Agriculture Equipment Market | Exploring Technological Advancements and Market Dynamics

The global agriculture equipment market size is expected to reach USD 236.04 billion by 2030, registering a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. Shortage of labor worldwide particularly in Western Europe and the U.S. will play a key role in driving the adoption of agriculture equipment over the forecast period. Furthermore, shortage of labor in the field of agriculture equipment and telematics to monitor tractor performance and improve farm yield is also anticipated to propel the growth of the market. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.

Agriculture Equipment Market Report Highlights

Tractors captured a sizeable portion of the overall market in 2022. Tractors are essentially high-cost equipment, thus contributing to their high market share

Harvesting and threshing are important farming processes, anticipated to record a CAGR of over 7.2% over the forecast period. This trend is expected to continue over the forecast period

OEMs in this space are expected to witness short-term challenges owing to supply chain disruption and shortage of semiconductors in agriculture equipment which may lead to production delays.

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Favorable government initiatives to reduce the financial burden on farmers or incentivize agriculture equipment purchase will also be a major factor driving the growth of the market. For instance, the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) and Pradhan Mantri Kisan Samman Nidhi (PMKSN) schemes in India aimed at offering financial assistance to low-income farmers. Apart from schemes supporting agricultural activities in the emerging economies, COVID-19 pandemic assistance from developed countries/regions, such as the United States and European Union in 2020 eased the financial burden of farmers in 2020. For instance, the announcement of the Pandemic Assistance for Producers initiative in the U.S (2020) and negotiations on European Union Common Agricultural Policy in Europe (2021).

The COVID-19pandemic hampered the growth of the market for agriculture equipment in H1 2020. A government-imposed lockdown and stringent regulations impeded business activities worldwide, including the agriculture equipment industry, consequently impacting sales. Several key players in the market, including AGCO Corporation, Deere & Company, and KUBOTA Corporation reported a dip in sales from Q1 2020 to Q2 2020. Although the year 2020 witnessed a slight dip, it was offset by the economic revival post-Q2 2020.

In 2021, the market recorded double-digit growth owing to the pent-up demand and backlog orders resulting from the pandemic. This trend will continue over the short term to meet backlogs from 2020 and replace aging equipment over the forecast period. Although, the overall market statistics paint a rosy picture over the short-term, supply chain disruptions could still pose a threat due to low inventory levels at an OEM level.

Agriculture 4.0: Shaping the Future with Farm Equipment Innovations

The farm equipment market is at the forefront of agricultural evolution, driving efficiency, productivity, and sustainability in modern farming practices. This comprehensive market analysis explores the diverse landscape of farm equipment, from traditional machinery to precision agriculture technologies. Discover the trends, innovations, and challenges shaping the future of farming.

Learn More: https://datahorizzonresearch.com/farm-equipment-market-2131

Key Features:

Modernizing Agriculture: Explore how farm equipment is revolutionizing agriculture, from mechanized plowing to smart tractors, drones, and AI-powered precision farming solutions.

Precision Agriculture: Understand the role of technology in optimizing crop management, resource allocation, and yield enhancement through real-time data analysis and remote sensing.

Sustainable Farming: Discover how farm equipment is embracing sustainability, from energy-efficient machinery to practices that reduce environmental impact and promote soil health.

Market Dynamics: Gain insights into the driving forces behind the farm equipment market, including global population growth, the need for food security, and the demand for efficient farming practices.

Innovative Solutions: Learn about cutting-edge technologies like autonomous farm machinery, robotic harvesters, and blockchain-enabled traceability systems transforming the agricultural landscape.

Key Players: Explore leading companies in the farm equipment sector and their strategies for innovation, partnerships, and addressing the evolving needs of farmers.

Challenges and Resilience: Delve into challenges such as high equipment costs, adapting to rapidly changing technology, and bridging the digital divide in agriculture.

Future of Farming: Gain insights into the future of farm equipment, including the integration of AI and machine learning, vertical farming, and the potential for agriculture to combat climate change.

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New Study on Global Farm Equipment Industry 2015 Edition

The complete Report on Global Farm Equipment Market Report: 2015 Edition spread across 65 pages, profiling 4 companies and supported with 8 tables and 56 charts is now available at http://www.marketreportsonline.com/425582.html. 

Farm equipment is any kind of machinery used to help in farming. The best-known example of this kind is the tractor. They cover a broad range of machines and tools which help the farmers to carry out the various processes required to enhance the output as well as the quality of crops. Based on their characteristics, agricultural equipment can be divided into two types: farmstead equipment and field equipment.

Engineering inputs to agriculture by way of mechanization has increased considerably during the recent years so as to meet the timeliness of farm operations, reducing drudgery, capacity enhancement and efficient utilization of inputs. With the implementation of agricultural support policies, growth in farmer’s income and the changes in agricultural production methods, global farm equipment market is scaling new heights and promises healthy development in coming years.

Europe is the unprecedented leader in farm equipment market. While 2014 marked the fall in share of European markets, Asian Pacific presents a huge market opportunity for this industry on the back of ameliorated economic conditions and better funds for investment in R&D of agriculture machinery. India and China constitute the largest markets for agricultural equipment in terms of unit sales, although typical equipment tends to be in the form of smaller horsepower, low-technology tractors with relatively low unit prices. These emerging economies have incessantly increased their production volumes and will continue to be the major drivers of the industry.

Growth in the global market for agricultural equipment is dependent on varied factors including economic scenario, weather and demand. Population growth is expected to fuel demand for agriculture produce, which in turn would lead to increase in demand for farm equipment. Increase in arable land to fulfill the growing needs of urban and rural population is another factor encouraging the growth of the industry. Further, governments in these countries are increasingly placing greater emphasis on enhancing productivity through automation or mechanizing traditional processes, extending easy credits and subsidies on investments to promote growth of the industry. However, these factors are dominated by presence of already existing machinery and inventory with the supplier, thereby reducing the demand for new farm equipments in 2014.

Purchase a copy of “Farm Equipment Market” research report at USD 800 (Single User License) http://www.marketreportsonline.com/contacts/purchase.php?name=425582.

The report ”Global Farm Equipment Market” analyzes the development of the agricultural machinery industry and studies the global market along with major regional markets`- US, Canada, Brazil, Germany, United Kingdom, Turkey, China and India. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The three major players in the industry, John Deere, AGCO Corporation, and CNH Global NV Inc. are being profiled, along with their key financials and strategies for growth.

By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the farm equipment industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.

Major points from Table of Contents (http://www.marketreportsonline.com/425582-toc.html) are listed below: 1. Farm Equipments Overview 2. Global Market Analysis 3. Regional Market Analysis 4. Market Dynamics 5. Competitive Landscape 6. Company Profiles 7. Market Outlook List of Tables List of Charts

Explore more agriculture market research as well as other newly published reports by Koncept Analytics at http://www.marketreportsonline.com/publisher/koncept-analytics-market-research.html.

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