According to a new research published by Polaris Market Research the global agriculture and farm equipment market is anticipated to reach over USD 272.1 billion by 2026. In 2017, the farm tractors segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
There
has been an increasing adoption of Agriculture and Farm Equipment across the
world owing to growing agricultural industry, and high-demand for food crops.
The growing population, and increasing mechanization of farm operations further
supports market growth. The global Agriculture and Farm Equipment market is
driven by the increasing need to improve the quality of crops produced,
maximizing crop production, and enhanced productivity. Other factors driving
the growth of this market include growth in the global agricultural industry,
reducing availability of labors, and increasing labor costs. Integration of
technologies such as automation and robotics along with support and subsidies
from governments further supplement the growth of this market. However, high
initial investment restricts the growth of the agriculture and farm equipment
market. Growing demand from emerging economies, and technological advancements
are factors expected to provide numerous growth opportunities in the coming
years.
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Asia-Pacific
generated the highest revenue in the market in 2017, and is expected to lead
the global market throughout the forecast period. The increasing population,
and growing demand for high quality crops drives the growth of this market.
Increasing cost of labor, and growing automation in agricultural practices
further support market growth. Increasing investments and subsidies in the
agriculture sector by governments are expected to boost the Agriculture and
Farm Equipment market growth during the forecast period in the region.
Increasing need to improve food quality and productivity along with increased
industrialization of farming equipment further supplements market growth.
Various
product types of agriculture and farm equipment include planting and
fertilizing equipment, farm tractors, irrigation equipment, haying equipment,
harvesting equipment, plowing equipment, and others. In 2017, farm tractors
accounted for the largest share in the global market. Farm tractors form an
important part of farm operations such as pulling or pushing agricultural
machinery, plowing, tilling, disking, harrowing, and planting among others.
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The
well-known companies profiled in the report include Agrocenter Ltd., CNH
Industrial N.V., Amazone Ltd., Horsch Maschinen GmbH, John Deere, Kubota
Corporation, Mahindra & Mahindra Limited., Morris Industries Ltd., AGCO
Corporation, Agromaster, CLAAS KGaA mbH, and Escorts Group among others. These
companies launch new products and collaborate with other market leaders to
innovate and launch new products to meet the increasing needs and requirements
of consumers.
