The Agriculture And Farm Equipment/Machinery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Agriculture And Farm Equipment/Machinery Global Market Report 2024, The agriculture and farm equipment/machinery market size has grown strongly in recent years. It will grow from $174.12 billion in 2023 to $184.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to education and research, infrastructure development, industrialization of agriculture, advancements in crop science, rural labor scarcity..
The agriculture and farm equipment/machinery market size is expected to see strong growth in the next few years. It will grow to $233.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising global food demand, mechanization and automation, smart farming solutions, sustainable agriculture initiatives, precision agriculture adoption.. Major trends in the forecast period include collaboration and integration, labor scarcity and efficiency, customization and adaptability, climate change adaptation, adoption of iot sensors..
A rapidly growing population is driving the growth of the agriculture and farm equipment/machinery market going forward. Population growth refers to the increase in the number of people at a particular place during a given period. The mechanization of farms increases their productivity. The rising population will cause an increase in the demand for food, therefore to meet this increased food demand and feed the growing population increasing the mechanization of agriculture will become crucial thereby driving the agriculture and farm equipment/machinery market. For instance, according to The United Nations a US-based intergovernmental organization, the global population is expected to increase by 2 billion persons in the next 30 years, i.e.,9.7 billion in 2050. Therefore, the rapidly growing population is expected to propel the agriculture and farm equipment/machinery market.
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The agriculture and farm equipment/machinery market covered in this report is segmented –
1) By Product Type: Tractors, Rotavators, Threshers And Dehuskers, Power Tillers, Power Weeder, Plough, Baler, Seed Drill
2) By Ownership: Individual, Rental
3) By Application: Land Development And Seed Bed Preparation, Sowing And Planting, Plant Protection, Harvesting And Threshing, Post-Harvest And Agro-Processing
Technological advancement is a key trend gaining popularity in the agriculture and farm equipment/machinery market. Major players operating in the market are developing advanced technologies such as the launch of the Unnati drone spray service for farmers that utilize drone technology and artificial intelligence (AI) for agriculture. For instance, in May 2022, Unnati, an India-based fintech-driven agriculture ecosystem platform launched a drone spray service for farmers. The unique feature of the service involves the use of a fleet of drones. The drones can spray water, insecticides, and fertilizers for one acre of land in under eight minutes, saving up to 95% of water. They are equipped with a high-precision spray and capabilities such as “”Return to Launch”” and geofencing. The drones will make the most of AI to optimize spray system utilization in a safe manner that keeps chemicals out of farmers’ cardiovascular systems.
The agriculture and farm equipment/machinery market report table of contents includes:
- Executive Summary
- Agriculture And Farm Equipment/Machinery Market Characteristics
- Agriculture And Farm Equipment/Machinery Market Trends And Strategies
- Agriculture And Farm Equipment/Machinery Market – Macro Economic Scenario
- Global Agriculture And Farm Equipment/Machinery Market Size and Growth
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- Global Agriculture And Farm Equipment/Machinery Market Competitive Benchmarking
- Global Agriculture And Farm Equipment/Machinery Market Competitive Dashboard
- Key Mergers And Acquisitions In The Agriculture And Farm Equipment/Machinery Market
- Agriculture And Farm Equipment/Machinery Market Future Outlook and Potential Analysis
- Appendix
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