The Powered Agriculture Equipment Market Growth, reaching a value of USD 85.53 billion in 2022. It is projected to further expand and reach USD 134.29 billion by 2030, exhibiting a robust compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2030.
This remarkable growth in the powered agriculture equipment market can be attributed to various factors. Technological advancements have revolutionized the agricultural sector, leading to increased adoption of advanced machinery and equipment. Farmers are increasingly recognizing the benefits of utilizing powered equipment, such as improved efficiency, productivity, and cost-effectiveness.
Furthermore, the rising global population and the subsequent need to enhance agricultural productivity to meet the growing food demand are driving the demand for powered agricultural equipment. As traditional farming methods become insufficient to meet these demands, farmers are turning to mechanization to optimize their operations and maximize yields.
The market is witnessing a surge in the adoption of powered agricultural equipment across different regions. North America and Europe, being early adopters of advanced farming technologies, have a significant market share. However, emerging economies in Asia Pacific, Latin America, and Africa are also witnessing rapid growth in the adoption of powered agricultural equipment.
Key players in the market are continuously investing in research and development activities to introduce innovative products and technologies. These advancements aim to address the evolving needs of farmers, such as precision farming, autonomous machinery, and smart farming solutions. Additionally, collaborations and partnerships between equipment manufacturers and technology providers are further propelling market growth.
In conclusion, the powered agriculture equipment market is experiencing substantial growth and is expected to continue its upward trajectory. The increasing adoption of advanced machinery, coupled with the need to enhance agricultural productivity, is driving market expansion. With ongoing technological advancements and strategic collaborations, the market is poised for further development and innovation in the coming years.
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KEY MARKET SEGMENTATION
ON THE BASIS OF TYPE
- Tractors
- Seed Drill
- Soil Preparation & Cultivation Equipment,
- CUSTOMIZATION
- Sprayer
- Others
ON THE BASIS OF HIGH-TECH AGRICULTURAL EQUIPMENT
- Harvesting & Picking Robots
- Agricultural Drones
- Autonomous Tractors
- Electric Tractors
- Others
Key Players
The Major Players are AGCO Corporation, John Deere and Co., Mahindra and Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Accompanies Group, Iseki and Co., Ltd., SDF S.P.A and Other Players
Driving Factors
- The execution of farm loan waiver schemes urges farmers to purchase farm machinery
- The government sent off different plans in various regions of the world to alleviate farmers from their advances and empower farm mechanization.
- A growing population is one of the main considerations driving the development of food creation all over the planet, which builds the use of powered agriculture equipment.
Opportunities
- Rising opportunities in developing countries due to increasing population and as well as increasing awareness about modern farming methods
- Reception of drones and robots in agriculture is helpful for farmers to overcome the labour shortage problems.
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Table of Contents
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Powered Agriculture Equipment Market Segmentation, By Type
- Powered Agriculture Equipment Market Segmentation, ByHigh-tech Agricultural Equipment
- Regional Analysis
- Company Profile
- Competitive Landscape
- Conclusion
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