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Agriculture And Farm Equipment/Machinery Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Agriculture And Farm Equipment/Machinery Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to education and research, infrastructure development, industrialization of agriculture, advancements in crop science, rural labor scarcity.
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%. The growth in the forecast period can be attributed to rising global food demand, mechanization and automation, smart farming solutions, sustainable agriculture initiatives, precision agriculture adoption. Major trends in the forecast period include collaboration and integration, labor scarcity and efficiency, customization and adaptability, climate change adaptation, adoption of iot sensors.
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Market Drivers and Trends:
The increasing demand for organic food is expected to propel the growth of the agriculture and farm equipment/machinery market going forward. Organic food refers to agricultural products that are grown and produced without the use of synthetic pesticides, fertilizers, genetically modified organisms (GMOs), antibiotics, or other artificial additives. The use of agriculture and farm equipment in organic food production can offer increased efficiency, precision farming, weed and pest management, promote soil health, and can be significant, over time, the use of machinery can lead to cost savings by increasing productivity and reducing the need for manual labor. For instance, in May 2023, according to Organic Trade Associations (OTA), a US-based trade organization, in 2022, sales of organic food in the US reached $60 billion for the first time. Therefore, the increase in demand for organic food is driving the growth of the agriculture and farm equipment/machinery market .
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.
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Major Key Players of the Market:
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
Agriculture And Farm Equipment/Machinery Market 2024 Key Insights:
• 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%.
• Population Growth As A Catalyst Is The Driving Forces Behind The Surge In Agriculture And Farm Equipment/Machinery Market
• Revolutionizing Agriculture Through Unnati's Innovative Drone Spray Service Sets New Standards In Efficiency And Sustainability
• Asia-Pacific was the largest region in the agriculture and farm equipment/machinery market share in 2023
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