The agriculture equipment market worldwide experienced significant growth in 2020 and is projected to maintain a steady revenue CAGR throughout the forecast period. This growth is attributed to several factors, including the increasing adoption of advanced mechanical tools, rising demand for a variety of agricultural activities such as planting, tilling, plowing, and harvesting, technological advancements in equipment, the increasing global population, and government funding to promote sustainable farming practices.
The use of agricultural equipment, such as tractors, combine harvesters, plows, and field cultivators, plays a crucial role in the farming sector, enabling farmers to obtain high-yield crops in a shorter period with minimal effort.
The rising use of automatic and semi-automatic agricultural equipment reduces manpower, improving crop yield by reducing downtime and achieving high-precision operations. The adoption of advanced technologies and automation in agriculture equipment is expected to drive market growth.
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Competitive Landscape:
Key companies in global agriculture equipment market include John Deere, AGCO, Mahindra Mahindra, CNH Industrial N.V., Iseki Co., Ltd., and Kubota.
The global agriculture equipment market's revenue growth over the forecast period is primarily driven by the rising global population, increasing focus on precision agriculture techniques, government policies to provide grants and subsidies, and investments in RD activities. Moreover, various companies are investing in research and development to develop novel agriculture equipment, and there is a growing demand for sustainable crops, contributing to the market's growth.
On the other hand, a lack of awareness among farmers about the benefits of using modern equipment is expected to negatively impact the global agriculture equipment market's revenue growth. Additionally, a lack of adequate resources in underdeveloped regions and high equipment costs are other factors that may slow down market growth.
Factors Affecting of Agriculture Equipment Market
The agriculture equipment market is influenced by various factors that impact its growth and revenue. Here are some of the key factors affecting the agriculture equipment market:
- Technological advancements: The agriculture equipment market is driven by the increasing adoption of advanced mechanical tools and automation in equipment. Technological advancements in equipment such as tractors, combine harvesters, plows, and field cultivators, among others, are helping to reduce manpower, improve crop yield, and achieve high-precision operations.
- Global population growth: With the increasing global population, there is a growing demand for food production. As a result, farmers are adopting modern agricultural practices and using advanced equipment to meet the demand for high-quality crops.
- Government policies and funding: Many governments across the globe are offering grants and subsidies to promote sustainable farming practices. This has led to an increased demand for advanced agricultural equipment that can help farmers achieve sustainable crop production.
- RD investments: Various companies are investing in research and development activities to develop novel agriculture equipment that can cater to the changing needs of farmers.
- Awareness among farmers: Lack of awareness among farmers about the benefits of using modern equipment is a major factor that affects the growth of the agriculture equipment market. Therefore, companies are working towards increasing awareness among farmers about the benefits of using advanced equipment.
- Availability of resources: Availability of resources such as water, land, and labor is also a crucial factor that impacts the agriculture equipment market's growth. The lack of adequate resources in underdeveloped regions can hinder the adoption of modern agricultural practices and equipment.
Overall, the agriculture equipment market's growth and revenue are impacted by various factors, including technological advancements, global population growth, government policies and funding, RD investments, awareness among farmers, and availability of resources.
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Report scope:
For the purpose of this report, Reports and Data has segmented global agriculture equipment market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Tractors
- Harvesters
- Planting Equipment
- Row Crop Planters
- Air Seeders
- Grain Drills
- Others
- Irrigation Crop Processing Equipment
- Spraying Equipment
- Hay Forage Equipment
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Land Development Seed Bed Preparation
- Sowing Planting
- Weed Cultivation
- Plant Protection
- Harvesting Threshing
- Post-harvest Agro Processing
Regional Outlook (Revenue, US Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- Israel
- South Africa
- Rest of MEA
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