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According to The SNS Insider report forecasts that the Powered Agriculture Equipment Market Will Projected to reach USD 141.3 Billion by 2031, With a CAGR of 5.79% over the 2024-2031 period. These advancements are revolutionizing agricultural practices, enhancing efficiency, and boosting productivity.
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Some of Major Key Players:
- 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
Technological Advancements Drive Market Expansion
Technological advancements are playing a important role in Driving the powered agriculture equipment market forward. The emergence of high-tech equipment Such as agricultural drones and harvesting & picking robots is revolutionizing agricultural practices. These solutions offer real-time crop and livestock data, enabling farmers to optimize operations, monitor crop health, and manage livestock more effectively. The growing demand for autonomous tractors fuelled by concerns over fluctuating fuel costs is paving the way for a more sustainable and efficient future for the agricultural sector.
Growing Demand Creates Opportunities
The powered agriculture equipment market is growing due to Various factors. The governments across the globe are implementing various support initiatives, including credit waiver plans and subsidies for farmers. This financial assistance empowers farmers to invest in advanced equipment, ultimately drive the market growth. the declining crop yields necessitate the adoption of more efficient farming techniques. Powered agriculture equipment addresses these challenges by optimizing resource utilization and maximizing yields. The burgeoning labour shortage in the agricultural sector, driven by migration towards higher-paying jobs in commercial and service sectors, is fostering the deployment of powered equipment to bridge the labour gap.
Recent Development in the Powered Agriculture Equipment Market
December 2021: New Holland Agriculture introduced a specialized Straddle Tractor designed to navigate the narrow rows characteristic of premium wine-growing regions. This advancement caters to the specific needs of vineyards.
Segment Analysis:
By Type, the Tractors segment currently dominates the powered agriculture equipment market, capturing the largest revenue share. This dominance can be attributed to the multi-functional capabilities of tractors, making them indispensable tools for various agricultural tasks. Additionally, government incentives promoting farm automation have spurred the widespread adoption of tractors across rural areas. Furthermore, the rising need to enhance operational efficiency, improve soil quality, and increase productivity continues to drive demand for tractors, particularly for managing diverse crop cultivation and production needs.
- Tractors
- Seed Drill
- Soil Preparation & Cultivation Equipment,
- CUSTOMIZATION
- Sprayer
- Others
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By High-Tech Agricultural Equipment
The agricultural unmanned aerial vehicles (UAV) or agricultural Drones segment is Growing with the fastest revenue growth rate during the forecast period. The increasing focus on precision agriculture and livestock monitoring and management is a key driver propelling demand for agricultural drones. These solutions equip farmers with real-time data to optimize agricultural operations, increase crop yield and production, and gain a comprehensive picture of their fields. The drones equipped with advanced sensors and digital imaging capabilities empower farmers to effectively monitor crop health and manage livestock health issues.
- Harvesting & Picking Robots
- Agricultural Drones
- Autonomous Tractors
- Electric Tractors
- Others
Impact of Global Disruptions
The Russia-Ukraine war has cast a shadow on the powered agriculture equipment market. The war has exacerbated the global food security crisis, result to increased demand for powered agriculture equipment to Improve agricultural productivity. The conflict’s long-term implications on the market remain to be seen.
An economic slowdown results Reduced consumer spending and tightening credit conditions could limit farmers’ investment capacity in new equipment. The long-term demand for powered agriculture equipment is likely to remain robust, driven by the need for Improve agricultural productivity and efficiency.
Key Regional Developments:
The powered agriculture equipment market in North America is anticipated to register notable growth during the forecast period. Due to the Factors such as increasing adoption of powered equipment to augment productivity and farm profitability. Additionally, the increasing labour costs due to workforce limitations in the agricultural sector are driving the deployment of powered equipment. Growing awareness regarding advanced agricultural technologies and a growing preference for automated farming techniques are Drive market expansion in the region. Considerable investments in the agriculture sector for sustainable growth are expected to further bolster the adoption of powered agriculture equipment in North America.
The Asia Pacific region is poised to witness the fastest revenue growth rate in the global powered agriculture equipment market. The region’s large and growing population necessitates increased agricultural productivity, growing the use of powered equipment. Subsidies and rebates offered by governments in developing countries incentivize farm mechanization, drive market growth. The expansion of commercial and service sectors has led to workforce migration away from agriculture, creating a demand for powered equipment to address the labour gap.
Key Takeaways
This report equips stakeholders with valuable data and insights about the powered agriculture equipment market, enabling them to make informed decisions.
By analysing market trends and segment breakdowns, the report helps stakeholders identify areas with high growth potential for their business ventures.
The report provides insights into potential challenges such as economic downturns or supply chain disruptions, allowing stakeholders to develop mitigation strategies.
The report offers valuable information about the competitive landscape, including the strategies of key players. This knowledge empowers stakeholders to develop a competitive edge in the market.
Regional Developments, this section focuses on the key trends and factors driving growth in specific regions like North America and Asia Pacific.
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