Increasing adoption of advanced agricultural machinery is expected to drive the growth of global agricultural equipment market
According to TechSci Research report, “Global Agricultural Equipment Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), By Automation (Automatic, Semi-Automatic, Manual), By Sales Channel (OEMs v/s Aftermarket), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro Processing, Others), By Region, Forecast & Opportunities, 2025”, the global agricultural equipment market is expected to grow at a steady rate during the forecast period on account of the growing need to improve the operational efficiencies of the agricultural sector. Additionally, supportive government policies & schemes in which a large number of subsidies are being provided and agricultural equipment are being provided at low rates to the farmers is further expected to fuel the market growth through 2025. Also, flourishing food and beverage industry is also expected to positively influence the market growth during the forecast period. Besides, technological advancements and advent of AI, IoT, GPS, machine learning, among others in the agricultural industry is further expected to create lucrative opportunities for the market growth. However, high costs of agricultural equipment might hamper the market growth through 2025. Additionally, the agricultural equipment market is highly fragmented and there is intense competition in the market. This in turn might negatively influence the market growth during the forecast period. Moreover, lack of awareness pertaining to different agricultural equipment among the farmers, especially in the emerging world is further expected to restrict the market growth over the next few years. Furthermore, dearth of skilled labor is also expected to slow down the market growth during the forecast period.
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The global agricultural equipment market is segmented based on type, automation, sales channel, application, company and region. Based on type, the market can be categorized into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment and others. Here, the harvesters segment is expected to register the highest growth in the market on account of the need to increase the yield, while reducing the overall labor costs. Additionally, they provide fuel efficiency also. Based on sales channel, the market can be split into OEMs and aftermarket. Among these, the OEM segment is expected to dominate the market owing to the growing demand for agricultural equipment. Based on application, the market can be fragmented into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting & threshing, post-harvest & agro processing and others. Out of these, the weed cultivation segment is also expected to witness significant growth on account of the widespread use of agricultural equipment such as shovel, plough, among others to reduce the time of weeding.
John Deere (Deere & Company), AGCO Corporation, CNH Industrial N.V., CLAAS KGaA mbH, Kubota Corporation, Mahindra & Mahindra Limited, SDF Group, J C Bamford Excavators, Iseki & Co. Ltd., Agrocenter Ltd., AMAZONE Ltd., Agromaster, APV – Technische Produkte GmbH, Bellota, Escorts Group and others are some of the leading players operating in global agricultural equipment market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“Asia-Pacific is expected to dominate in the agricultural equipment market during the forecast period, owing to the low level of mechanization in the region. China holds the largest market for agricultural equipment in the region holding around 35-40% of the total market share. This can be ascribed to the huge number of subsidies provided by the Chinese government to the farmers for the purchase of agricultural equipment. On the other hand, India being an agrarian economy, further increases the demand for agricultural equipment. Also, major players operating in the market are expanding their operations in the Asia-Pacific region. This in turn is expected to create lucrative opportunities for the market growth in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Agricultural Equipment Market By Type (Tractors, Harvesters, Planting Equipment, Irrigation & Crop Processing Equipment, Spraying Equipment, Hay & Forage Equipment, Others), By Automation (Automatic, Semi-Automatic, Manual), By Sales Channel (OEMs v/s Aftermarket), By Application (Land Development & Seed Bed Preparation, Sowing & Planting, Weed Cultivation, Plant Protection, Harvesting & Threshing, Post-harvest & Agro Processing, Others), By Region, Forecast & Opportunities, 2025”,” has evaluated the future growth potential of global agricultural equipment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global agricultural equipment market.
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Source : TechSci Research