The latest market report published by Credence Research, Inc. “Global Agricultural and Farm Machinery Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Agricultural and Farm Machinery market is anticipated to grow at a substantial CAGR of 8.50% in the upcoming years. The global Agricultural and Farm Machinery industry was estimated to be worth USD 185.9 billion in 2022 and was expected to be worth USD 329.0 billion by 2030.
The agricultural tractor segment accounted for the largest revenue share in 2022 due to the labor shortage and the need to boost agricultural productivity to meet global food demands. The land development and seedbed preparation segment also contributed significantly to the market revenue in 2022 and is predicted to grow at a substantial rate over the forecast period.
North America dominated the agricultural and farm machinery market in terms of regional revenue share. The region’s expansive farmland and the high demand for agricultural mechanization have driven market growth. The adoption of intelligent combine harvesters equipped with monitoring tools, the incorporation of GPS and robotic systems in tractors and harvesters, and the increasing demand for high-capacity machinery to cater to large farms have further fueled the market in North America.
India is expected to hold the top position among key countries in the agricultural and farm machinery market. The country has experienced robust economic growth, leading to an increase in farmers’ incomes and a higher expenditure on agricultural mechanization. The demand for agricultural tractors in India has seen significant growth and is expected to continue during the forecast period. Additionally, the emergence of contract farming is anticipated to drive the adoption of mechanized agricultural practices and further boost the market in India.
The Agricultural and Farm Machinery Market Major Challenges have been a topic of concern for quite some time now. With the growing population, there is an increasing demand for food production to meet the needs of people globally. However, this demand has put immense pressure on farmers to produce more crops in less time with limited resources. This challenge has given rise to technological advancements that aim at enhancing productivity while reducing labor costs and minimizing environmental impact. However, these innovations come with their own set of challenges such as high initial investment costs, difficulty in adapting old machinery to new technology, lack of skilled workers who can operate them effectively, and concerns regarding data privacy and security issues related to farm management software systems.
Why to Buy This Report
- The report provides a qualitative as well as quantitative analysis of the global Agricultural and Farm Machinery Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Equipment Types and Application
- Major nations in each region with their import/export statistics
- The global Agricultural and Farm Machinery Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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Related Report: https://www.credenceresearch.com/report/agriculture-market