Agricultural Equipment Market Sales to Exceed 6.7 Mn Units by 2031-end, as Adoption of Smart-Modern Farm Machinery within Agriculture Sector Rises: Future Market Insights
As per FMI, the global agricultural equipment market will expand at 4.8% CAGR between 2021and 2031 in comparison to 2.8% CAGR registered from 2016 to 2020.
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Advent of novel electrical technologies has rapidly transitioned traditional farming methodologies to modern agricultural machinery over the past few years. As these equipment minimizes manual labor, increases production, and reduces turnaround time, they are extensively being adopted by framers.
Further, favorable initiatives undertaken by governments of several countries are mechanizing the agricultural sector to address the increasing demand for food. For instance, according to the India Brand Equity Foundation (IBEF), the Indian Government has announced to allocate more than US$ 551 million under an initiative named Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-22. Such initiatives are estimated to create high revenue-generation opportunities for the market players.
Among product type verticals, tractor is projected to remain the most preferred farming machine in the segment. The growth in the segment is attributed to the multipurpose nature of tractors such as preparing fields, plowing, harvesting, and others.
"Manufacturers are emphasizing on launching novel automated farming equipment with integrated advanced technologies such as internet of things (IoT), telematics, and artificial intelligence (AI) to capitalize on the trend of smart farming," says the FMI analyst.
Key Takeaways from the Agricultural Equipment Market Study
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Key Drivers
Key Restraints
Competitive Landscape
As per FMI, top 5 manufacturers in the global market are Deere & Company, AGCO Corp, CNH Industrial N.V., Kubota Corporation, and CLAAS KGaA GmbH. These players are expected to account for nearly 44% of the overall sales in 2021.
Key manufacturers are focusing on developing and launching advanced quality products. They are aiming at adopting various organic and inorganic expansion strategies such as mergers and acquisitions, partnerships, collaborations, and advanced product development to gain a competitive edge in the market. For instance,
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Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Agricultural Equipment Market
FMI, in its new report, offers an unbiased analysis of the global agricultural equipment market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in agricultural equipment market with detailed segmentation:
By Product type:
By Category:
By Ownership:
By Regions:
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Key Questions Covered in the Agricultural Equipment Market Report
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