According to a new market report published by Acute Market Reports Inc “Forestry Cranes Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2021 - 2029,” the global forestry cranes market was estimated US$ 972.8 Mn in 2020 and is expected to grow at a CAGR of 4.8% throughout the forecast period from 2021 to 2029. Rising demand for wood pallets, furniture and timber is the primary driving factor for the growth of forestry cranes market. The forestry cranes market observed remarkable growth in the last decade with increasing mechanization of forest harvesting operations. In addition, increasing demand for biomass and forestry products also determined to support the growth of forestry cranes demand in the near future. Increasing population in Southeast Asian countries demanding to reduce forest cover area and provide accommodation to residence.

Continuous advancement in technology has resulted in steady increase in the average selling price of forestry cranes. The average selling price of truck mounted forestry cranes is USD 116.5 thousand.  This price is expected to increase further due to increase in metal and other raw material prices used in production of crane systems. In addition, increasing integration of advanced technologies such as hydraulic, electro hydraulic and GPS systems to improve operating efficiency of forestry operation are also contributing to increase in average selling price of truck mounted cranes.

In 2020, North America accounted for the largest revenue share in the global forestry cranes market. Full tree and tree length harvesting are commonly used tree harvesting processes in North America. In this process, tree is handled in its full length throughout harvesting process. So, long truck mounted cranes are mostly preferred in the region for loading and transportation of trees from forest to workshop. Most of the small contractors in North America still prefer powerful, big and solid machines. However, cut to length (CTL) process is rapidly gaining popularity in Canada and urban areas of the U.S due to its benefits such as less environmental impact, less fuel consumption etc. This is increasing the demand for short wood and light weight truck mounted cranes in the region. Asia Pacific is expected to witness the fastest growth over the forecast period 2018 – 2029.

Browse the full report at https://www.acutemarketreports.com/report/forestry-cranes-market

The Global Forestry Cranes Market is Segmented into:

*Complete segmentation list is on report page

The forestry truck mounted cranes market is dominated by established players such as Palfinger Epsilon, Kesla Oyj, and Hiab - Cargotec. The forestry truck mounted cranes market is currently dominated by European suppliers such as Palfinger Epsilon, Kesla and Hiab – Corgotec. Epsilon is the leading supplier of truck mounted forestry cranes in the market and accounted for the about 17.8% of the total market share, in 2012. Most OEM’s are competing against each other by developing state-of-the-art technology products to gain a competitive advantage in the global market. Some other major players in global forestry truck mounted crane market include Altec Inc, V-Kran, Tigercat (Volvo) and Velmash.