Press release
Agriculture Equipment Market to 2026, Future Outlook, COVID-19 Impact Analysis, Forecast 2026
Agriculture Equipment Market
Growing focus on increasing crop yield to cater to the food demands of the burgeoning population base is likely to drive global agriculture equipment market outlook. Alongside, surging investments by farmers towards replacement of outdated farm machines is inducing significant market demand.
The integration of smart technologies across various industrial sectors is growing rapidly, which has been prompting manufacturers to provide connected solutions to their customers in every field. Emerging technologies such as sensors, unmanned vehicles, and drones are expected to revolutionize the agriculture machinery industry as well. These technologies provide remote control and monitoring of several farming processes, enabling farmers to improve productivity and efficiency.
Several advantages offered by these smart solutions, including accurate farm and field evaluation, reduced environmental footprint, and increased production may boost product adoption over the coming years. In terms of revenue, agriculture equipment market is forecast to cross the USD 200 billion mark by 2024.
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How will increasing labor cost favor agriculture equipment market growth?
Rising labor costs in several countries will support the adoption of automated machinery, hence driving agriculture equipment industry growth. Canada, the U.K, Germany, and the U.S. are widely utilizing farm machines owing to the lesser availability of workforce in these countries. Also, augmenting need for improving speed, performance, and efficiency in farming operations has led to mounting demand for advanced agriculture machinery.
Keeping in consideration the high demand for efficient farming equipment, industry players have developed precision farming techniques to provide enhanced features in agriculture machines. These techniques include an automated steering system, high-precision positioning system, Variable Rate Technology, and geo-mapping.
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How will agriculture equipment industry gain from widespread adoption of tractors for farming processes?
Tractors offer various advantages in performing farming operations, such as increasing productivity, pulling heavy loads with efficiency, and withstanding harsh weather conditions. Widespread adoption of tractors for farming processes, such as harrowing and plowing will supplement agriculture equipment industry share.
Manufacturers are focusing on integrating effective technologies in tractors to widen their application range and enhance overall performance. For instance, Mahindra & Mahindra Ltd. rolled out its first driverless tractor in 2017.The tractor featured remote engine start and stop feature.
Such advancements help to increase the efficiency and reliability in farming operations, which has significantly increased the adoption of tractors, especially in APAC region, which will further augment agriculture machinery industry growth.
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Which factors will support North America agriculture equipment market share?
North America agriculture equipment industry is forecast to witness immense growth over the analysis period due to increasing utilization of automated machines for carrying out farming activities.
Also, strong presence of industry players across the U.S. and Canada, who are engaged in developing advanced machinery provides unprecedented leverage for the regional market growth. These companies are offering innovative products with advanced features and enhanced quality to broaden their customer base in the regional market. Also, rapid urbanization rate and associated food demand are likely to support business scenario.
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Global Market Insights, Inc.
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