Agricultural equipment market worth USD 227.76 billion at 7.2% CAGR; Leading innovators such as AGCO and Deere & Company will invest in smart agriculture technologies: Fortune Business Insights ™

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The companies presented in the Agricultural Equipment Market research report are International Tractors Limited, Valmont Industries, Inc., Claas KGaA mbH, Mahindra & Mahindra Ltd., Alamo Group Inc., Deere & Company, SDF SpA, China National Machinery Industry Corporation, Iseki & Co., Ltd., Kubota Corporation, AGCO Corporation

Pune, India, December 14, 2021 (GLOBE NEWSWIRE) – The world Agricultural equipment market The size is expected to reach USD 227.76 billion by 2026, with a CAGR of 7.2% during the forecast period. The increase in demand for high agricultural productivity in the world will be the main growth driver for this market, according to Fortune Business Insights ™ in its new report, entitled “Agricultural equipment market Size, Share and Industry Analysis by Type of Equipment (Farm Tractors, Harvesting Equipment, Irrigation and Crop Processing Equipment, Spraying and Agricultural Handling Equipment, Preparation and Processing Equipment soil cultivation and others (hay and fodder equipment, trailers, etc.), by application (Land development, threshing and harvesting, plant protection, after agricultural transformation) and regional forecast, 2019-2026 ”. The Department United Nations Economic and Social Affairs (DESA) predicts that the world population will be around 8.5 billion by 2030 and 9.7 billion by 2050.

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Growing adoption of AI in agriculture to fuel market growth

Farm operations are increasingly automated due to the increasing application of smart technologies such as artificial intelligence (AI). The Food and Agriculture Organization of the United Nations (FAO) postulates that AI in agriculture encompasses three main areas of predictive analytics, soil and crop monitoring, and agricultural robotics. The growing emphasis on smarter, more economical, and highly efficient farming activities has made AI an extremely attractive option for farming communities in developing countries. For example, in 2017, a study was published in the botanical journal Frontiers in Plant Science, which illustrated how researchers used Google’s open source TensorFlow library to create a library of images of the leaves of cultivated cassava plants. in Tanzania. The AI ​​tool they deployed was able to identify the disease in the factory with 98% accuracy. Thus, the intensive use of AI in agriculture is expected to broaden the prospects of the agricultural equipment market during the forecast period.

List of Players Covered By The Agricultural Equipment Market Report:

• Limited international tractors

• Valmont Industries, Inc.

• Claas KGaA mbH

• Mahindra & Mahindra Ltée.

• Alamo Group inc.

• Deere and company

• SDF SpA

• National Machinery Industry Company of China

• Iseki & Co., Ltd.

• Kubota Company

• AGCO Corporation

Competitive landscape

Growing interest in emerging economies from foreign players to boost competition

Forecasts for the agricultural equipment market predict that the gradual refocusing of firms from industrial economies to developing countries will intensify competition in this market. Many agricultural giants such as Deere & Company and Kubota Corporation are partnering with national players in Asia and Africa to establish their network in these regions.

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The report states that this market was worth $ 131.25 billion in 2018. Other report highlights include:

  • Comprehensive information on trends, drivers and various other aspects of the market;

  • Detailed analysis of the factors limiting the growth of the market;

  • Comprehensive study of the different market segments; and

  • In-depth assessment of regional outlook and competitive dynamics influencing the market.

The majority of this growth will be concentrated in developing countries in Asia and Africa. Thus, increasing agricultural productivity is essential not only to feed so many people, but also to enable a large part of the world’s population to maintain their livelihoods. According to the World Bank, growth based on agriculture can be two to four times more effective in raising incomes in the poorest regions of the world compared to other sectors. Thus, the rapid population growth will lead the trends in the agricultural equipment market over the next decade.

Regional perspectives

Asia-Pacific leading the pack; North America to experience strong growth

After generating $ 47.85 billion in revenue in 2018, Asia-Pacific is poised to dominate the agricultural equipment market share in the coming years, mainly due to the heavy reliance on agriculture in India. and in China. In addition, increased government investment in modernizing agricultural activities creates multiple incentives for industry leaders to enter the market in these countries and market their products.

In North America, the increasing demand for fuel and energy efficient agricultural machinery and the rapid adoption of advanced equipment will drive the market growth. On the other hand, a severe labor shortage is prompting European farmers and growers to employ highly mechanized equipment in agricultural operations.

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The emergence of COVID-19 has crippled the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, that too will pass. Growing support from governments and several companies can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost all sectors are expected to be affected by the pandemic.

Industry Developments:

  • March 2020: The Escorts Group, India’s engineering bigs, has announced that Japan’s Kubota Corporation will invest in the company by purchasing 10% of the shares worth Rs. 1,042 crores. This equity-based partnership will make companies a global hub for the manufacture of agricultural equipment.

  • July 2019: International Tractors Limited (ITL) has launched two new brands of agricultural equipment, Yanmar and Solis. These brands will sell agricultural machinery and equipment alongside Sonalika, the company’s national tractor brand. With this launch, ITL hopes to crystallize its position in the field of Indian agricultural equipment.

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