The Agricultural and Forestry Machinery Manufacturing market in Lithuania saw fluctuations from 2013 to 2023, ending with a value of 137.67 thousand. The market experienced significant growth in 2016 with a 19.81% increase, while 2020 saw a sharp decline by 14.84%. Following a robust recovery of 23.48% in 2021, the steady growth continued in 2022 and 2023 with year-on-year increases of 2.38% and 2.28%, respectively. The 5-year CAGR from 2018 to 2023 stood at 2.18%.
Future trends to watch for include:
- Technological advancements in machinery increasing efficiency.
- Potential impacts of environmental policies encouraging sustainable practices.
- Market dynamics influenced by global supply chain changes.
- Government support for modernization in agriculture and forestry sectors.
