The Global Agriculture Equipment Market size Is Predicted to Increase from USD 166.9 Billion in 2022 to USD 305.6 Billion in 2032, with a CAGR of 6.4% during the forecast period. Agricultural Equipment is the tools and machines used by the farmers in the field for various agricultural tasks and activities. Some of the equipment are harvesters, tractors, and plows.
Farmers use this agricultural equipment on the farm for cultivating high crop yield in a short time period and with less effort than before. Farm labor cost is very high that’s where this equipment is. Automated and semi-automated equipment is used on the farm to reduce labor costs and achieve more yield than human labor.
Get additional highlights on major revenue-generating segments, Request a telemedicine market sample Agriculture Equipment Market report at https://market.us/report/agriculture-equipment-market/request-sample/
Key Takeaway:
By Type, agriculture tractors are expected to cover a major share of the global agriculture equipment market during the forecast period from 2023 to 2032.
By application, the land development segment has dominated the market and it is anticipated to have a large market share during the forecast period from 2023 to 2032.
In 2022, Asia Pacific dominated the market with the highest revenue share of 37.5%.
North America region is anticipated to grow with significant CAGR during the forecast period.
Factors affecting the growth of the Agriculture Equipment market industry?
There are several factors that can affect the growth of the agriculture equipment market industry. Some of these factors include:
Increasing mechanization: Rising mechanization in the agriculture sector has boosted the agriculture equipment industry. Due to this, the demand for advanced agriculture equipment has risen in the market.
Government initiatives and funding: Governments across the world are funding and supporting the agriculture equipment industry by offering low tax rates and decreased import duties on this equipment.
Research and development: Major players in this market are heavily investing in research development activities to advance the products and dominate the market share more than the competition in the market.
Innovative and advanced equipment: In recent years agricultural equipment has gone through many technological advances to advance the equipment. These technologically advanced products are driving the market growth of agriculture equipment.
Execution of precision farming: To increase sustainability in agriculture activities, farmers across the world are accepting precision farming to increase the yield and profit from the farms.
Growing population and high demand for food: Increasing population across the world is demanding more food supply which is fuelling the growth of the agriculture equipment market.
Source: yahoo.com
Categories: New York, Business, Equipment & Machinery, Sustainable Agriculture, South Dakota, Business, Equipment & Machinery, Sustainable Agriculture