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Mon March 27, 2023 - National Edition
The demand for agriculture equipment is projected to expand at a CAGR of 4 percent in terms of value during the period of assessment. Moreover, the report estimates that the market for agriculture equipment is likely to surpass $237.08 billion by end of 2032.
From 2015 to 2021, agriculture equipment sales flourished at a CAGR of 4.9 percent, with market reaching a value of $154 billion. During the COVID-19 pandemic, prospects somewhat declined, as curbs on manufacturing activity due to lockdowns disrupted the demand-supply equation. Eventually, the recession was overcome, due to lifting of restrictions amid reducing infection intensity.
Shortage of labor worldwide particularly in Western Europe and the United States will play a key role in driving the adoption of agriculture equipment over the forecast period. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.
"Government schemes supporting agricultural activities in the emerging economies are projected to drive the market through 2032," said a senior research analyst.
Some prominent manufacturers of agriculture equipment are AGCO Corporation, Agrocenter Ltd., Agromaster, AMAZONE Ltd., AMAZONE Ltd., APV– Technische Produkte GmbH, CLAAS KGaA mbH, CNH Industrial N.V, Escorts Group, Horsch Maschinen GmbH, and ISEKI & Co., Ltd. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
These insights are based on a report on Agriculture Equipment Market by Fact. MR.
For more information, visit www.factmr.com.
This story also appears on Agricultural Equipment Guide.