The Farm Machinery And Equipment Market Is Estimated To Reach $303.75 Billion By 2027 At A CAGR Of 6.9% – Includes Farm Machinery And Equipment Market Size
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The integration of Internet of Things (IoT) applications in farm equipment are expected to drive innovation in farm machinery and equipment manufacturing, thus driving the market during the forecast period.
The global farm machinery and equipment market is expected to grow from $216.1 billion in 2022 to $232.61 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The global farm machinery and equipment market size is expected to grow to $303.75 billion in 2027 at a CAGR of 6.9%.
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Global farm machinery and equipment Market Segments Include:
- By Type: Cultivator, Rotator, Chisel Plow, Harvester, Roller, Field Sprayer And Spreader, Irrigation System, Livestock equipment, Tractors, Other Types
- By Capacity: Small, Medium, Large
- By Operation: Manual, Semi-Autonomous, Fully-Autonomous
- By Application: Spraying, Water Supply And Conservation, Cultivation, Harvesting, Seeding, Weeding, Livestock Farming, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global farm machinery and equipment market in 2021.
Major Market Players in the farm machinery and equipment market include AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V, Escorts Group, ISEKI & Co. Ltd., John Deere (Deere & Company).
Eco-friendly electric tractors are likely to be an emerging trend in the farm machinery and equipment market. Eco-friendly tractors operate through electronic batteries that can be recharged simply by plugging them into a standard socket and don’t require any kind of fuel that creates air pollution. There are also many tractors where farmers can install wind or solar power to produce electricity to charge the tractor’s batteries. For instance, in India, in March 2020, a startup company Celestial E-Mobility launched an electric tractor, which is not only eco-friendly and cost-effective but also gives the same power as that of its diesel counterpart and is available cheaper than diesel tractors. The zero-emission tractor features battery swapping, and regenerative braking, and also helps to power an UPS.
The Farm Machinery And Equipment Global Market Report 2023 provides a farm machinery and equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The farm machinery and equipment market forecast analyzes farm machinery and equipment market size, farm machinery and equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The farm machinery and equipment refer to equipment engaged in manufacturing agricultural and farm machinery and equipment, and other turfs and grounds care equipment, including planting, harvesting, and grass mowing equipment (except lawn and garden-type).
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