| Source: Contrive Datum Insights Pvt Ltd
Farmington, Connecticut, UNITED STATES
Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) — The Global Agriculture Equipment Market Size Was Valued At USD 157.89 Billion In 2021. The Market Is Projected To Grow From USD 168.30 Billion In 2022 To USD 272.36 Billion By 2029, Exhibiting A CAGR Of 7.1% During The Forecast Period. According to our research, the global market grew by an average of 6.2% between 2019 and 2020.
In the next few years, there will be a lot of pressure to make agricultural land more productive, which will make farmers and land owners more likely to use automation technologies in their farming equipment. Also, there are fewer people to hire, and in many countries it is very expensive to keep cattle healthy on the job site. Because of this, customers are taking advantage of the benefits of updated farming equipment.
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Recent Developments:
Segment Analysis:
Equipment Type Insights
When it comes to types of equipment, agriculture tractors are expected to make up a big part of the global market. One of the most important reasons for the market’s growth is the introduction of new tractors that are more efficient, better for the environment, and can work faster and cost less to use. Because operational speed has come a long way, farmland operators can now do their jobs better and faster. Also, using products made by machines makes the operations run more smoothly and consistently, which increases yield.
Application Insights
The constant increase in the need for farmland in different parts of the world is the main reason why the land development segment on the global landscape is growing. The development and subsequent release of products that use new technologies are changing the way the land is used in a way that is getting bigger and bigger. Better fertiliser distribution, the ability to have plantations across farmland boundaries, and field contours are also boosting sales of equipment on the global market.
Regional Outlook:
The Asia-Pacific market was worth USD 59.23 billion in 2021, and over the next five years, it is expected to grow at an impressive 8.3% CAGR. China, India, and many other countries in the ASEAN region have had fast and smooth economic growth, which has led to growth in the market and in the Asia-Pacific region as a whole. Customers in developing countries in the area are becoming more and more reliant on machines, which is another important reason for the growth.
By 2029, the Asia-Pacific market is expected to be worth USD 111.87 billion. This is because a lot of electrical drives, digitalization, computer sensing, and control are used in equipment and machinery. China is thought to have the biggest share of the agricultural equipment market because there are so many opportunities for manufacturers there. Many established and well-known market players use both organic and inorganic business strategies to keep up their performance in Japan’s mature market and take advantage of opportunities in India, South Korea, Taiwan, and ASEAN countries. Companies are trying to get more customers by adding new products and technologies to their lines.
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Scope of Report:
Market Trends:
The agriculture business will be more important than ever in the next few years. The UN says that by 2050, the world’s population will reach 9.7 billion people, which will cause agricultural production to grow by about 69% from 2010 to 2050. To meet this need, agricultural manufacturers and farmers are turning to the Internet of Things (IoT) for analytics and more ways to make and produce things.
Market Driving Factors:
Because the world’s population is growing and more food needs to be made to feed everyone, the market is growing in a big way everywhere. People have more money to spend, industrialization is moving quickly, and people want high-quality packaged foods. All of these things are good for the market in the next few years.
Key Segments Covered:
Top Market Players:
AGCO Corporation (U.S.), Alamo Group Inc. (U.S.), China National Machinery Industry Corporation (China), CNH Industrial N.V. (U.K.), CLAAS KGaA GmbH (Japan), Deere & Company (U.S.), Kubota Corporation (Japan), Mahindra & Mahindra (India), SDF S.p.A. (Italy), Valmont Industries Inc. (U.S.), and others.
By Equipment Type
By Application
Regions and Countries Covered
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Agriculture Equipment Market Is Expected To Reach at USD 168.30 … – GlobeNewswire
