Agricultural Equipment Market Grow At CAGR 4.8% During Forecast 2021-2031

ESOMAR-certified consulting firm Future Market Insights (FMI) in its latest report forecasts that the global agricultural equipment market will register a CAGR of 4.8% between 2021 and 2031, reaching a market volume of around 6.7 Mn units by 2031 end.

The swift growth of agricultural equipment market can be attributed to the growing preference for farm mechanization and increasing governmental policies to facilitate crop production.

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Key Takeaways from FMI’s Agricultural Equipment Market Study
• Europe dominates the ground support equipment market as a result of increasing agricultural mechanization and presence of leading manufacturers. The market in the region is set to register steady growth at 4.4% CAGR between 2021 and 2031.
• The U.S. is expected to register a strong CAGR during the forecast period as a result of rapid technological advancements and availability of equipment leasing.
• With implementation of favorable governmental policies, China is anticipated to emerge as the leading market for agricultural equipment.
• Top 5 players operating in agricultural equipment market collectively account for 44% market share.
• By product type, tractors dominate the agricultural equipment market with their multipurpose nature.

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By segmentation:
By Product type:
• Tractors
• Rotavators
o Wheel Type
o Crawler Type
• Threshers & Dehuskers
o Wheel Type
o Crawler Type
• Power Tillers
o Wheel Type
o Crawler Type
• Power Weeder
o Wheel Type
o Crawler Type
• Plough
• Baler
• Seed Drill

By Category:
• Tractor Pulled / Attachment
• Self-Propelled

By Ownership:
• Individual
• Rental

By Regions:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle east & Africa

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Competitive Landscape
Key players operating in agricultural equipment market are investing heavily on research and development activities. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
For instance,
In August 2021, Precision Planting, LLC a subsidiary of AGCO Corporation announced an agreement to acquire the business and assets of Headsight, Inc., a leading precision agriculture harvesting solution company. The acquisition will help the company to offer farmers a range of industry-leading precision ag technologies across the crop cycle that will help them to maximize their value and output while minimizing inputs and impact.

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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

This release was published on openPR.