Over the projected period, a lack of workers will be a major factor in boosting the use of agricultural equipment, notably in Western Europe and the United States. The expanding population to fulfil the world's food needs will also be a key driver, driving up demand in the long run, in addition to developments in the agricultural equipment area and manpower shortages.
Key Takeaways from the Market Study
- In 2020, tractors accounted for a sizable share of the entire market, which is anticipated to grow to more than US$ 80 Bn by 2032.
- Due to the significance of harvesting and threshing in farming, the segment accounts for nearly 20% of total income.
- Agriculture equipment sales in the U.S. will grow at a CAGR of 5% through 2032, while sales in MEA will soar at a CAGR of 2% to reach over US$ 10 Bn in 2022 and beyond.
- By the end of 2022, the global market for agricultural equipment will be worth US$ 160.16 billion.
“Government schemes supporting agricultural activities in the emerging economies are projected to drive the market through 2032”, says a Fact.MR analyst.
The AGCO Corporation, Agrocenter Ltd., Agromaster, AMAZONE Ltd., AMAZONE Ltd., APV- Technische Produkte GmbH, CLAAS KGaA mbH, CNH Industrial N.V, Escorts Group, Horsch Maschinen GmbH, and ISEKI & Co., Ltd. are some well-known producers of agricultural equipment. In order to take advantage of profitable opportunities in developing nations, leaders are stressing capacity improvements and a global footprint growth. The following are some noteworthy developments:
- CLAAS KGaAmbH purchased a minority share in the Dutch startup AgXeed B.V. in May 2021. The transaction was made with the goal of creating and marketing autonomous farming equipment.
- In an effort to expand its client base, John Deere unveiled the new 6155MH Tractor in August 2021. This tractor offers dependability and all the performance that has been field-tested like the M series.
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