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Powered Agriculture Equipment Market Size, Share Report
Powered Agriculture Equipment Market Size
As per the report, the powered agriculture equipment market size has grown strongly in recent years. It will grow from $95.75 billion in 2023 to $103.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The powered agriculture equipment market size is expected to see strong growth in the next few years. It will grow to $140.81 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
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Organic Agriculture Boom Fuels Demand For Advanced Farming Equipment
Increasing demand for organic food is expected to propel the growth of the powered agriculture equipment market going forward. Organic food refers to food that is certified to have grown on soil that had no prohibited substances applied for three years prior to harvest. The rapid growth in organic food is expected to boost demand for powered agricultural equipment, as commercial farmers are investing in advanced equipment to reduce their operational expenditure and increase profits. For instance, according to the United States Department of Agriculture, a US-based federal executive department responsible for developing and executing federal laws related to farming, organic products are available in about 20,000 natural food stores and nearly 3 out of 4 conventional stores in the US. Therefore, increasing demand for organic food is expected to boost demand for powered agriculture equipment during the forecast period.
Advancements In Powered Agriculture Equipment Redefine Farming Efficiency
Product innovation is a key trend gaining popularity in the powered agriculture equipment market. Many companies operating in the powered agriculture equipment market are developing new products to increase crop productivity and household incomes. For instance, in January 2022, John Deere, a US-based manufacturer of agricultural machinery, showcased a fully autonomous tractor during a press conference at CES 2022. The self-driving tractor has a specific purpose of feeding the globe. The autonomous tractor is equipped with six stereo cameras that allow for 360-degree obstacle detection and distance computation.
The powered agriculture equipment market covered in this report is segmented -
1) By Product Type: Tractors, Combine Harvester, Sprayer, Soil Preparation & Cultivation Equipment, Seed Drill, Other Product Types
2) By Propulsion: Battery Electric, Hybrid Electric
3) By Power Output : 250 HP
4) By Application: Harvesting, Sowing and Planting, Spraying and Fertilizing, Other Applications
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Major companies operating in the powered agriculture equipment market report are AGCO Corporation, Deere & Company, Mahindra & Mahindra Limited, CNH Industrial NV, Kubota Corporation, CLAAS Group, Krone Group, J. C. Bamford Excavators Limited, Yanmar Co Ltd., Same Deutz-Fahr Group, Escorts Limited, Zetor Tractors, Daedong Industrial Company, Argo Tractors SpA, Tractors and Farm Equipment Limited, LS Tractor USA LLC, Iseki & Co. Ltd., Carraro Group, Lely Group, Deutz-Fahr Land, Sampo Rosenlew Ltd., Bucher Industries AG, Rostselmash Ltd., Shifeng Group, Tym Tractors, Kverneland Group, Kukje Machinery Co. Ltd., Art's Way Manufacturing Co. Inc., New Holland Agriculture, Kuhn Group
Contents of the report:
1. Executive Summary
2. Powered Agriculture Equipment Market Report Structure
3. Powered Agriculture Equipment Market Trends And Strategies
4. Powered Agriculture Equipment Market - Macro Economic Scenario
5. Powered Agriculture Equipment Market Size And Growth
…..
27. Powered Agriculture Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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