Agriculture equipment comprise the usage of tractors, harvesters, plows, and cultivators to assist in several farming activities. The utilization of agriculture equipment helps in obtaining high crop yield in moderately less time and minimum efforts. In addition, the usage of automatic and semiautomatic agriculture equipment decreases the necessity of human labour on farms, which in turn, deducts the costs incurred on manpower. This further augment the crop production by decreasing the downtimes and allowing extremely precise operations.
The requirement for farm mechanization is also witnessed to have augmented in the recent past, which is projected to further pick momentum as the population is growing up. Asia-Pacific remains the foremost market for Farm Equipment, though the requirement is also augmenting in Europe, and North America.
In addition, the effective growth in mechanization of countless farming activities such as plowing, harrowing, planting, harvesting, and tilling is anticipated to boost the demand for agriculture equipment, which propel the growth of the global ‘Agriculture Equipment Industry’. The recognition of benefits because of the acceptance of mechanical equipment such as tractors, harvesters, and countless attachments augment the dependency of farmers on agriculture equipment. In addition, the employment of precision farming enables sustainability in farming activities, augments profitability, and protects land resources, which result in enhanced agricultural production. Countless products offered by key market players in the agriculture equipment market assist farmers in several farming activities such as sowing and harvesting, which further encourages the implementation of agriculture equipment. This progressively contributes toward the growth of the agriculture equipment market.
At Ken Research, the Agriculture Equipment Market Research Report focuses on segmentation of used tractor and harvester market by New Purchase vs Used Purchase, by Manufacturers, by Power (HP), by Drive /Cutting width (where applicable), by Region, by Distribution Channels, by Vehicle Age, By Mode of Sales (Online vs Offline), by Financed vs Non-Financed Purchases by End Users, and by Organized vs Unorganized Financing.
Also, ‘Agriculture Equipment Industry Research Report’ concludes with the projections for the future of industry comprising forecasted sales value and volume; future projections by product type and regional ultimatum by the year ending 2025, COVID-19 impact, and analyst recommendations highlighting the foremost opportunities and cautions in the industry.
The APAC region will precede the agriculture equipment market at a high CAGR over the review period. The low rate of mechanization in the agriculture segment in China and India, implementation of mechanized farming practices, significant economic development in the region, growing disposable income of consumers, huge consumer base, augmenting need for packaged food and processed food, changing lifestyle, surge in requirement for meat products, augmented need for food by the large population residing in India and China, need for sustainable practices, the government assistance to enable modern equipment for resident farmers, augmenting the export of cereals from the region, and Indonesia has also vouched for local production of farm equipment with the government setting aside a fund to augment yields and also contributing in rice science are adding to the global agriculture equipment market growth in the region. Besides, the growing requirement for tractors, huge investments for decreasing harvest losses, the use of this equipment with enhanced fuel efficiency and extra features like GPS and robotic systems, the requirement for mechanization owing to shortage of labour, strong economic growth in India and China, growth in farm equipment renting services, and acceptance of contract farming are also adding to the market growth.
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Ankur Gupta, Head Marketing & Communications