Pune, March 28, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global agricultural equipment market is expected to grow from USD 163.4 billion in 2021 to USD 295.3 billion by 2030, with a CAGR by 6.8% over the forecast period 2022-2030.
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Farm equipment is indispensable for farming nowadays as there is a shortage of labor and the labor intensive works from land preparation to harvesting and threshing , must be performed by machines. Some of the farm equipment used at different levels of agriculture include fertilization, grain handling equipment, plant protection equipment, mulchers, seeding equipment, tractors, harvesting equipment, mowers, hay and forage equipment, irrigation equipment, crop treatment equipment and sprayers. For example, irrigation equipment helps to overcome the problem of water scarcity because efficient drip irrigation systems save nutrients and water as they allow water to flow slowly through plant roots and minimize the evaporation process. One of the major constraints in the agricultural equipment market is the lack of skilled labor to operate the technologically advanced equipment. Many farmers are hesitant to buy this equipment because they do not have the necessary skills to use this equipment. This is restraining the growth of the market. Several organizations and government agencies provide loans to farmers at low interest rates or without interest rates, which provides an opportunity for market growth. The outbreak of the Covid-19 pandemic has affected the growth of the market as several manufacturing units have shut down leading to shortage of raw materials and components and delaying the production of the agricultural equipment. This has hampered market growth and affected financial performance. However, after the lifting of the containment, the
manufacturing units have resumed production and the market has gained momentum in the second quarter of 2021. At present, companies are focusing on agricultural equipment at affordable prices, which will be suitable for small and medium farmers.
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Leading players operating in the global Agricultural Equipment Market are:
● FlieglAgro-Center GmbH
● Amazon Inc.
● APV GmbH
● Quivogne CEE GmbH (Kiwon RUS LLC)
● LEMKEN GmbH & Co. KG
● Mahindra & Mahindra Ltd.
● MaterMacc SpA
● Morris Equipment Ltd
● SDF SpA
● Tractors and Farm Equipment Limited (TAFE)
● Valmont Industries, Inc.
To strengthen their position in the global agricultural equipment market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2020, Kubota Corporation acquired a 10% stake in Escorts Ltd. to extend the life of the products in manufacturing, development and supply for the global and Indian market.
● In May 2021, AGCO Corporation signed an agreement with BASF Digital Farming GmbH, Raven Industries Inc. and Robert Bosch GmbH to evaluate targeted spray technology.
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The agricultural tractor segment dominates the market with around 22% in 2021
The product segment is divided into agricultural tractors, harvesting machines, plowing and cultivation machines, planting and fertilizing machines, haymaking machines and others. The agricultural tractors segment has dominated the market, with a market share of around 22% in 2021. This growth is attributed to technological advancements such as tractors equipped with artificial intelligence-based tools for agricultural picking processes. precise decision making and data transmission. The tractors can be used with combined harvesting machines and with plant protection machines and can also be used to prepare land in hilly areas. Thus, the versatile use of tractors also contributes to the growth of the segment.
The land development segment led the market, with the largest market share of 32% in 2021.
The application segment is divided into land development, threshing and harvesting, sowing and planting, plant protection and other applications. In 2021, the land development segment dominated the market, accounting for approximately 32% of global revenue. This growth can be attributed to increasing urbanization as most of the machinery and equipment is used in the process of land development. The land development process also facilitates the harvesting procedure and saves farmers time and money.
Regional Segment Analysis of Agricultural Equipment Market
● North America (United States, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain and Rest of Europe)
● Asia-Pacific (China, Japan, India and rest of Asia-Pacific)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of Middle East and Africa)
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Among all regions, the North America region has emerged as the world’s largest agricultural equipment market, with a market share of approximately 44% in 2021. North America leads the agricultural equipment market, due to North America’s spending factor for technologically advanced tractors and farm equipment. Positive economic outlook, broad production base, increased agricultural consolidation and increased government support in the form of subsidies, low interest rates and low import duties are driving the heavy duty agricultural equipment and machinery market in North America. Most farmers in North America are increasingly adapting to the use of machinery manufactured with advanced technology, such as GPS-controlled agricultural machinery and precision farming systems form the backbone agricultural systems, which is one of the factors influencing the growth of the market. the forecast period.
About the report:
The global agricultural equipment market is analyzed on the basis of value (USD billion). All segments were analyzed globally, regionally and nationally. The study includes analysis of more than 30 countries for each coin. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our repository of union reports is diverse across all categories and sub-categories of domains. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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