According to Persistence Market Research (PMR), the Global Forestry Machinery Market size will surpass US$ 13.62 Billion in terms of market value by 2031, witnessing a CAGR of 4.8% from 2022 to 2031.
The global forestry machinery market was worth US$ 7.66 Bn in the year 2016. The CAGR witnessed from 2016 to 2021 was 2.9%. However, it is expected to grow almost two-fold between 2022 and 2031.
The forest management activities are being closely monitored since the last few years. There has also been an ever-increasing awareness amongst the people regarding forest preservation. The countries like China, Canada, and the US are witnessing a growing production of Roundwood. Forest science is also being developed for enhancing forest operations including low-impact harvesting and lowering the fire risks.
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The awareness regarding afforestation is also expected to expand in the years to come. Brazil is already working towards it. The other countries like Peru are expected to follow suit. As of now, though LATAM holds 15.6% of market share (due to Brazil), it is expected to witness an upsurge in the near future. It’s just a matter of time.
Forestry operations have seen the major transformations in recent decades as a result of the ever-increasing demand for timer-related products and a shortage of labor to supply the need. The use of automated tools and equipment like forwarders and loggers, among others, is increasing the productivity and efficiency of the forestry operation.
The sales of forestry machines are expected to increase, owing to a recovery in global wood prices, rising Roundwood production, and the replacement of older, less productive forestry machinery by logging firms, as well as a growing emphasis on forest preservation and management, which has created a massive demand for forestry machinery.
Furthermore, factors such as increased mechanization rates in developing countries’ logging sectors and the increasing usage of cut-to-length logging techniques, which are more machine demanding, in developed countries are adding to the market’s growth.
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The Asia-Pacific is likely to be the fastest growing market.
During the forecast period, the Asia-Pacific will remain the largest and fastest-growing region. Furthermore, the region is likely to have high volumes of demand due to an increase in building and construction activities and increasing demand for woods in home furnishing applications.
Furthermore, the Asia-Pacific region has emerged as a significant producer, buyer, and exporter of wood products. According to the FAO United Nations 2019 report, overall consumption of Roundwood in the region has been relatively consistent over the previous two decades at around 1.2 billion m3 per year, with efficiency advancements and recycling reducing the proportion of virgin industrial wood required.
As a result, the need for forestry equipment in this region is likely to increase in the years to come.
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PMR has presented a comprehensive report based on Forestry Machinery Market as per Type (Feller Bunchers, Harvester, Skidders, Loaders, Forwarders, Grapples, Felling Heads, Harvesting Heads, Yarders, Splitters, and Stump Grinders), Sales (Used Units, and New Units), Operation (Diesel, and Electrical Hybrid) based on seven regions.