic maintenance for smooth operations, which in turn generates significant overheads and overall rise in the complete project cost. Additionally, the challenges of maintaining international cost competitiveness remains a key concern for forestry machinery vendors.
Compliance to a number of regulatory mandates, which extends the time for approval of product launches in the market, is another key aspect undermining the demand for forestry machinery.
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The study opines that forwarders continue to witness a relatively higher demand compared to other forestry machinery, owing to demand for improved and fast transit of logged woods from forests to stock areas. Manufacturer efforts to improved worker safety, working efficiency, convenience, and durability of forwarders, are further underpinning their sales. Sales of forwarders currently account for leading shares of the market - upward of 25%, and the status quo is expected to endure in the foreseeable future. . Growing number of contracts between the forestry machinery manufacturers and harvesters, continue to pave opportunities for the market players.
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