Future Market Insights (FMI), an ESOMAR-certified consulting business, predicts that between 2021 and 2031, the global agricultural equipment market would grow at a CAGR of 4.8 percent, reaching a market volume of roughly 6.7 million units.
Agriculture provides a living for around 58 percent of India’s population. The Indian government has introduced many initiatives to handle rising food demand and promote the use of sophisticated farm machinery. The Rashtriya Krishi Vikas Yojana (RKVY), for example, was created to provide a 100 percent subsidy. The program was designed to help the farming industry advance.
The agriculture business is constantly under pressure to address the issue of food security. Farmers all across the world are using a variety of tools to boost food output. These machines reduce turnaround time by reducing manual work.
Precision farming’s growing popularity is driving up demand for new agricultural equipment. Agriculture equipment sales are growing thanks to the combination of artificial intelligence (AI) and the internet of things (IoT). Smart farming is becoming more popular. Electric farming equipment has dramatically transformed the market landscape. These devices not only decrease pollutants but also save expenses and increase efficiency.
A big number of farmers are upgrading their equipment systems due to new developments in agricultural robotics and driverless machines. The agricultural equipment market, according to FMI, will
Key Takeaways from FMI’s Agricultural Equipment Market Study
- Due to increased agricultural mechanization and the presence of prominent manufacturers, Europe dominates the ground support equipment industry. Between 2021 and 2031, the market in the region is expected to develop at a steady 4.4 percent CAGR.
- Due to rapid technological improvements and the availability of equipment leasing, the United States is predicted to have a strong CAGR during the forecast period.
China is expected to become the top market for agricultural equipment if favorable government regulations are implemented.
- The top five players in the agricultural equipment sector control 44 percent of the market.
- Tractors, with their versatile character, dominate the agricultural equipment market by product category.
Agricultural Equipment Market – Key Points
- 2021-2031 Agricultural Equipment Market Estimates and Forecast
- Market growth drivers and restraints
- Analysis by segment, country, and region
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Agricultural Equipment Market and How to Navigate