The Agricultural and Forestry Machinery Manufacturing Market in Spain experienced a notable decline in value from 2013 to 2023, decreasing from 6.1607 million to 4.6916 million in 2023. This market has shown fluctuations, including a significant drop in 2017 and a partial recovery in 2020, but the overall trend has been a declining one. The recent two-year period saw further reductions with a decrease of 3.04% in 2023. Additionally, the Compound Annual Growth Rate (CAGR) for the last five years reflects an average annual decline of approximately 3.29%.
Future trends indicate a continued decline, with forecasts predicting a reduction to 3.9768 million by 2028, representing a 12.52% decrease over the five-year period and an average annual decline of approximately 2.64%. Factors to watch include technological advancements, market saturation, economic conditions, and changes in agricultural practices that could influence the market dynamics. Focus on innovations and efficiencies in machinery could potentially alter this downward trajectory.
