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Agriculture and Farm Equipment/Machinery Market Report 2024: Size, Share, Growth, Forecast 2033
Agriculture and Farm Equipment/Machinery Market Report
As per the report, the agriculture and farm equipment/machinery market size has grown strongly in recent years. It will grow from $174.12 billion in 2023 to $184.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The agriculture and farm equipment/machinery market size is expected to see strong growth in the next few years. It will grow to $233.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
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Population Growth As A Catalyst Is The Driving Forces Behind The Surge In Agriculture And Farm Equipment/Machinery Market
A rapidly growing population is driving the growth of the agriculture and farm equipment/machinery market going forward. Population growth refers to the increase in the number of people at a particular place during a given period. The mechanization of farms increases their productivity. The rising population will cause an increase in the demand for food, therefore to meet this increased food demand and feed the growing population increasing the mechanization of agriculture will become crucial thereby driving the agriculture and farm equipment/machinery market. For instance, according to The United Nations a US-based intergovernmental organization, the global population is expected to increase by 2 billion persons in the next 30 years, i.e.,9.7 billion in 2050. Therefore, the rapidly growing population is expected to propel the agriculture and farm equipment/machinery market.
Revolutionizing Agriculture Through Unnati's Innovative Drone Spray Service Sets New Standards In Efficiency And Sustainability
Technological advancement is a key trend gaining popularity in the agriculture and farm equipment/machinery market. Major players operating in the market are developing advanced technologies such as the launch of the Unnati drone spray service for farmers that utilize drone technology and artificial intelligence (AI) for agriculture. For instance, in May 2022, Unnati, an India-based fintech-driven agriculture ecosystem platform launched a drone spray service for farmers. The unique feature of the service involves the use of a fleet of drones. The drones can spray water, insecticides, and fertilizers for one acre of land in under eight minutes, saving up to 95% of water. They are equipped with a high-precision spray and capabilities such as """"Return to Launch"""" and geofencing. The drones will make the most of AI to optimize spray system utilization in a safe manner that keeps chemicals out of farmers' cardiovascular systems.
The agriculture and farm equipment/machinery market covered in this report is segmented -
1) By Product Type: Tractors, Rotavators, Threshers And Dehuskers, Power Tillers, Power Weeder, Plough, Baler, Seed Drill
2) By Ownership: Individual, Rental
3) By Application: Land Development And Seed Bed Preparation, Sowing And Planting, Plant Protection, Harvesting And Threshing, Post-Harvest And Agro-Processing
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Major companies operating in the agriculture and farm equipment/machinery market report are Deere & Company, AGCO Corporation, Mahindra & Mahindra Limited, Kubota Corporation, CNH Industrial N.V., Escorts Kubota Limited, AGROSTROJ Pelhrimov a.s., China National Machinery Industry Corporation, J.C. Bamford Excavators Limited, SDF Group, Agromaster, Iseki & Co. Ltd., Exel Industries, CLAAS Group, Bucher Industries AG, Yanmar Co.Ltd., Kverneland Group, The Kuhn Group, Farmtrac Tractors Europe sp. z o.o., JOST Werke AG, Pöttinger Landtechnik GmbH, SAME DEUTZ-FAHR Italia S.p.A., McCormick Tractors International Limited, Tractors and Farm Equipment Limited, New Holland Agriculture, Case IH, Massey Ferguson Limited, Valtra, GRIMME Landmaschinenfabrik GmbH & Co. KG, Lemkem
Contents of the report:
1. Executive Summary
2. Agriculture And Farm Equipment/Machinery Market Report Structure
3. Agriculture And Farm Equipment/Machinery Market Trends And Strategies
4. Agriculture And Farm Equipment/Machinery Market - Macro Economic Scenario
5. Agriculture And Farm Equipment/Machinery Market Size And Growth
…..
27. Agriculture And Farm Equipment/Machinery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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