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Agriculture Equipment Finance Global Market 2024 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2033
Agriculture Equipment Finance Global Market
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According to The Business Research Company's, The agriculture equipment finance market size has grown strongly in recent years. It will grow from $165.07 billion in 2023 to $175.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rising agricultural mechanization, government subsidies and support programs, growing population and food demand, improved credit accessibility, expansion of agribusinesses.
The agriculture equipment finance market size is expected to see strong growth in the next few years. It will grow to $228.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing focus on precision agriculture, sustainability and environmental concerns, growth in agricultural insurance market, expansion of agritech startups, increasing farmer education and training. Major trends in the forecast period include subscription-based models, integration of data analytics, integration of blockchain technology, integration of digital tools, adoption of robotics and automation.
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Market Drivers and Trends:
The rising agricultural productivity is expected to propel the growth of the agriculture equipment finance market going forward. Agricultural productivity measures the efficiency of utilizing inputs, such as labor and capital, to generate outputs like crops and livestock. Rising agricultural productivity is gaining traction due to advancements in technology, improved farming practices, and better crop management, leading to increased crop yields and efficient use of resources. Agriculture equipment finance supports farmers with access to advanced machinery and technology, enabling them to enhance operational efficiency, increase crop yields, and optimize resource utilization. For instance, according to the Department for Environment, Food, and Rural Affairs, a UK-based government department, the productivity of the agricultural sector in the United Kingdom saw a 3.4% increase from 2021 to 2022. Therefore, rising agricultural productivity will drive the growth of the agriculture equipment finance market.
Major companies operating in the agriculture equipment finance market are focusing on developing digital agriculture financing products to provide tailored financial solutions that improve operational efficiency for farmers. Digital agriculture financing products are innovative financial solutions that leverage digital technologies to streamline loan applications, approvals, and management processes, providing farmers with accessible, efficient, and customized financing options for their agricultural needs. For instance, in June 2024, Bank Alfalah Limited, a Pakistan-based private bank, launched the Digital Agriculture Financing product, aimed at empowering small-scale farmers and entrepreneurs in the agriculture sector. This innovative initiative allows customers to access dairy and equipment financing through a seamless digital process, representing a significant milestone in Pakistan's financial landscape. This product offers subsidized financing at a rate of 2%, providing potential farmers with the means to establish sustainable income streams and contribute to the nation's economic development.
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Major Key Players of the Market:
JPMorgan Chase & Co., Agricultural Bank of China Limited, Wells Fargo & Company, Citigroup Inc., Deere & Company, BNP Paribas S.A., Barclays PLC, State Bank of India, Standard Chartered PLC, HDFC Bank Limited, ICICI Bank Limited, Commonwealth Bank of Australia, BlackRock Inc., Mahindra & Mahindra Limited, Rabobank Group, AGCO Corporation, Australia and New Zealand Banking Group Limited, National Australia Bank Limited, Adani Group, KeyCorp, IndusInd Bank Limited, IDFC FIRST Bank Limited, L&T Finance, Envision Capital Group, Argo Tractors S.p.A
Agriculture Equipment Finance Market 2024 Key Insights:
• The agriculture equipment finance market size is expected to see strong growth in the next few years. It will grow to $228.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Impact Of Increased Agricultural Productivity On Equipment Financing
• Innovative Digital Solutions Transforming Agriculture Equipment Finance
• Asia-Pacific was the largest region in the agriculture equipment finance market in 2023
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