How Big is The Agriculture Equipment Market:
IMARC Group, a leading market research company, has recently releases report titled “Agriculture Equipment Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global agriculture equipment market size reached US$ 165.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 223.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
What are Agriculture Equipment?
Agricultural equipment refers to machinery, tools, and vehicles that are specifically designed for use in agricultural activities. It includes a wide range of equipment used in various stages of farming, from land preparation to harvesting. Agricultural equipment possesses purpose-built designs tailored to farming activities, and can be powered by various sources such as tractors, electric power, or human/animal power in traditional systems. The working mechanism of agricultural equipment involves power transmission, interchangeable implements and attachments, control systems, and mobility, enabling farmers to convert power, perform specific tasks, adjust settings, and move efficiently across fields. They assist in various tasks such as breaking up soil, planting seeds, providing water, applying fertilizers and pesticides, harvesting mature crops, and sorting, cleaning, and storing harvested produce. As a result, they are extensively utilized for land preparation, planting and seeding, irrigation, crop protection, and harvesting and post-harvesting.
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What are the growth prospects and trends in the Agriculture Equipment Industry:
The agricultural equipment market is primarily driven by the considerable growth in the agricultural sector of the country. In line with this, the growing implementation of mechanization of agriculture is escalating the demand for advanced farming equipment, thereby fueling the market. Moreover, implementation of favorable initiatives by the government to modernize the agriculture sector, such as subsidies for farm machinery purchase and financial assistance for small and marginal farmers is creating a positive market outlook. Furthermore, there’s a rising trend of precision farming, which utilizes advanced technologies to enhance crop yields and optimize resource usage. This shift is fuelling the demand for innovative and tech-based agricultural equipment. Apart from this, the emergence of environment-friendly, energy-efficient machinery is creating new growth avenues in the market. Some of the other factor contributing to the market include integration with advanced technologies such as GPS, sensors, and automation, increasing emphasis on sustainable development and extensive research and development (R&D) activities.
Agriculture Equipment Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AGCO Corporation
- Agromaster Agricultural Machinery
- Argo Tractors S.p.A.
- Bellota Agrisolutions
- China National Machinery Industry Corporation
- CLAAS KGaA mbH
- CNH Industrial N.V.
- Deere & Company
- Escorts Limited
- Iseki & Co. Ltd.
- JC Bamford Excavators Ltd.
- Kubota Corporation
- Mahindra & Mahindra Limited
- SDF Group
The report has segmented the market on the basis of type, application and sales channel.
Breakup by Equipment Type:
- Agriculture Tractor
- Harvesting Equipment
- Irrigation and Crop Processing Equipment
- Agriculture Spraying and Handling Equipment
- Soil Preparation and Cultivation Equipment
- Others
Breakup by Application:
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
Breakup by Sales Channel:
- Original Equipment Manufacturers (OEM)
- Aftermarket
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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