In 2023, Italy led the European market with 160 high-growth enterprises in forestry and agricultural machinery, marking a 7.39% increase year-on-year. Hungary followed with 33 enterprises, experiencing a significant 12.89% growth. The Czech Republic and Lithuania noted modest growths of 1.15% and 12.47% respectively. Slovakia grew by 5.92%, while Latvia saw the highest increase of 20.11%. Romania, Norway, and Portugal showed minimal to negative changes, with Romania and Norway maintaining stability and Portugal decreasing by 4.36%.
Future trends to watch include:
- Potential continuous growth in Italy and Hungary, leading to further market leadership.
- Emerging growth in smaller markets like Lithuania and Latvia, with potential for significant regional impact.
- Monitoring Portugal for potential recovery and stabilization strategies.
Top countries in Number of High Growth Enterprises in Forestry and Agricultural Machinery by Country
| # | 9 Countries | Units (Enterprises) | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Italy | 160 | 2023 | +15.11% | +7.39% | View data |
| 2 | 2 Hungary | 33 | 2023 | +13.79% | +12.89% | View data |
| 3 | 3 Czech Republic | 18 | 2023 | +5.88% | +1.15% | View data |
| 4 | 4 Lithuania | 9 | 2023 | +28.57% | +12.47% | View data |
| 5 | 5 Slovakia | 8 | 2023 | +14.29% | +5.92% | View data |
| 6 | 6 Latvia | 5 | 2023 | +25% | +20.11% | View data |
| 7 | 7 Romania | 2 | 2023 | 0% | 0% | View data |
| 8 | 8 Norway | 2 | 2023 | 0% | +14.87% | View data |
| 9 | 9 Portugal | 2 | 2023 | 0% | -4.36% | View data |
