New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Forestry Machinery Global Market Report 2023" - https://www.reportlinker.com/p06466683/?utm_source=GNW
, Volvo Group, Hitachi Construction Machinery Co. Ltd., Claas KGaA mbH., Doosan Infracore Co. Ltd, Hyundai Heavy Industries Co. Ltd, Liugong Machinery Co. Ltd., Ponsse Plc, and CNH Industrial N.V.
The global forestry machinery market is expected to grow from $8.47 billion in 2022 to $9.03 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The forestry machinery market is expected to reach $11.23 billion in 2027 at a CAGR of 5.5%.
The forestry machinery market consists of sales of mulchers, delimbers, chippers, and excavators.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Forestry machinery refers to a wide range of equipment and vehicles used in the forestry industry to carry out various tasks, such as harvesting, processing, and transporting timber for logging or various other forestry services. They are used for both logging and land clearing in an agricultural setting.
Europe was the largest region in the forestry machinery market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in forestry machinery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of forestry machinery are feller bunchers, harvesters, skidders, loaders, forwarders, grapples, felling heads, harvesting heads, yarders, and others.A Feller Buncher refers to a type of heavy equipment that is essentially a large, self-propelled machine with a cutting head mounted on an articulated arm, similar to that of an excavator.
It performs operations by using diesel and electrical hybrids, and it sells used units and new units.
Growing demand for wood and wood products is driving the forestry machinery market forward.Wood products refer to items or materials that are made from or derived from wood.
The main function of forestry machinery is the clear-cut production of wood.The wood used for making wood products is harvested from forests using forestry machinery such as loggers and harvesters that makes large forestry tasks much easier.
For instance, in December 2022, according to the reports shared by Eurostat, a Luxembourg-based government agency, Europe’s roundwood production increased by 3.9 percent in 2021. Furthermore, in 2022, according to the United Nations Economic Commission for Europe, a Switzerland-based regional commission of the United Nations, the production of sawn softwood in the US was 63.4 thousand cubic meters, which was up by 1.1 % from 2020. Further, the wood products consumption index increased by 5.5% from 95.9 in 2020 to 101.2 in 2021 and the consumption index for paper and pulpwood products grew from 93.9 in 2020 to 95.5 in 2021, an increase of 1.7%. Therefore, growing demand for wood and wood products is driving the growth of the forestry machinery market.
Product innovations are a key trend gaining popularity in the forestry machinery market.Major companies in the forestry machinery market are introducing innovative products to sustain their position in the market.
For instance, in September 2022, Komatsu Ltd., a Japan-based manufacturing company, launched PC230F-11 forestry processor, a new swing machine for timber processing. It is intended for use in heavy-duty timber delimbing, chopping, and stacking operations. With this powerful swing system, large trees may be moved more easily. The machine is powered by a 197-horsepower Komatsu Tier 4 Final engine, which uses less gasoline than the previous Tier 4 Interim engines. It also has double the fuel capacity. Komatsu created greater storage capacity for tools, oil, and chains by relocating the fuel tank to the counterweight. Additionally, the processor includes auto power max, which automatically adjusts to sudden changes in load weight by raising power in 7-second bursts for trimming branches while cutting through trees.
In June 2020, Ferrel AS, an Estonia-based manufacturer of machinery for various applications, acquired Farmi Forest Ltd. for an undisclosed amount. This acquisition will provide the business with a solid, scalable organization that enables thousands of consumers to receive better customer support and an improved customer experience. Farmi Forest Ltd. is a Finland-based agricultural and forestry machinery manufacturing company.
The countries covered in the forestry machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The forestry machinery market research report is one of a series of new reports that provides forestry machinery market statistics, including forestry machinery industry global market size, regional shares, competitors with a forestry machinery market share, detailed forestry machinery market segments, market trends and opportunities, and any further data you may need to thrive in the forestry machinery industry. This forestry machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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