The global Agriculture Equipment Market size is anticipated to reach USD 253.28 billion by 2028 and exhibit a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. This was analyzed and estimated by market research agency Fortune Business Insights from India.
Increasing favorable government initiatives, reduced import duties and interest rates, and the ease of financing are some of the factors expected to bolster the market’s growth in the forthcoming years. Fortune Business Insights has published this information in its report titled “Agriculture Equipment Market, 2021-2028”. The global market size stood at USD 148.41 billion in 2020 and is estimated to reach USD 157.89 billion in 2021.
The rising adoption of advanced technologies such as the internet of things (IoT), artificial intelligence (AI), flying drones, and others are likely to complement the market’s growth in the upcoming years.
The rapid spread of the coronavirus pandemic has affected several markets. This market has experienced a limited negative impact of the pandemic and remains moderately affected. Factors such as, favorable weather conditions, increased government investments in the agricultural industry, and strong crop production have aided the market’s growth. The market is likely to demonstrate strong growth during the forecast period.
Favourable initiatives to amplify market growth
The growing adoption of advanced technologies such as IoT, AI, flying drones, and others is anticipated to significantly magnify the global market. Advanced agriculture equipment enables manufacturers to develop products capable of meeting consumer demand, thereby aiding the market growth. Furthermore, the rising adoption of AI-integrated robotics in the agricultural type of equipment is complementing the market growth.
The reduced import duties and interest rates, favorable government initiatives, and the ease of financing are some of the factors expected to bolster the market’s growth in the forthcoming years.
However, the swift urbanization and high migration of people from rural to urban areas are expected to restrain the agriculture equipment market growth.
Asia Pacific market driver
Asia Pacific is anticipated to attain the largest global agriculture equipment market share in the coming years. India is considered a huge market for agriculture tractors globally. The rising contract farming acceptance and farm equipment renting services are expected to offer lucrative growth for the market.
North America is predicted to experience robust growth due to the increasing mechanization of farming equipment and rising adoption of robotic systems.
Europe is likely to witness steady growth due to increased product output by supply chain process optimization. Increasing agriculture equipment utilization and labor shortages are expected to complement market growth.