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Global Agricultural Equipment Market to Grow at a CAGR of 8.9% During 2021-2026, Driven by Rising Demand for Agricultural Food Crops

According to a new report by EMR titled, ‘Global Agricultural Equipment Market Report and Forecast 2021-2026’, the market attained a value of about USD 164.8 billion in 2020. The industry is further expected to grow at a CAGR of 8.9% in the forecast period of 2021-2026 to reach a value of nearly USD 260.3 billion by 2026.

The Asia Pacific region holds a significant share in the global market for agricultural equipment owing to the dependency of major developing countries on the agricultural sector. Countries like India and China are considered to be agrarian countries responsible for the mass production of wheat and rice, which are robustly exported to leading economies of the world. Hence, the deployment of agricultural equipment to enhance production, reduce costs, and manual labour are positively influencing the market growth in the region. Additionally, due to the depleting arable lands as a result of massive urbanisation and industrialisation, agricultural equipment is increasingly being deployed to restore land fertility, maintain pH levels of the soil, and lock nutrients in the soil. This is driving the market growth of the product. Furthermore, favourable government measures, such as ‘Make in India’, are encouraging market players to adopt cutting-edge technologies, thus generating robust growth opportunities, thereby invigorating the market growth in the region.

The healthy competition among the key players like Mahindra and Mahindra Ltd. (NSE: M&M) and XAG Co. Ltd is aiding the market growth. The latter company, XAG Co. Ltd, has recently launched a new series of smart agri tech in December 2020, introducing more in-depth digital unmanned solutions to make farming easier and more sustainable. The new products include three models of XAG Agricultural Drone and two editions of R150 Unmanned Ground Vehicle. These innovations are aimed at providing more flexible and efficient unmanned operations, and are equipped with the Super X4 Intelligent Control Systems, allowing the drone to conduct autonomous mapping, precision spraying, and intelligent broadcast on complex terrains. The technology allows users remote control via smartphones and substantially lowers manual labour, making farming much easier. Hence, such innovations by key market players are contributing to the market growth of agricultural equipment.

Market Analysis by Product, Applications, and Region:

  • On the basis of product, the market can be categorised into tractors, harvesters, planting equipment, irrigation and crop processing equipment, spraying equipment, and hay and forage equipment, among others.
  • Based on application, the market can be segmented into land development and seed bed preparation, sowing and planting, weed cultivation, plant protection, harvesting and threshing, and post-harvest and agro processing.
  • The major regional markets for agricultural equipment are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing demand for agricultural crops owing to the rising food demand from increasing populations is augmenting the market growth for agricultural equipment.
  • Government measures in the form of subsidies, credits, and investment in agricultural capital are boosting the industry growth.
  • Integration of technology like GPS, machine learning in equipment like drones and tractors to enhance productivity with real-time updates on weather and soil conditions are propelling the market growth.
  • Innovations in the manufacturing industry to produce equipment that is sustainable, consume less energy, and boost productivity are invigorating industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the agricultural equipment industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for products, applications, and regions of agricultural equipment.
  • The market report analyses the trade data by covering the major importing and exporting countries.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global agricultural equipment market are Deere & Company, CNH Industrial N.V., AGCO Corporation, Mahindra & Mahindra Ltd., Kubota Corporation, and ISEKI & CO., LTD., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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