Feb 17, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Agriculture Equipment Market.
It was estimated prior to this unanticipated outbreak that the Agriculture Equipment Market is likely to witness a CAGR of 6.3% during the forecast period. The prime factors that are driving the agriculture equipment market are expanding global economy, growing disposable income of consumers, increasing demand for processed foods, packaged foods, and meats.
Agriculture equipment are machines and systems used to efficiently handle all kinds of farming, agriculture, and operational needs. Agriculture equipment can be broadly categorized based on product type into farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as farm tractors, harvesting machinery, plowing & cultivation machinery, planting & fertilizing machinery, haying machinery, and others. The farm tractors’ segment dominated the market in 2019, and is expected to maintain its position during the forecast period, owing to its wide range of usage in agricultural activities. Farm tractors are further segmented by product type into sub-compact utility tractor, compact utility tractor, and specialty tractor. Further, based on horsepower; farm tractors are segmented into <30 HP, 30-100 HP, 101-200 HP, and >200 HP.
In terms of regions, Asia-Pacific is estimated to be the largest market for agriculture equipment during the forecast period. Significant economic development in the region, growing disposable income of consumers, and huge consumer base are the major features of the Asia-Pacific’s market. Rising demand for processed and packaged food, changing lifestyle, and surge in demand for meat products are the major factors driving the growth of the Asia-Pacific region in the agriculture equipment market. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Agriculture Equipment market are-
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Agriculture Equipment analysis report discusses the following heads in great detail:
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