Agricoltura
Agriculture Equipment Market to Reach $166.49 Bn, Globally, by 2027 at 6.0% CAGR: Allied Market Research
Implementation of precision farming enabling sustainability & rise in profitability and mechanization of agricultural activities including plowing, harvesting, harrowing, and planting drive the growth of the global agriculture equipment market. However, lack of awareness and unavailability of necessary resources hinder the market growth. On the other hand, technological advancements leading to emergence of automatic and semi-automatic equipment and supportive government policies present new opportunities in the market.
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Based on type, the tractors segment held the highest market share in 2019, contributing to nearly two-fifths of the global agriculture equipment market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to technological advancements. However, the harvesters segment is estimated to portray the highest CAGR of 7.9% from 2020 to 2027, owing to benefits such as reduced time of operation and production of minimal residues.
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Based on automation, the manual segment accounted for nearly two-thirds of the global agriculture equipment market in 2019, and is estimated to maintain its lead during the forecast period. This is due to surge in penetration in underdeveloped and developing countries due to lower cost of equipment. However, the automatic segment would register the fastest CAGR of 7.3% from 2020 to 2027, owing to increased efficiency of agricultural activities.
Based on region, Asia-Pacific held nearly two-fifths of the global agriculture equipment market in 2019, and is expected to maintain its dominance during the forecast period. This is due to economic development and rise in awareness in usage of advanced agricultural machinery. On the other hand, North America accounted for nearly one-fourth of the in 2019, and will grow steadily. However, LAMEA is expected to manifest the fastest CAGR of 8.4% from 2020 to 2027, owing to better economic background of farmers and surge in manufacturing facilities.
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