The data spanning from 2013 to 2023 indicates a general upward trend in the sold production of forage harvesters (excluding self-propelled) in Spain, expressed in value (Million Euros). As of 2023, the value stands at 26.014 Million Euros. Over the last two years, the year-on-year variation was quite modest, with a 1.34% increase in 2023 and a 1.39% increase in 2022. The last five years depict a positive CAGR of 3.03% from 2018 to 2023.
Overall, the market has shown resilience and growth, especially notable from 2017 to 2019 before experiencing some fluctuations. For the future, the forecast from 2024 to 2028 anticipates continued, albeit more subdued, growth with an average annual increase of 0.99%, culminating in a 5.04% growth rate by 2028.
Future trends to watch for:
- Technological advancements in forage harvester design and efficiency.
- Shifts in agricultural practices and crop choices impacting demand.
- Economic factors affecting farmers' purchasing power.
- Potential policy changes and subsidies supporting agricultural investments.