Between 2021 and 2031, the farm equipment market will grow at a stable CAGR of 4.8 percent. The market value is expected to reach US$ 65 billion by the end of 2021.
Agriculture equipment sales are expected to reach roughly 6.7 million units by 2031, owing to the rising adoption of sophisticated agricultural machinery.
The Agricultural Equipment Market grew by 3.7 percent year on year (YOY) between 2020 and 2021, with the top five market players accounting for 44 percent of the market in 2021.
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Growing popularity of precision farming is augmenting the demand for modern agricultural equipment. With the integration of artificial intelligence (AI) and internet of things (IoT), the sales of agriculture equipment are soaring. Smart farming is gaining traction.
Introduction of electric agricultural equipment has completely changed the market scenario. These equipment does not only minimize the emissions but also reduce costs and improve efficiency.
New trends of agricultural robotics and driverless machines are attracting large number of farmers to upgrade their equipment systems.
As per FMI, the agricultural equipment market will surpass a valuation of US 65 Bn by 2021 end.
“Technological advancements in agricultural equipment and the availability of farm equipment rentals will offer lucrative growth opportunities for the manufacturers in the future” says the FMI analyst.
Key Takeaways from FMI’s Agricultural Equipment Market Study
- Europe dominates the ground support equipment market as a result of increasing agricultural mechanization and presence of leading manufacturers. The market in the region is set to register steady growth at 4.4% CAGR between 2021 and 2031.
- The U.S. is expected to register a strong CAGR during the forecast period as a result of rapid technological advancements and availability of equipment leasing.
- With implementation of favorable governmental policies, China is anticipated to emerge as the leading market for agricultural equipment.
- Top 5 players operating in agricultural equipment market collectively account for 44% market share.
- By product type, tractors dominate the agricultural equipment market with their multipurpose nature.
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Key players operating in agricultural equipment market are investing heavily on research and development activities. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market. For instance,
In August 2021, Precision Planting, LLC a subsidiary of AGCO Corporation announced an agreement to acquire the business and assets of Headsight, Inc., a leading precision agriculture harvesting solution company. The acquisition will help the company to offer farmers a range of industry-leading precision ag technologies across the crop cycle that will help them to maximize their value and output while minimizing inputs and impact.
In 2021, XAG Co., Ltd. Launched XAG R150, a jet sprayer system to pollinate fruit trees. A specially mixed solution of pollen is poured into the R150’s liquid tank before it is sent on a predetermined route around an orchard to spray pollen.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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