Agriculture Equipment Market is Expected to Reach USD 153.42 Billion Progressing at a CAGR of 4.8% By Forecast 2027
Agriculture Equipment Market: Was Valued At USD 110.5 Billion In 2021 And Is Expected To Reach USD 153.42 Billion By 2027, Registering A CAGR Of 4.8% Percent During Forecast Period.
Stellar Market Research published a report on Agriculture Equipment Market: Perspective on Upcoming Impacts and Forecast Analysis (2022-2027) by Automation, Type, and Region.
Agriculture Equipment Market revenue is estimated to expand at a CAGR of 4.8 percent during the forecast period, reaching USD 153.42 billion in 2027, according to a study published by SMR. Agriculture equipment such as tractors, harvesters, ploughs, and cultivators are used to assist in various farming tasks. Agriculture equipment makes it possible to achieve a high crop output in a short length of time with low work. Furthermore, the adoption of autonomous and semiautomatic agriculture equipment reduces the demand for human labour on farms, cutting labour costs. By minimising downtime and allowing for more precise procedures, crop productivity is increased.
Agriculture Equipment Market Scope:
This study examines the agricultural equipment industry in depth, taking into account all essential factors. This contains everything from a macro market overview to micro statistics on industry performance, as well as current trends, important market drivers and challenges, PESTLE analysis, Porter's five forces analysis, and value chain analysis. Entrepreneurs, investors, researchers, consultants, business strategists, and anybody else interested in or attempting to enter the agricultural equipment sector should read this paper.
Agriculture Equipment Market Dynamics:
As the mechanisation of various farming activities such as ploughing, harrowing, planting, harvesting, and tilling grows, the agriculture equipment industry is predicted to develop. As the benefits of employing mechanical equipment like tractors, harvesters, and different attachments become more apparent, farmers are becoming increasingly reliant on agricultural machinery. Precision farming also enhances profitability, safeguards land resources, and maintains the long-term viability of farming operations, all of which contribute to higher agricultural productivity. Various commodities produced by well-known agriculture equipment manufacturers assist farmers with various farming duties such as planting and harvesting, resulting in increased use of agriculture equipment. These variables have a significant impact on the growth of the agriculture equipment market.
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Agriculture Equipment Market Regional Insights:
North America, Asia-Pacific, Europe, Middle East and Africa, and South America are the five regions that make up the Agriculture Equipment Market. In 2021, the Asia Pacific region dominated the market with the largest share. Because nations with big populations, such as India and China, require a large amount of food and grain production, the Asia-Pacific area has the largest market share among other regions. In addition, the region's rapid growth is fueled by greater government assistance and incentives for agriculture equipment, rising tractor sales, a labour shortage, and contract farming.
The North American region is expected to expand at a significant rate for their region throughout the forecast period, with the growth of wine industries and an increase in demand for tractors from the United States and Canada.
Agriculture Equipment Market Segmentation:
By Automation:
Manual Automatic Semi-automatic Others
By Type:
Tractors Harvesters Irrigation and Crop Processing Hay and Forage Machines
By Region:
North America Europe Asia Pacific Middle East and Africa South America
Agriculture Equipment Market Key Players:
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