Agriculture Equipment Market Expected to Reach $192.5 Billion by 2032

WILMINGTON, DELAWARE, January 19, 2024 /EINPresswire.com/ -- The agriculture equipment market size was valued at $121.2 billion in 2022, and is estimated to reach $192.5 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

With less time spent, agricultural productivity can be increased with the use of agricultural equipment. Moreover, agricultural machinery uses less effort, which lowers the need for human labour on farms. In addition to saving operating time, this also reduces labour expenses.

Furthermore, the market for agricultural equipment is growing thanks to advancements in machine technologies. This is explained by the fact that the use of semi-automated and automatic machinery boosts crop yields because of its highly accurate operations and reduced downtime.

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Agricultural mechanization alleviates the burdens associated with labor-intensive farming practices, leading to improved crop quality and reduced operating times. The implementation of sustainable mechanization holds the potential to enhance land production. These mechanization techniques offer effective solutions to challenges like labor shortages in agricultural operations.

The Food and Agriculture Organization (FAO) projects a need for a 60% increase in food production by 2050 to feed the anticipated global population of 9.3 billion. Conventional farming methods could strain natural resources significantly. To address this, adopting ecosystem-friendly practices, reducing external inputs, and aiding farmers in building resilience to climate change-induced weather extremes can sustainably boost agricultural output while lowering greenhouse gas emissions.

Consequently, the increasing mechanization of agricultural activities is driving the adoption of agricultural equipment, thereby fueling the growth of the agriculture equipment market.

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The agreement aims at the development of digital agricultural solutions such as connectivity and agronomic solutions for its various agricultural equipment products. Moreover, it plans to offer unique technology platforms, which feature execution, planning, analysis, and decision-making capabilities to improve the agricultural processes using various agriculture equipment.

For instance, in January 2020, CASE IH launched a new suspended front axle for its CASE IH Quantum V, N, and F model tractors. The new suspended axle offers front suspension option, which allows manual setting of the suspension height from the cab to provide comfort during operations.

Top Players:
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 PelhÅimov, 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.

David Correa
Allied Analytics LLP
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