Surging AI Use to Favor Agriculture Equipment Market

Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Agriculture Equipment Market Information by Product Type, Function, and Region – Forecast till 2032” ” the Agriculture Equipment market may soar from USD 212.04 Billion in 2023 to USD 326.66 billion by 2032, at a rate of 5.55% between 2023 and 2032.

Machines or manufactured components used in agriculture equipment increase land yield in all agro-based economies across the world. Farmers or landowners are strongly encouraged by the equipment to integrate automation technology into their conventional farming practices. Due to a lack of skilled laborers and the high expense of keeping animals on the job site, clients have also been forced to use the advantages of current technology in farming applications across a number of nations.

The agriculture sector is anticipated to develop significantly over the coming years due to the expanding global population and ongoing high food demand. As a result, agricultural producers and farmers employ the Internet of Things (IoT) to boost agricultural output and the global economy in order to meet this requirement.  

Market Competitive Landscape:

• AGCO Corp.
• JC Bamford Excavators Limited
• Deere & Company
• CNH Industrial NV
• Kubota Corporation
• Daedong Industrial Co. Ltd
• Iseki & Co. Ltd
• CLAAS KGaA mbH
• Mahindra & Mahindra Limited
• Escorts Limited

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Market Drivers:

Farmers have started installing major high-tech farming and agricultural technology in their fields to increase production and efficiency. For instance, many farmers have started utilizing equipment with sensors that can gauge the nutritional characteristics of the soil, such as its temperature and acidity, and can also gather topographic data from maps of the available resources. Farmers can determine productivity and crop production by cultivating the appropriate crop in line with the weather and soil nutrients thanks to the enrichment and integration of Industry 4.0 features.

The adoption of automatic and semi-automatic tools for planting and fertilizing has raised the demand for cutting-edge technology globally. Additionally, self-propelled spreaders and sprayers now have higher efficiency, making it possible to cover large areas of land more quickly. By ensuring that nutrients and fertilizers are distributed equally, these instruments in the agricultural sector help to reduce operational costs, shorten the time of operations, and improve crop yields.

Government agencies from throughout the world also developed post-pandemic measures to help with the rapid adoption of agricultural mechanization. Additionally, it boosts the amount of money that farmers could potentially earn by using sustainable alternatives like government purchases of ethanol for global blending. This factor actively stimulates the demand for agricultural equipment like tractors and combine harvesters during the study period. Additionally, the forestry industry is increasingly adopting agricultural machinery for cutting and peeling, which will cause a major increase in sales in the next years.

To illustrate, a global Ag-tech adoption research of 5,500 farmers drawn from secondary sources reveals that farmers in Europe and North America are leading in the adoption, with about 61% currently utilizing or having intent to utilize at least one Ag-tech in recent years.

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Market Restraints:

Agriculture’s expansion and the agricultural sector’s technological development have increased the cost of inputs for setting up equipment on farms. Additionally, using such mechanized agricultural equipment has high operational and maintenance costs, which reduces the profitability of agricultural operations. Farming operations became more complex as a result of the complex machine’s involvement, which worried farmers who relied on experienced labor to oversee and manage tasks.

Market Segmentation

By Type

The three primary types of agricultural equipment accessible today are tractors, harvesters, and cultivation and soil separation machinery.  

By Function

The function-based components include harvesting, planting and fertilizing, plowing and cultivation, and. The most money was made in the category of harvesting (28.29%).  

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Regional Insights

The Asia Pacific market will see rapid growth over the coming years as a result of the extensive usage of electrical drives, computer sensing, digitalization, agro-tech, and easy connection capabilities of equipment and machinery to primary machinery like tractors. China is believed to hold the greatest market share for manufacturers of agricultural equipment due to its tremendous market potential. Many well-known and established market players are implementing a wide selection of product offerings that are extremely powerful and efficient equipment models for the marketplaces of India, South Korea, Taiwan, and the ASEAN countries.

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