Agricultural Equipment Market Poised to Surpass USD 249.01 Billion by 2031, Driven by Technological Advancements

Research by SNS Insiders the Market Growth is driven by increases the operational efficiency by using Limited Resources.

PUNE, MAHARASHTRA, INDIA, April 12, 2024 /EINPresswire.com/ -- The Agricultural Equipment Market, as revealed by SNS Insider's latest report, witnessed a valuation of USD 164.5 Billion in 2023, with projections soaring to USD 249.01 Billion by 2031. This growth trajectory, boasting a CAGR of 5.28% between 2024 and 2031, stems from various market drivers and industry dynamics.

Download Sample Copy of Report: https://www.snsinsider.com/sample-request/1127

Top Keyplayers:
AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SASLEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc and Other Players

Market Segmentation Analysis:

On The Basis of Product

In 2023, the Tractor segment dominated the market, driven by its versatility and wide-ranging applications across various farming operations.

Tractors
Harvesters
Planting Equipment
Row Crop Planters
Air Seeders
Grain Drills
irrigation & Crop Processing Equipment
Spraying Equipment
Hay & Forage Equipment
Others

On The Basis of Application

The Land Development & Seed Bed Preparation segment dominates the market with holding the highest market share due to its Important role in prepping land for optimal crop growth.

Land Development & Seed Bed Preparation
Sowing & Planting
Weed Cultivation
Plant Protection
Harvesting & Threshing
Post-harvest & Agro-Processing

Market Report Scope:

Agricultural equipment encompasses a range of machines and fabricated components designed to optimize land yield globally. These tools are instrumental in encouraging farmers and land operators to integrate automation technologies into their traditional farming practices. Factors such as the scarcity of human labor, high maintenance costs associated with traditional methods, and the global shift towards alternative fuel sources such as ethanol and biodiesel have catalyzed the demand for modernized equipment in farming applications. The pandemic-induced economic downturn prompted governments worldwide to introduce post-pandemic policies supporting agricultural mechanization. This, coupled with initiatives promoting sustainable alternatives such as ethanol procurement, has further boosted the demand for agriculture equipment such as tractors, combine harvesters, and precision farming tools.

Enquiry Before Buy: https://www.snsinsider.com/enquiry/1127

Market Analysis:

The growing adoption of precision farming techniques, aimed at maximizing productivity with limited resources, is a major growth driver for the agricultural equipment market. This approach not only increases the operational efficiency but also facilitates resource optimization, contributing to increased production and improved quality of agricultural yields. The challenges such as the high initial cost of equipment, operational complexities, and maintenance expenses are the restraints to market growth. To mitigate these challenges, rental business models have emerged as a viable solution, offering cost-effective access to advanced agricultural machinery for small-scale farmers. Government initiatives worldwide, such as subsidies for capital purchases and efforts to enhance food security, are anticipated to propel market growth during the forecast period. Favorable policies, integrating with technological advancements such as IoT integration and precision farming technologies, are reshaping the agricultural equipment landscape.

Impact of Russia-Ukraine War:

The Russia-Ukraine conflict has significantly impacted the agricultural equipment market, leading to supply chain disruptions, price fluctuations, and geopolitical uncertainties. This has prompted market players to reassess their sourcing strategies and explore alternative markets to mitigate risks.

Impact of Economic Slowdown:

The economic slowdown has exerted pressure on farm profitability, affecting the affordability of agricultural equipment for small farmers. The government interventions, subsidies, and rental services are expected to cushion this impact and sustain market growth.

Recent Developments:

The North America region dominates the Market with holding the Agricultural Equipment Market. Due to Extensive farmlands have fueled a high demand for farm mechanization, necessitating the use of powerful and efficient equipment. The region is increasing in the adoption of intelligent combine harvesters equipped with monitoring tools to optimize farm yields. The increasing cost of labor is driving the need for automation solutions, leading to a preference for advanced machinery. The incorporation of robotic systems and Global Positioning Systems (GPS) in tractors and harvesters is enhancing operational efficiency and precision. The convenience and efficiency of self-propelled equipment are contributing to their growing popularity.
The Asia Pacific region is expected to Grow with the highest CAGR during the forecast period, driven by Government initiatives in countries like India, offering cost-effective subsidies and benefits to farmers, are encouraging the adoption of modern agricultural equipment. These initiatives recognize the critical role of agricultural mechanization in propelling the agricultural sector's growth and contribution to the national GDP. China is expected to hold the highest market share in the region due to the immense opportunities it presents for agricultural equipment manufacturers. Established players are introducing a diverse range of highly efficient and powerful equipment models catering to the markets of India, South Korea, Taiwan, and ASEAN countries. Manufacturers are actively incorporating innovative features and technologies into their product portfolios to attract a wider customer base.

Key Takeaways:
Precision farming and technological innovations are driving market growth.
Government initiatives and subsidies are crucial for market expansion.
Rental business models are emerging as a solution for small-scale farmers.
North America and Asia Pacific are key regions shaping market dynamics.

Recent Developments

July 2023: CLAAS KGaA mbH unveiled its high-performance XERION 12 Series tractors, featuring a highly efficient low-engine speed drive concept for optimized performance.

June 2023: JCB announced plans to introduce the industry's first electric wheeled loader, boasting zero-emission and low-noise operation capabilities. This versatile loader caters to both agricultural and industrial applications.

July 2023: Deere & Company's acquisition of Smart Apply, Inc. signifies a strategic move to leverage precision spraying technology. This technology empowers growers to address challenges related to input costs, labor availability, regulatory requirements, and environmental sustainability.

June 2023: Mahindra Group's Swaraj Tractors launched the 'Swaraj Target,' a lightweight compact tractor specifically designed to meet the unique needs of Indian farmers. This tractor boasts first-in-class functionalities, exceptional performance, and cutting-edge technology.

Buy Complete Report: https://www.snsinsider.com/checkout/1127

Akash Anand
SNS Insider Pvt. Ltd
+1 415-230-0044
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube