The production value for forestry and agricultural machinery in Belgium has shown varying trends over the years. The actual data indicates a fluctuating trajectory from 2013 to 2023, with a significant surge between 2013 and 2014 and minor declines, especially in 2015 and 2020. The production value in 2023 stood at 1.86 billion Euros. Observing the years 2022 and 2023, the year-on-year variations were 3.15% and 3.03%, respectively. The Compound Annual Growth Rate (CAGR) over the last 5 years leading up to 2023 was 2.45%.
Looking ahead, the forecast data from 2024 onward suggests a steady growth in production value. The anticipated 5-year CAGR is forecasted at 2.12%, projecting a cumulative growth rate of approximately 11.04% by 2028.
Future trends to watch for include technological advancements in machinery, the adoption of sustainable and eco-friendly practices, and potential market fluctuations due to geopolitical influences and economic conditions. Additionally, evolving regulatory environments and increasing focus on precision agriculture may significantly impact production values.
