The global agriculture equipment market size is expected to reach USD 244.2 billion by 2025, expanding at a CAGR of 8.9% from 2019 to 2025, according to a study conducted by Grand View Research, Inc. Rising population has escalated demand for food and has pressurized the agriculture sector to be increasingly efficient and productive. Additionally, increased mechanization in the agriculture sector, rise in demand for agricultural products, and need for profitability and operational efficiency are some of the factors anticipated to drive the agricultural machinery market demand over the forecast period.
Rise
in adoption of technology-driven equipment and machinery such as robotics is
also anticipated to drive the farm machinery market demand over the forecast
years. Farmers in developed regions are adopting modern technologies such as
drones, moisture sensors, GPS enabled devices, self-driving tractors, smart
irrigation, and terrain contour mapping to increase farm yield and address
soaring food demand. Such technological advancements are fuelling the espousal
of farm equipment across the globe.
The
farm machinery market is also estimated to be driven by increasing sales in
developing nations such as India, China, and Brazil, as these countries
continue to mechanize their agricultural sectors. Furthermore, strong economic
growth and population expansion are expected to impose pressure on the
agriculture sectors to be more competent, thus increasing sales.On the down
side, high cost of agricultural machinery and financial crisis faced by farmers
are some of the major challenges hindering market growth.
The
agriculture equipment market is highly competitive and fragmented owing to the
presence of few prominent players, along with several medium- and small-scale
players accounting for the market share. The key players in the market include
John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki &
Co., Ltd., and Kubota.
Several
leading vendors are investing in R&D in order to develop innovative
equipment and maintain a strong foothold in the market. For instance, in April
2017, Mahindra & Mahindra Limited launched its 24hp 4WD small tractor. It
has been available in the Indian market since April 2017. The tractor caters to
row cropping and horticulture applications, is capable of lifting up to 750 kg,
and is equipped with automatic depth & draft control (ADDC) features.
Full Research Report On Agriculture Equipment Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/agriculture-equipment-market
Agriculture
Equipment Market Report Highlights
- The global
agricultural equipment market is expected to register a CAGR of 8.9% from
2019 to 2025, due to technological advancements in agriculture automation
and robotics as well as ever-increasing population
- Growing
number of government initiatives in developing countries, especially China
and India, to enhance agricultural productivity is expected to further
spur sale of farm equipment over the forecast period
- By product,
the tractors segment held the dominant share of over 25.0% in 2018, which
is accredited to the fact that farmers are increasingly preferring
tractors to increase production and restrict dependency on farm labor
- On the basis
of application, the harvesting and threshing segment is anticipated to witness
significant growth over the forecast period and is expected to exceed a
CAGR of 10.0% from 2019 to 2025
- The Asia
Pacific market is projected to expand at a CAGR of over 9.0%, owing to its
existing and improving infrastructure levels, alternative sales channels,
and government support
- Key players
in the market include John Deere, AGCO, Mahindra & Mahindra, CNH
Industrial N.V., Iseki & Co., Ltd., and Kubota.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/agriculture-equipment-market/request/rs1
Agriculture
Equipment Market Segmentation
Grand View Research has
segmented the global agriculture equipment market based on product,
application, and region:
Agriculture
Equipment Product Outlook (Revenue, USD Billion, 2014 - 2025)
- Tractors
- Harvesters
- Planting Equipment
- Row Crop Planters
- Air Seeders
- Grain Drills
- Others
- Irrigation & Crop Processing Equipment
- Spraying Equipment
- Hay & Forage Equipment
- Others
Agriculture
Equipment Application Outlook (Revenue, USD Billion, 2014 - 2025)
- Land Development & Seed Bed Preparation
- Sowing & Planting
- Weed Cultivation
- Plant Protection
- Harvesting & Threshing
- Post-harvest & Agro Processing
Agriculture
Equipment Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Netherlands
- Spain
- Denmark
- Russia
- Asia Pacific
- China
- India
- Japan
- Singapore
- South Korea
- Taiwan
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment