Agricultural Equipment Market to surpass US$ $166,483.4 Mn by end of 2027, Says Coherent Market Insights

Agricultural equipment can be stationary or mobile. Depending on the type of farm, the equipment can do a variety of tasks. For example, it can strip grains into usable forms. In addition, it can control the temperature and lights in barns. Milking gates, for example, can process milk into human food. Other agricultural equipment can be used to move materials. For example, hay conveyors, feed, and produce conveyors are all pieces of stationary agricultural equipment.

Agricultural equipment operators use tractors and other farm equipment, such as combines and conveyor belts. They use these pieces of machinery to cultivate crops and maintain farm machinery. They also perform minor repairs on the equipment. Greenhouse and nursery workers are responsible for growing plants and trees. Some agricultural equipment technicians are also involved in this industry. A technician in this field might repair the agricultural equipment. Some jobs require experience working on large and small farms.

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Market Drivers:

R&D of new products is expected to propel growth of the global agricultural equipment market over the forecast period. For instance, in October 2020, AgJunction Inc., through its wholly-owned subsidiary Novariant, Inc. developed a modular automation system to support Komatsu Ltd. (a Japan-based multinational corporation that manufactures construction, mining, forestry and military equipment) precision agricultural applications.

Moreover, launch of new products is also expected to propel growth of the global agricultural equipment market over the forecast period. For instance, in November 2019, Mahindra & Mahindra Ltd. announced the launch of Jeeto Plus, a new variant of the company's Jeeto mini-truck range.

Market Opportunities:

Integration of various products is expected to offer lucrative growth opportunities for players in the global agricultural equipment market. For instance, in October 2020, Clearpath Robotics Inc. announced that Jackal UGV, Husky UGV, and Dingo platforms were further integrated with Nvidia Jetsons, including the Nano, Xavier NX/AGX, and TX2 modules.

Moreover, R&D in automated equipment is also expected to offer lucrative growth opportunities for players in the global agricultural equipment market. For instance, in June 2021, Australia-based Ripe Robotics started commercial trials with the third generation of its automated fruit harvester.

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Market Trends:

Major players in the operating in the global agricultural equipment market are focused on launching new products to expand their product portfolio. For instance, in June 2020, John Deere launched two new models of X Series Combines: X9 1000 and X9 1100 Combines, to its 2021 harvesting lineup.

Players in the global agriculture agricultural equipment market are focused on offering new finance schemes to ease the burden on its customers during the Covvid-19 pandemic. For instance, in May 2020, Mahindra & Mahindra Ltd. announced a wide variety of new finance schemes to ease the burden on its customers during the Covvid-19 pandemic.

Focus on increasing agricultural income is expected to propel growth of the global agricultural equipment market over the forecast period. For instance, according to a joint study by Vodafone Group Plc, Accenture Plc, and Oxfam, a confederation of 19 independent charitable organizations focusing on the alleviation of global poverty, adoption of connected agriculture could increase agricultural income by around US$ 138 billion across 26 of Vodafone's markets in 2020.

Competitive Landscape:

Major players operating in the global agricultural equipment market include, AGCO Corp, Bucher Industries AG, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, EXEL Industries, ISEKI & CO. LTD., Kubota Corporation, Mahindra & Mahindra Ltd., SDF S.p.A., Tractor and Farm Equipment Limited.

Market Segmentation:

Global Agricultural equipment Market, By Product Type:

Global Agricultural equipment Market, By Region:

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