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Agriculture, Construction, And Mining Machinery Global Market Report 2024 Market Size, Insights, Outlook, Overview And Market Research Report 2024-2033
Agriculture, Construction, And Mining Machinery Global Market Report
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According to The Business Research Company's, The agriculture, construction, and mining machinery market size has grown strongly in recent years. It will grow from $732.9 billion in 2023 to $790.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to global population growth, rise in mechanized agriculture, urbanization, mining exploration and extraction, environmental regulations, globalization and trade.
The agriculture, construction, and mining machinery market size is expected to see strong growth in the next few years. It will grow to $1055.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to advancements in autonomous machinery, infrastructure development projects, circular economy practices, energy-efficient construction practices, focus on safety standards. Major trends in the forecast period include emission control technologies, human-machine collaboration, customization for specific industries, electric and hybrid solutions, mining automation and robotics.
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Market Drivers and Trends:
The agriculture, construction, and mining machinery manufacturing market growth are aided by stable economic growth forecasted in many developed and developing countries. For instance, according to the International Monetary Fund (IMF), a US-based financial agency, China's gross domestic product (GDP) grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. In addition, the emerging markets and developing economies registered a growth of 3.9% in 2020, which increased to 6.1% in 2022. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Agriculture equipment companies are offering telematics systems to farmers to enable wireless transfer of data between the equipment and its users. Telematics refers to the technology of collecting data from farm equipment operating in a field and then transferring the data to customers through the Internet on a real-time basis. This enables farmers to remotely collect and manage information from their field equipment, enhance operational efficiencies and reduce production costs. For instance, in April 2023, Bobcat, a US-based manufacturer of farm and construction equipment, launched the Machine IQ telematics system, connecting customers to their machine information at any time and from any device. The system allows customers to check the health of their machines and remotely track information to enhance maintenance, security and performance from their smart devices or laptops.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
LG Electronics Inc., Caterpillar Inc., Deere & Company, Zoomlion Heavy Industry Science and Technology Co. Ltd., Volvo AB, EXOR Group, Komatsu Ltd., Case New Holland, CNH Industrial NV, Scania AB, Kubota Corp., Mahindra & Mahindra Limited, Liebherr Group, Atlas Copco AB, AGCO Corporation, Massey Ferguson Limited, Sauer-Danfloy GmbH, Alamo Group Incorporated, Sany Group, Astec Industries Inc., Kawasaki Motors Corporation, Berco S.p.A., Scyscaps, Ascom Group S.A., Poclain S.A., Bennington Company, Bomag GmbH, Seppi, SampoRlei SpA, Schnieder-Werkerle GmbH
Agriculture, Construction, And Mining Machinery Market 2024 Key Insights:
• The agriculture, construction, and mining machinery market size is expected to see strong growth in the next few years. It will grow to $1055.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Impact Of Stable Economic Conditions On The Agriculture, Construction, And Mining Machinery Manufacturing Market
• Enhancing Operational Efficiencies And Reducing Production Costs
• The Asia-Pacific was the largest region in the agriculture, construction, and mining machinery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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