The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth and Projection

• Rapid expansion: Market size to reach $103.51 billion in 2024 with a CAGR of 8.1%.
• Historic growth factors include:
  • Increasing demand for food due to population growth.
  • Advancements in technology enhancing farming practices.
  • Adoption of precision agriculture techniques.
  • Rising demand for biofuels and government support for agriculture.
• Expected growth: Market to surge to $140.81 billion by 2028 at an 8.0% CAGR.
• Forecasted drivers:
  • Growing demand for organic and sustainable farming practices.
  • Adoption of autonomous and robotic farming equipment.
  • Rising demand for precision irrigation systems and smart farming solutions.
• Major trends include electrified and autonomous farm equipment, IoT integration, and drone technology for crop monitoring.

Organic Agriculture Boom Fuels Equipment Demand

• Demand for organic food propels the growth of powered agriculture equipment.
• Commercial farmers invest in advanced equipment to reduce operational costs and increase profits.
• USDA reports organic products available in 20,000 natural food stores and 3 out of 4 conventional stores in the US.
• Key market players: AGCO Corporation, Deere & Company, Mahindra & Mahindra Limited, among others.

Advancements Redefine Farming Efficiency

• Product innovation drives market trends, focusing on increased crop productivity and household incomes.
• John Deere showcases fully autonomous tractor equipped with six stereo cameras at CES 2022.
• Deere & Company acquires Bear Flag Robotics for $250 million in August 2021, enhancing autonomous farming capabilities.
• Market segments:
  • Product types: Tractors, Combine Harvester, Sprayer, Seed Drill, among others.
  • Propulsion: Battery Electric, Hybrid Electric.
  • Power Output: <30 HP to >250 HP.
  • Application: Harvesting, Sowing and Planting, Spraying and Fertilizing, among others.

Conclusion: Pioneering Agriculture Innovation

The powered agriculture equipment market is witnessing robust growth, fueled by the demand for sustainable farming practices and technological advancements. As the world population grows, the need for efficient farming methods increases, driving the adoption of advanced equipment. The surge in organic agriculture and the rise of autonomous farming technologies reshape the industry landscape, with companies investing in innovation to meet evolving market demands. With significant growth projected in the coming years, powered agriculture equipment plays a pivotal role in enhancing productivity and sustainability in farming practices globally.

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The Powered Agriculture Equipment Global Market Report 2024 provides comprehensive insights on the powered agriculture equipment market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the powered agriculture equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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