Agriculture Equipment Market with New Innovations in Industry Drives Growth to Reach $192.5 bn by 2032

Introduction to The Market -
The global agriculture equipment market is driven by factors such as mechanization of activities in agriculture, surge in population, and increase in adoption of precision farming.

Agricultural equipment aids in increasing agricultural productivity with less time consumption. In addition, agricultural equipment requires lower effort inputs, thereby reducing the demand for human labor on farms. This not only saves time of operations, however, also saves costs incurred on workforce.

Furthermore, advancements in machine technologies promote the growth of the agricultural equipment market. This is attributed to the fact that implementation of automatic and semi-automatic machinery increases crop production owing to lower downtimes and highly precise operations.

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The agriculture equipment market size was valued at $121.2 billion in 2022, and is estimated to reach $192.5 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Various countries in Asia-Pacific and LAMEA generate most of their revenue from the agricultural industry. The countries such as India, China, Indonesia, Brazil, and Ghana are anticipated to exhibit rapid growth owing to surge in adoption of agricultural equipment.

Farmers in these regions have adopted agricultural equipment even on small sized farms due to the provision of government incentives to motivate the use of agricultural equipment.

Various agricultural equipment manufacturers focus on product launches and product developments to assist in other agricultural activities such as fruit picking, irrigation, and crop processing. Such factor drive the agriculture equipment market growth.

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Top Impacting Factors:

Mechanization in agriculture lessens the drudgery that labor-intensive farming practices cause. Thus, by improving crop quality and cutting down on operating times, the implementation of sustainable mechanization can increase land production.

Mechanization techniques can be applied to agricultural operations to overcome problems such as labor shortage. In addition, the Food and Agriculture Organization (FAO) estimates that 60% more food must be produced by 2050 to feed the world's population of 9.3 billion people. Normal farming methods would put an undue amount of strain on our natural resources to do it.

By employing a variety of ecosystem-friendly techniques, lowering the usage of outside inputs, and assisting farmers in becoming more resilient to the increasingly frequent weather extremes brought on by climate change, agricultural output and lower greenhouse gas emissions can be sustainably enhanced. Thus, increase in mechanization of agricultural activities drives the adoption of agriculture equipment, thereby surging the agriculture equipment market growth.

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The agreement aims at the development of digital agricultural solutions such as connectivity and agronomic solutions for its various agricultural equipment products. Moreover, it plans to offer unique technology platforms, which feature execution, planning, analysis, and decision-making capabilities to improve the agricultural processes using various agriculture equipment. For instance, in January 2020, CASE IH launched a new suspended front axle for its CASE IH Quantum V, N, and F model tractors. The new suspended axle offers front suspension option, which allows manual setting of the suspension height from the cab to provide comfort during operations.

Competition Analysis
The major players profiled in the agriculture equipment market include Mahindra & Mahindra Ltd., Escorts Limited, CNH Industrial N.V., Deere & Company, AGCO Corporation, SDF S.p.A., AGROSTROJ Pelhřimov, a.s., China National Machinery Industry Corporation Ltd. (Sinomach), J C Bamford Excavators Ltd., and Kubota Corporation.

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