Agriculture Equipment Sales Are Anticipated to Reach 6.7 Million Units by 2031: FMI
Agriculture equipment sales are projected to reach about 6.7 Mn units by 2031 due
to the growing use of modern farm machinery. The top 5 market players
collectively held a 44 percent market share in 2021, as the Agricultural Equipment Market experienced year-over-year (YOY) growth of 3.7 percent between 2020 and 2021.
Between 2021 and 2031, the market
for agricultural equipment will grow at a consistent CAGR of
4.8 percent. By the end of 2021, the market value is anticipated to
reach US$ 65 Bn.
Growing popularity of precision farming is augmenting the
demand for modern agricultural equipment. With the integration of artificial
intelligence (AI) and internet of things (IoT), the sales of agriculture
equipment are soaring. Smart farming is gaining traction.
Introduction of electric agricultural equipment has
completely changed the market scenario. These equipment does not only minimize
the emissions but also reduce costs and improve efficiency.
New trends of agricultural robotics and driverless machines
are attracting large number of farmers to upgrade their equipment systems.
As per FMI, the agricultural equipment market will surpass a
valuation of US 65 Bn by 2021 end.
To Know More@
https://www.futuremarketinsights.com/reports/agriculture-equipment-market
“Technological advancements in agricultural equipment
and the availability of farm equipment rentals will offer lucrative growth
opportunities for the manufacturers in the future” says the FMI
analyst.
Key Takeaways from FMI’s Agricultural Equipment Market
Study
- Europe
dominates the ground support equipment market as a result of increasing
agricultural mechanization and presence of leading manufacturers. The
market in the region is set to register steady growth at 4.4% CAGR between
2021 and 2031.
- The
U.S. is expected to register a strong CAGR during the forecast period as a
result of rapid technological advancements and availability of equipment
leasing.
- With
implementation of favorable governmental policies, China is anticipated to
emerge as the leading market for agricultural equipment.
- Top 5
players operating in agricultural equipment market collectively account
for 44% market share.
- By
product type, tractors dominate the agricultural equipment market with
their multipurpose nature.
Competitive Landscape
Key players operating in agricultural equipment market are
investing heavily on research and development activities. They are adopting
various organic and inorganic growth strategies such as mergers and
acquisitions, advanced product development and collaborations to gain a
competitive edge in the market. For instance,
In August 2021, Precision Planting, LLC a subsidiary of AGCO
Corporation announced an agreement to acquire the business and assets of
Headsight, Inc., a leading precision agriculture harvesting solution company.
The acquisition will help the company to offer farmers a range of
industry-leading precision ag technologies across the crop cycle that will help
them to maximize their value and output while minimizing inputs and impact.
In 2021, XAG Co., Ltd. Launched XAG R150, a jet sprayer
system to pollinate fruit trees. A specially mixed solution of pollen is poured
into the R150’s liquid tank before it is sent on a predetermined route around
an orchard to spray pollen.
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