Agriculture Equipment Market New Product Enhancements Boost Growth by 2032

 According to AMR, Agricultural equipment plays a pivotal role in enhancing productivity in agriculture, significantly reducing time consumption. Moreover, it demands less manual effort, leading to a decreased reliance on human labor on farms. This not only streamlines operational efficiency but also results in substantial cost savings on workforce.

The continuous evolution of machine technologies further fuels the expansion of the agricultural equipment market. The implementation of automatic and semi-automatic machinery is particularly beneficial, as it not only minimizes downtimes but also ensures highly precise operations, thereby boosting crop production.

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In the Asia-Pacific and LAMEA regions, the agricultural industry contributes significantly to the overall revenue. Countries such as India, China, Indonesia, Brazil, and Ghana are poised for rapid growth due to the increasing adoption of agricultural equipment. Even on smaller farms, farmers in these regions are embracing agricultural equipment, driven by government incentives aimed at encouraging its usage.

Numerous agricultural equipment manufacturers are actively involved in launching new products and developing existing ones to cater to diverse agricultural activities, including fruit picking, irrigation, and crop processing. These initiatives contribute to the overall growth of the agriculture equipment market.

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Mechanization in agriculture serves as a remedy for the challenges posed by labor-intensive farming practices, reducing the toil associated with such methods. By enhancing crop quality and minimizing operational times, sustainable mechanization practices have the potential to increase land production. These mechanization techniques prove invaluable in addressing issues like labor shortages in agricultural operations.

COMPETITION ANALYSIS

The major players profiled in the agriculture equipment market include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.

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Key findings of the study

  • The report provides an extensive analysis of the current and emerging global agriculture equipment market trends and dynamics.
  • Depending on type, the tractors segment accounted for maximum share of the agriculture equipment industry in 2022.
  • In automation, automatic segment is anticipated to grow with the highest CAGR throughout the forecast period.
  • By business, the OEM businesses segment generated the highest revenue in 2022.
  • Region wise, Asia-Pacific accounted for largest share of the global agriculture equipment market share in 2022. LAMEA is anticipated to grow at the highest rate in the agriculture equipment market during the analysis period, followed by Asia-Pacific.
  • The report provides an extensive analysis of the global agriculture equipment market analysis, trends and emerging opportunities of the market.
  • The global agriculture equipment market forecast analysis from 2022 to 2032 is included in the report.

 

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