increasing adoption of precision farming technologies is driving the Farm Equipment Market
Technavio analyzes that the Farm Equipment Market is expected to grow at a CAGR of 5.47% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 41.12 billion.There are various factors that contribute to the growth of the market. The farm equipment market is witnessing significant growth due to the increasing adoption of precision farming technologies. Farmers are increasingly investing in advanced technologies such as GPS mapping, variable rate application, and drones to optimize crop yields and reduce operational costs. Precision farming enhances the efficiency of farming operations by providing real-time data and insights, enabling farmers to make informed decisions and improve overall productivity. This trend is expected to continue, driving the demand for advanced farm equipment and technologies.
In the agricultural sector, the manual segment of the global farm equipment market plays a pivotal role, especially in regions where mechanization is limited. This segment encompasses a range of manually operated tools and implements essential for farming activities, including planting, tilling, harvesting, and livestock management. Small-scale farmers in developing countries, constrained by financial resources, small landholdings, and challenging terrain, predominantly rely on manual equipment. Hand tools such as plows, scythes, sickles, and manual seeders are commonly used for cultivation and harvesting in these areas. These cost-effective, low-maintenance, and versatile tools cater to various farming operations.
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Farm Equipment Market Segmentation
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The Farm Equipment Market caters to farmers' needs for Agricultural Equipment, including Tractors and Harvesters, for various farming applications such as cultivation, crop processing, and harvesting. Farm labor is assisted by JFarm service in maintaining Farm Equipment and Smallholder Farms. Fossil fuel-powered tractors are being replaced by alternative fuel sources like ethanol and biodiesel. Agro-based economies rely heavily on farming, harvesting crops, spraying fields, seeding, and tilling fields. Farmers also focus on breeding cows and feeding livestock using this equipment. Cultivation equipment, harvesters, and tractors are essential for maintaining productivity in farming.
The global agricultural and farm machinery market, as part of the larger agricultural and farm machinery industry, encompasses organizations engaged in the manufacturing of various types of agricultural equipment. This sector comprises agricultural tractors, haying machinery, harvesting machinery, planting machinery, livestock machinery, spraying machinery, tillage machinery, irrigation systems, and related parts. According to Technavio, market expansion is anticipated due to the continuous launch of innovative agricultural products by market participants. This strategic move aims to broaden their offerings and cater to the evolving needs of farmers, particularly in the areas of precision farming, labor reduction through rental agricultural machinery, and the adoption of hybrid and electric tractors in response to emission regulations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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