The forestry and agricultural machinery turnover in the UK experienced fluctuations from 2013 to 2023, with a general upward trend. From 2023, the turnover reached 3.08 billion Euros, rising steadily from 2.65 billion Euros in 2013. The year-on-year variations show notable increments from 2021 to 2023, with annual increases around 1.2%. The compound annual growth rate (CAGR) over the past five years was 1.2%, indicating moderate growth.
Looking ahead, the forecast data from 2024 to 2028 suggest a continued upward trend with a CAGR of 0.87%, leading to a 2028 turnover of 3.26 billion Euros. Despite a slower expected growth rate, the sector shows resilience and steady performance.
Future trends to watch for:
- Technological advancements in machinery and equipment.
- Government policies and subsidies for the agricultural sector.
- Environmental sustainability practices influencing machinery designs.
- Impact of global market conditions on the UK machinery turnover.
