April 22, 2019
Global agriculture and farm equipment market is projected to surpass US $272.1 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, the farm tractors product segment had garnered the highest proceeds in the global market in the year 2017. In terms of regional contribution, Asia-Pacific market segment is anticipated to amass maximum revenue in the global market over the forecast period.
Globally, there has been a significant rise in the adoption of agriculture and farm equipment owing to the budding agricultural industry and increasing demand for food crops. The rising population and increasing automation of farm operations further augments market growth. The need to enhance the quality of yield and improve crop production and productivity will also support market growth in the future.
Other factors specified in the report for promoting the growth of this market comprise of development in the worldwide agricultural industry, reduced availability of labors, and rising labor costs. Factors further supplementing the growth of this market include the integration of technologies like automation and robotics as well as government subsidies. However, certain negative factors such as high initial investment could hamper the growth of the market. Nevertheless, technological advancements and increasing demand from developing economies are expected to present numerous growth opportunities to the global agriculture and farm equipment market over the coming years.
According to the report, based on regional hierarchy, the Asia-Pacific dominated the global agricultural and farm equipment market in 2017, in terms of revenue and is anticipated to lead the industry over the forecast period. The high growth prospects for this region can be credited to the rising population and increasing demand for premium quality crops. The rising cost of labor, as well as growing automation within agricultural practices, are also favoring the adoption of farming equipment in this market segment. Government subsidies and investments in the agriculture sector are also expected to boost the agriculture and farm equipment market growth over the forecast period. Moreover, growing need to enhance productivity and food quality along with amplifying industrialization of farming equipment further enhances the Asia Pacific market size.
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The vast product landscape of the agriculture and farm equipment market comprises fertilizing and planting equipment, irrigation equipment, farm tractors, haying equipment, plowing equipment, harvesting equipment, and others. Farm tractors amassed the biggest share in the global market in 2017. These vehicles are extremely important for farming procedures like pulling or pushing agricultural machinery, tilling, plowing, disking, planting, and harrowing among others, cites the report.
The report also delivers a comprehensive analysis of the agriculture and farm equipment market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of product, regional landscape, and competitive spectrum is also contained within the report. In addition, company profiles of market majors have been highlighted in the report under business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the global agriculture and farm equipment market witnesses participation from several market majors like Agrocenter Ltd., Amazone Ltd., CNH Industrial N.V., Horsch Maschinen GmbH, Kubota Corporation, John Deere, Mahindra & Mahindra Limited, AGCO Corporation, Morris Industries Ltd., Agromaster, Escorts Group, and CLAAS KGaA mbH among others. The leading strategies practiced by market majors in this business space include launching unique products and forming partnerships with other industry majors to develop new equipment and meet evolving user needs and requirements more efficiently, thereby boosting market growth over the forecast timeline.