By 2024, Agriculture Equipment Market to Gain Commendable Traction with a Projected CAGR of 6%
Category: #business  By Partha Ray  Date: 2019-10-11
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By 2024, Agriculture Equipment Market to Gain Commendable Traction with a Projected CAGR of 6%

A comprehensive research study on Agriculture Equipment Market introduced by Global Market Insights provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of Agriculture Equipment Industry in terms of the demand landscape, driving factors and growth strategies adopted by market players.

The shifting focus toward modern agro-based practices as opposed to conventional methods has been fueling agriculture equipment market. Over the last few years, the increasing awareness among the farmers, regulatory bodies, and regional governments about the use of machines for increasing the overall food production has been propelling the demand for these products. The impact of climate change and the overuse of conventional agricultural practices have also resulted in a food crisis across the globe, prompting the deployment of sophisticated agro-based devices.

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The increasing focus of regional and international regulatory bodies on the agricultural industry will have a considerable impact on the overall agriculture equipment market trends over the years ahead. The sustainable development goals set by the regional governments to increase the outcome from the agriculture sector will further enhance the future product demand. Supported by a favorable regulatory scenario, giants in the agriculture equipment industry have been working to tap numerous business opportunities across the globe.

Startups have now begun to adopt advanced product development strategies and have been active in conducting intense research and development activities. This would eventually lead to agriculture equipment market gaining commendable traction in the years ahead, with a projected CAGR of 6% over 2018-2024.

The use of resource-intensive farming systems has resulted in water scarcities, massive deforestation, and soil depletion, leading to the development of non-sustainable food production. In this regard, agriculture equipment developers are focusing on the development of innovative systems which can not only improve the productivity but also protect the environment. In accordance with the same line of thought, many farming product manufacturing startups have forayed into agriculture equipment market.

Agriculture Equipment Market, By Product

  1. Farm tractor
  2. Harvesting machinery
  3. Plowing & cultivation machinery
  4. Planting & fertilizing machinery
  5. Haying machinery
  6. Others

As per estimates, by 2050, the world’s population would cross 9 billion, necessitating an excessive demand for food. Driven by the need of the hour to nearly double the agriculture output by 2050, the development of technologically advanced agricultural equipment has come to the fore. The usage of advanced agro-based components and the involvement of governments for promoting the use of modern agriculture facilities are slated to stimulate agriculture equipment market size.

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In most of the African countries, surging food insecurity and decreasing food production have emerged as challenges for the governments due to rise in population without the significant increase in agriculture productivity. Having identified the potential issues that may crop up in the future, African government bodies have been looking forward to implementing supportive regulatory policies to promote farming. The political commitment toward abolishing malnutrition and hunger across African countries is poised to have considerable influence on the overall agriculture equipment market share.

Major players operating in global agriculture equipment market are AGCO Corporation, JCB, Kubota, Claas, Deere & Company (John Deere), Bucher Industries, Dawn Equipment, CNH Industrial, CNH Industrial, Mahindra Tractors, Same Deutz-Fahr Deutschland GmbH, Force Motors Ltd., Kverneland Group, International Tractors Ltd., Kuhn Group, Iseki & Co., Ltd., Escorts Group, and Tractors and Farm Equipment Ltd., among others.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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