According to Market.us, the Global Agriculture Equipment Market size is encouraged to reach around USD 305.6 billion by 2032 and it is poised to reach a CAGR of 6.4% from 2023 to 2032.
New York, March 21, 2023 (GLOBE NEWSWIRE) -- The Global Agriculture Equipment Market size Is Predicted to Increase from USD 166.9 Billion in 2022 to USD 305.6 Billion in 2032, with a CAGR of 6.4% during the forecast period. Agricultural Equipment is the tools and machines used by the farmers in the field for various agricultural tasks and activities. Some of the equipment are harvesters, tractors, and plows.
Farmers use this agricultural equipment on the farm for cultivating high crop yield in a short time period and with less effort than before. Farm labor cost is very high that’s where this equipment is. Automated and semi-automated equipment is used on the farm to reduce labor costs and achieve more yield than human labor.
Global Agriculture Equipment Market
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By Type, agriculture tractors are expected to cover a major share of the global agriculture equipment market during the forecast period from 2023 to 2032.
By application, the land development segment has dominated the market and it is anticipated to have a large market share during the forecast period from 2023 to 2032.
In 2022, Asia Pacific dominated the market with the highest revenue share of 37.5%.
North America region is anticipated to grow with significant CAGR during the forecast period.
Factors affecting the growth of the Agriculture Equipment market industry?
There are several factors that can affect the growth of the agriculture equipment market industry. Some of these factors include:
Increasing mechanization: Rising mechanization in the agriculture sector has boosted the agriculture equipment industry. Due to this, the demand for advanced agriculture equipment has risen in the market.
Government initiatives and funding: Governments across the world are funding and supporting the agriculture equipment industry by offering low tax rates and decreased import duties on this equipment.
Research and development: Major players in this market are heavily investing in research development activities to advance the products and dominate the market share more than the competition in the market.
Innovative and advanced equipment: In recent years agricultural equipment has gone through many technological advances to advance the equipment. These technologically advanced products are driving the market growth of agriculture equipment.
Execution of precision farming: To increase sustainability in agriculture activities, farmers across the world are accepting precision farming to increase the yield and profit from the farms.
Growing population and high demand for food: Increasing population across the world is demanding more food supply which is fuelling the growth of the agriculture equipment market.
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Top Trends in the Global Agriculture Equipment Market:
The increasing population across the world has created the need for high crop production in the market. This rise in demand has further increased the need for agriculture equipment in the market. Modern and advanced farm equipment has become the need for the market to meet the demand for food production in the market.
According to the reports, the global population will be nearly 10 billion in 2050. This will also increase the demand for food products in the market. And to fulfill these demands in the market farmers across the world are adopting advanced technologies like the internet of things (IoT) to monitor and increase the production rate of the yield.
Farmers across the world are adopting innovative and advanced technological equipment in farming methods to increase the efficiency and productivity of farms. For example, farmers are using various sensors on the farm. These sensors help them to monitor the factors like temperature of the soil, weather forecast updates, surveillance for crops, and many more.
These factors are helping the farmers to monitor and analyze the crops and other information about statistics of livestock estimation from anywhere. Also, the use of smartphones has helped farmers to access the sensors from anywhere.
The labor shortage is a problem that is faced by every region in the world. The rising need for food production has also increased the need for more laborers in the market to perform different farm activities. To counter this problem farmers are moving towards advanced agriculture equipment, which helps them to reduce their dependency on labor and increase the production on the farm.