The sold production of agricultural and forestry machinery in the UK has demonstrated significant variability over the past decade. From 2013 to 2023, the market has seen fluctuations with notable peaks and dips. Particularly, the market showed a sharp increase in 2018 and 2019, followed by a notable decline in 2020. The recovery phase began soon after, with steady growth witnessed through 2023, where the value of 1817.8 million euros was recorded, showing a 3.64% year-on-year increase over the previous year.
Looking at recent trends, between 2019 and 2023, the market's compound annual growth rate (CAGR) stood at approximately 9.92%. However, if we focus on the last five years from 2024 onwards, forecasts suggest a more moderate growth with a forecasted CAGR of 2.65%, leading to an overall growth rate of around 13.96% by 2028.
Future Trends to Watch For:
• Technological advancements in machinery, which may drive efficiency.
• Evolving regulatory environments impacting production and sales.
• Economic conditions and funding availability for the agricultural sector.
• Sustainability trends influencing machinery design and use.
