Revolutionizing Agriculture: Global Agricultural Equipment Market Set to Soar to $205 Billion by 2026
The global agricultural equipment market size was valued at US$ 136.63 billion in 2020 and is expected to reach US$ 205.04 billion by 2026, growing at a CAGR of 6.7% during the forecast period from 2021 to 2026.
The growth of the market is attributed to several factors such as the increasing demand for food due to the growing population, the adoption of advanced technologies in the agriculture sector, and the need for higher agricultural productivity. Additionally, the increasing trend of farm mechanization and the adoption of precision farming technologies are also driving the growth of the market.
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The growth of the market is attributed to the rising demand for food, the increasing need for higher agricultural productivity, and the adoption of advanced technologies in the agriculture sector. The market is segmented based on product type, application, and region.
Agricultural equipment refers to machinery and tools used in various agricultural activities such as planting, harvesting, irrigation, and storage. The global agricultural equipment market is expected to grow significantly over the forecast period, driven by several factors such as the rising demand for food due to the growing population, increasing need for higher agricultural productivity to meet the demand, and adoption of advanced technologies in the agriculture sector.
The global agricultural equipment market is anticipated to witness significant growth over the forecast period due to the rising demand for food and the increasing need for higher agricultural productivity. The adoption of advanced technologies in the agriculture sector such as precision farming, which uses drones and sensors to monitor crop growth and yield, is also expected to drive market growth. The market is also expected to be driven by the increasing trend of farm mechanization, which involves the use of machinery and equipment in farming activities to increase productivity and efficiency.
The market is expected to face challenges due to the high cost of agricultural equipment, which may not be affordable for small-scale farmers. The lack of awareness and technical knowledge among farmers regarding the use of advanced agricultural equipment is also expected to hamper market growth. The market is also expected to face competition from alternative methods of agriculture such as organic farming and sustainable agriculture.
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The global agricultural equipment market is highly competitive, with several key players operating in the market. Some of the prominent players in the market include
- AGCO Corp
- CLAAS KGaA mbH
- Kubota Corporation
- Tractor and Farm Equipment Limited
- Deere & Company
- Mahindra & Mahindra Ltd.
- EXEL Industries
- SDF S.p.A.
- ISEKI & CO. LTD.
- CNH Industrial N.V.
- Bucher Industries AG
These companies are investing in research and development activities to develop innovative and advanced agricultural equipment to cater to the growing demand for such equipment in the market.
The global agricultural equipment market can be segmented based on product type, application, and region.
By product type, the market can be segmented into tractors, combine harvesters, sprayers, irrigation equipment, and others.
By application, the market can be segmented into land development and seed bed preparation, planting and fertilizing, weed cultivation, harvesting and threshing, and post-harvest and storage.
By region, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.