Agricultural Machinery Market Trends, Opportunities, Drivers, Challenges Forecast To 2027

Precision Business Insights published a research report on “Agricultural Machinery Market by Category (Hand Tools, Power Tools), By Type of Machinery (Tractors, Cultivation Machinery, Ploughing Machinery, Trowel, Manure Spreaders, Irrigation Systems, Sorters, Harvesting Machinery, Others), By Application (Cultivation, Planting, Fertilizing and Pest control, Irrigation, Harvesting, Hay Making, Others), By Type of Crop (Forage crops, Grains and Cereals, Vegetable and Fruits, Others) and Geography (North America, Latin America, Europe, Middle East and Africa, Asia Pacific)- Global/Region/Country Forecast to 2027”

The agriculture machinery market was valued at US$ 101 Bn in the year 2020 and is anticipated to record US$ 138.37 Bn till 2027 witnessing a CAGR of 4.6% over the forecast period 2021-2027.

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High Dependency on Agriculture Economy Fuelling Agricultural Machinery Market
Agriculture machinery makes the farming process simpler and gainful also as it reduces the labor cost and increases the crop quality. Agriculture machinery market is witnessing significant growth and driven hugely by increasing automation in agriculture and reducing agriculture workforce. Approving government policies to provide superior agriculture equipment to the farmers and support them is another leading factor to drive the agriculture machinery market. In addition, a few other factors are there, which impel the market growth are growing demand for pre-owned agriculture machinery and equipment and increasing hi-tech developments in agriculture field. But, high price of equipment and machinery and dearth of capable experts can hinder the agriculture machinery market growth.

Asia pacific witnessed to lead the Market by dominating Revenue Share in Market
Agriculture machinery market is categorized into different leading regions such as North America, Asia pacific, Latin America, Africa, Middle East and Europe. Among all the regions, Asia pacific is leading the market by obtaining the huge revenue share in the market due to the factors such as government in the region concentrated completely on ways to enhance the high agriculture manufacturing, growing population, increase in disposable earnings and high dependence on agriculture economy. Strong economic growth in emerging countries of Asia pacific such as India, China and Middle Eastern economies is also anticipated to impel the market. Mechanization of different agricultural processes is attributed to drive the demand for agriculture machinery in the region over the forecast years. Agriculture machinery market in North America is projected to experience notable growth followed by the Europe region owing to the factors like huge demand for agriculture machinery and equipment and growing implementation of technological advancements.

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Competitive Analysis
Several major key players are operating in agricultural machinery market such as CLAAS (Germany), Deere & Company (U.S.), CNH Industrial (UK), Bernard Krone Holding SE & Co. KG (Germany), Agrostroj Pelhrimov A.S. (Czech Republic), AGCO (U.S), Mahindra Group (India), Valmont Industries Incorporated (U.S.), John Deere, China National Machinery Industry Corporation (China) and Concern Tractor Plants (Russia). There are numerous medium and small scale key players operating in the market, whose presence is making market highly cutthroat to increase the revenue share in the market. The key players of agricultural machinery market compete with each other and follow some effective strategies like acquisitions and new product launches to obtain the market share.

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