As per Persistence Market Research analysis, the global forestry machinery market is projected to be valued at around US$ 8.5 Bn in 2021, expanding at a CAGR of 4.7% over the forecast period of 2021-2031. Consistent consumption of timber and natural wood by end-use sectors such as construction, energy, and agro products is set to drive the sales of forestry machinery over the coming years.
Market players are launching new, innovative products to stay ahead in the competition and increase their sales and profits.
The ongoing crisis caused by the COVID-19 pandemic has resulted in disruption of supply chain networks and manufacturing activities. In lieu of the same, sales of forestry machinery is understood to have plummeted during the initial stages of the pandemic. With regional manufacturing sector operations reviving toward threshold rates, the market is expected to recover gradually over the next 3-4 quarters of the next fiscal.
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Key Takeaways from Market Study
“Increasing trend of leasing & renting services of forest machinery and design of environment-compliant prototypes by OEMs will be observed as long-term market trends in this space,” says a Persistence market Research analyst.
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The forestry machinery market is identified to be significantly consolidated. Some of the key players in the market are John Deere, Hitachi Construction Machinery Co., Ltd., Liugong Machinery Co., Ltd., Caterpillar, Kubota Corporation, Komatsu, Kawasaki Heavy Industries, Ltd., Volvo AB, Ponsse, Bell Equipment, Tigercat International Inc., Rottne Industri AB, Eco Log, and Dafo. These players have higher shares in the global market and have long-standing relationships with a number of end users for the supply of forestry machinery.
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The research report analyzes demand for forestry machinery. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence market Research’s scope, the market has been analyzed on the basis of type, sales, operation, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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