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Agriculture Equipment Market to Reach $166.49 Bn, Globally, by 2027 at 6.0% CAGR: Allied Market Research

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Allied Market Research

06 Jul, 2020, 13:45 GMT

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- Implementation of precision farming enabling sustainability & rise in profitability and mechanization of agricultural activities drive the growth of the global agriculture equipment market

PORTLAND, Oregon, July 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Agriculture Equipment Market by Type (Tractors, Harvesters, Soil Preparation & Cultivation, Irrigation & Crop Processing, Agriculture Spraying Equipment, Hay & Forage Machines, and Others), Automation (Manual, Semi-Automatic, and Automatic Equipment), and Business (Original Equipment Manufacturers (OEMs), and Aftersales): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global agriculture equipment industry garnered $105.00 billion in 2019, and is estimated to reach $166.49 billion in 2027, registering a CAGR of 6.0% from 2020 to 2027.

Drivers, restraints, and opportunities

Implementation of precision farming enabling sustainability & rise in profitability and mechanization of agricultural activities including plowing, harvesting, harrowing, and planting drive the growth of the global agriculture equipment market. However, lack of awareness and unavailability of necessary resources hinder the market growth. On the other hand, technological advancements leading to emergence of automatic and semi-automatic equipment and supportive government policies present new opportunities in the market.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/1509

COVID-19 scenario

  • Equipment dealers have closed down their shops and banks & financers have curbed the credit limits for purchase. There is a considerable drop in sales of tractors, harvesters, and other equipment.
  • There is a complete disruption in the supply chain due to lockdown. The shortage of truck drivers led to increase in freight rate.
  • Daily farming activities have affected considerably as migrant laborers have returned to their native places.

The tractors segment to maintain its leadership status throughout the forecast period

Based on type, the tractors segment held the highest market share in 2019, contributing to nearly two-fifths of the global agriculture equipment market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to technological advancements. However, the harvesters segment is estimated to portray the highest CAGR of 7.9% from 2020 to 2027, owing to benefits such as reduced time of operation and production of minimal residues.

Get detailed COVID-19 impact analysis on the Agriculture Equipment Market: https://www.alliedmarketresearch.com/request-for-customization/1509?reqfor=covid

The manual segment to maintain its lead during the forecast period

Based on automation, the manual segment accounted for nearly two-thirds of the global agriculture equipment market in 2019, and is estimated to maintain its lead during the forecast period. This is due to surge in penetration in underdeveloped and developing countries due to lower cost of equipment. However, the automatic segment would register the fastest CAGR of 7.3% from 2020 to 2027, owing to increased efficiency of agricultural activities.

Asia-Pacific to maintain its dominance, North America to grow steadily

Based on region, Asia-Pacific held nearly two-fifths of the global agriculture equipment market in 2019, and is expected to maintain its dominance during the forecast period. This is due to economic development and rise in awareness in usage of advanced agricultural machinery. On the other hand, North America accounted for nearly one-fourth of the total market share in 2019, and will grow steadily. However, LAMEA is expected to manifest the fastest CAGR of 8.4% from 2020 to 2027, owing to better economic background of farmers and surge in manufacturing facilities.

Leading market players

  • Mahindra & Mahindra Ltd.
  • Escorts Limited
  • CNH Industrial N.V.
  • Deere & Company
  • AGCO Corporation
  • SDF S.p.A.
  • AGROSTROJ Pelhřimov, a.s.
  • China National Machinery Industry Corporation Ltd. (Sinomach)
  • J C Bamford Excavators Ltd.
  • Kubota Corporation

Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/purchase-enquiry/1509

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports We Have:    

Mini Excavators Market: The mini excavators market size is expected to reach $9.77 billion by 2025 from $7.23 billion in 2017, growing at a CAGR of 4.4% during the forecast period (2018-2025).

Heavy Construction Equipment Market: The heavy construction equipment market size was valued at $1, 71,667.0 million in 2019, and is projected to reach $2, 40,496.0 million by 2027, registering a CAGR of 4.2% from 2020 to 2027.

Construction Equipment Market: The global construction equipment market size is expected to reach $261,047 million in 2027, from $184,500 million in 2019, growing at a CAGR of 4.3% from 2020 to 2027.

Hydraulic Equipment Market: The global hydraulic equipment market size is expected to reach $51,653.1 million in 2027, from $40,518.6 million in 2019, growing at a CAGR of 3.8% from 2020 to 2027.

Smart Mining Market: The global smart mining market size is expected to reach $24,047.6 million in 2027, from $9,256.7 million in 2019, growing at a CAGR of 13.0% from 2020 to 2027.

Pre-Book Now with 12% Discount:

Agriculture Tools Market- Global Opportunity Analysis and Industry Forecast, 2020-2027

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
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