Market Insights Reports delivers key insights on the Forestry Equipment market in its latest report titled, “Forestry Equipment Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The forestry equipment market is expected to register a CAGR of 4.75% over the forecast period of 2021 – 2026.
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Top Key Players in the Global Forestry Equipment Market: Deere & Company, Komatsu Ltd., Barko Hydraulics LLC., Caterpillar Inc., Doosa Infracore North America LLC., Kesla Oyj, Ponsse Oyj, Mahindra Group, AGCO Corporation, Concern Tractor Plants, Volvo CE, Bell Equipment Limited, Hitachi Construction Machinery Co. Ltd., Volvo CE and Others.
– August 2020 – John Deere launches the mulcherhydraulics conversion kit for the 843l and 843l-ii wheeled feller bunchers. The kit allows customers to equip their machines for mulching applications, expanding the capabilities of the 843 models. The field kit can be used with compatible mulching heads, such as the new FeconRK8620 Mulching Head, which was built specifically for use on the John Deere 843L and 843L-II machines.
– April 2019 – Caterpillar Inc. announced it has entered into a definitive agreement with Weiler Forestry, Inc. to sell Caterpillar’s purpose-built forestry business. The closing is expected to occur in the third quarter of 2019. This agreement follows the preliminary agreement between the two companies.
According to New Zealand’s Ministry for Primary Industries, Forestry is New Zealand’s third-biggest export industry, after dairy and meat, accounting for around USD 5 billion a year, and 3.2% of the country’s gross domestic product. ATS Logging Limited is using six Volvo Construction Equipment (Volvo CE) excavators at three plantation forests across New Zealand, which are helping the industry to meet its target of USD 12 billion in forest and wood product exports by 2022, set by the Wood Council of New Zealand.
– Forestry operation have undergone massive transformation in the past few decades due to the ever-growing demand for timer related products and lack of workforce to meet the demands. The forestry operation is becoming more mechanized with the use of automation machines and equipment such as forwarder, loggers, among others, that increase the task’s productivity and efficiency. According to the Government of Canada 2019 statistic data, the forestry industry is one of the most important manufacturing sectors that comprise 210,600 people, contributing almost 7% to Canada’s total export. The forestry and logging industry contributes almost CAD 4.6 billion to the overall nominal GDP of the country.
– Moreover, according to New Zealand’s Ministry for Primary Industries, Forestry is New Zealand’s third-biggest export industry, after dairy and meat, accounting for around USD 6 billion a year and 1.6% of the country’s gross domestic product.
– With such importance of forestry among the nations across the world, the forestry machines sales are expected to grow, which is majorly driven by a recovery in global wood prices, rising Roundwood production, and the replacement of older, less productive forestry machinery by logging firms along with the growing focus on forest preservation and management that has created a massive demand for forestry equipment.
– Further, factors such as rising mechanization rates in the logging sectors of developing nations and the increasing use of cut-to-length logging techniques, which are more machine intensive, in industrialized countries are also contributing to the growth of the studied market.
– To improve productivity, dependence on mechanized methods for forest harvesting has increased steadily over the years. High-performance equipment such as harvesters can cut a tree from the base, debark it and cut it into required lengths within a minute span.
– With the outbreak of the Covid-19, the forestry industry has been hit hard that has also impacted the forestry equipment market. The imposed lockdown during the first half of the year 2020 has forced some downstream wood processors to close temporarily that has hit the forestry equipment market.
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
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Asia Pacific to be Fastest Growing Market
– Asia-Pacific will remain the largest region and fastest-growing region during the forecasted period.
– Moreover, due to growth in building and construction activities and increasing demand for woods in home furnishing applications, the region is expected to have high volumes of demand.
– Furthermore, the Asia-Pacific has become a major producer, consumer, and exporter of wood products. Industrial Roundwood production has grown but demand is rising faster, increasing dependence on imports.
– According to FAO United Nations, 2019 report, total Roundwood consumption has been relatively stable in the region for the last two decades at about 1.2 billion m3 per year, with efficiency gains and recycling reducing the volume of virgin industrial wood required.
– Thus the demand for forestry equipment in this region is expected to be higher side in the coming years.
This Forestry Equipment Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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