Latest News- Agriculture Equipment Market: Tractors is expected to lead the Type segment during 2024-2028

The Agriculture Equipment Market is being driven by Increasing demand for agricultural equipment due to labor shortage

The Agriculture Equipment Market is expected to grow at a CAGR of 6.05% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 66.53 billion. Artificial intelligence (AI) is revolutionizing the agriculture industry through advanced equipment solutions. AI technology is enhancing crop production and real-time monitoring of yield, irrigation, soil content, and crop health. Modern agricultural systems incorporate automated systems, including self-driving tractors, also known as driverless tractors. These tractors utilize car-to-vehicle (V2V) technology for communication and control, ensuring safe applications and continuous learning through self-collected data. AI implementation in self-driving combines offers increased efficiency and productivity, enabling the agricultural sector to adapt to the demands of modern farming practices. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Tractors
  • Harvesters machinery
  • Planting equipment
  • Others
  • Others
• Product Type
  • Manual
  • Automatic
  • Semi-automatic
• Application
  • Land Development
  • Crop Cultivation
  • Harvesting
  • Post-Harvest Processing
• End-User
  • Large-Scale Farms
  • Small and Medium Farms
  • Agricultural Cooperatives
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for agricultural equipment due to labor shortage
• Government subsidies to promote agricultural sector
• Increasing launch of new agriculture equipment by vendors

However, the market also witnesses some limitations, which are as follows:

• Growing availability of rental agricultural equipment
• Stringent regulations on developments of agriculture equipment
• Declining availability of arable land

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Market Scope in Agriculture Equipment Market Research Report

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Research Analysis Overview

In the evolving agriculture landscape, "smart farming" and "digital agriculture" are revolutionizing the sector through advanced technologies such as "connected farms," "agricultural IoT," "robotic harvesting," "agricultural drones," and "precision spraying." These innovations offer solutions like "variable rate seeding," "soil health monitoring," "crop yield prediction," "farm automation," and "agricultural data platforms." Furthermore, "agricultural sensor networks," "agricultural analytics," and "agricultural biotechnology" including "gene editing" and "crop genomics," are driving progress in "regenerative agriculture," "climate-smart agriculture," and "carbon sequestration." Technologies like "vertical farming," "urban agriculture," "greenhouse technology," and "indoor farming" are transforming food production, while "agricultural supply chain," "local food," "sustainable food production," "food security solutions," "farm insurance," and "farm risk management" ensure efficient and profitable farming operations. Agricultural economics plays a crucial role in the industry's growth and development.

Market Research Overview

The Agriculture Equipment Market, a segment of the larger Global Agricultural and Farm Machinery Market, encompasses manufacturers of harvesting equipment, planting equipment, farm machinery, hay equipment, irrigation systems, precision farming technology, autonomous farming solutions, GPS guidance systems, and yield monitoring tools. According to Technavio's market analysis, the expansion of this market is primarily driven by the continuous launch of innovative agricultural and farm machinery products by key industry players. These new offerings cater to the evolving farming needs and contribute significantly to the market's growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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