The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Forestry Equipment Market.
It was estimated prior to this unanticipated outbreak Forestry Equipment Market will reach CAGR of 5.0 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Forestry Equipment Market Insights
Forestry Equipment Market is likely to witness an impressive CAGR of 5.0% during the forecast period. The major factors, such as growing demand for wood in construction activities accompanied by the increase in usage of timber in applications of commercial construction, such as flooring and wall & roof designing, using forestry machines for wildland fire management and wildlife & sanctuary management for preserving the ecosystem in various countries including the U.S., Canada, China, and Russia, and the high growth registered by the forestry equipment sector attributing to the increasing demand for products which are made from residues and recycled materials such as sawdust used for manufacturing particleboards are expected to fuel the growth of the market during the forecast period.
Market Share Analysis
Forestry Equipment Market Share: Type
Based on the type, the market is segmented as felling equipment, extracting equipment, on-site processing equipment, and others. The felling equipment accounted for 35% share of the market in the year 2019 in the U.S. Chainsaws are estimated to witness high demand in the industry because of the growing tinder-harvesting activities, globally. Furthermore, the trends of the industry, such as developing cordless & battery-powered chainsaws which are used in the maintenance of horticulture and firewood fragmentation, forestry equipment manufacturers proposing to provide products to accelerate the efficiency and productivity of farms, and the growing awareness programs by the government for forest management are expected to fuel the demand for harvesters and the growth of the forestry equipment market during the forecast period.
Forestry Equipment Market Share: By Region
In terms of regions, North America is contributing to a high deployment of forestry equipment attributed to the growing demand for wood products and the increasing population in the region. The deployment of equipment caters to the requirements for residential & commercial manufacturing, and the increase in usage of forest products, such as sawnwood and logwoods, for the development of infrastructure is eventually fueling the usage of forestry machines. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.