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The global agricultural equipment market is expected to be valued at US$ 68.12 Billion in 2022. With the increasing growth of the farm mechanization, coupled with the increase in investments by OEMs for Agricultural Equipment, the overall demand for agricultural equipment is projected to grow at a CAGR of 4.8% between 2022 and 2032, totaling around US$ 108.86 Billion by 2032.
The demand for agriculture tools is growing year on year. The governmental bodies provide the appropriate interest schemes to farmers by investing in their farm tools business. Also, the materialization of contract farming has also boosted market growth.
Key players are concerned about endorsing gears approved by international standards such as ISO 25119 Series. It was developed by ISO technical committee ‘ISO/TC 23, Tractors and Machinery for agriculture and forestry, subcommittee SC19. These standards are acknowledged by a run for a longer time period and do not need any recovery time.
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The adoption of technologies including mechanized IoT implementation, AI-based equipment, GPS-enabled equipment, flying drones is aiding the market growth opportunities. Modern agriculture equipment is influencing the manufacturers to develop products that could meet the end-users’ demand. The mechanized equipment are controlled by remote devices through the integration of IoT, which helps to reduce the operational cost and relative operational time.
Additionally, A.I. technology has advent robotics by implementing agriculture robotics, including autonomous tractors, ground-based sensors, and others that help produce food at reasonable costs. This technology has immensely boosted digitalization in the agriculture sector. The primary factor contributing to the growth of this market is advancement in technology and the increasing adoption of advanced equipment in agriculture furthermore the increasing usage of cost-cutting methodologies for designing farm equipment is contributing to the growth of this market, in addition to this, the growing population has to lead to increased demand for food this is also a major factor driving the growth of Agricultural Equipment Market.
Moreover, the initiatives taken by the government to provide subsidies are having a positive impact on this market. In addition, companies are educating farmers about the loan policies, credit financing and other benefits of contract farming is another factor boosting the market growth. A shift in agriculture activities from animals or manual operations to the automated method is the major factor propelling the growth of the agricultural equipment market.
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Key Takeaways from the Market Study
The adoption of technologies including mechanized IoT implementation, AI-based equipment, GPS-enabled equipment, flying drones is aiding the growth opportunities for the Agricultural Equipment Market, remarks an FMI analyst.
Competitive Landscape
Players in the global Agricultural Equipment Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
Know More About What the Agricultural Equipment Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Agricultural Equipment Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Agricultural Equipment Market, the market is segmented on the basis of product type, category, and ownership across six major regions.
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Key Segments Covered in the Agricultural Equipment Industry Analysis
Agricultural Equipment Market by Product Type:
Agricultural Equipment Market by Category:
Agricultural Equipment Market by Ownership:
Agricultural Equipment Market by Region:
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