A comprehensive agricultural equipment market analysis conduction by FMI, uncovers critical trend and opportunities facilitating the growth trajectory of the market. It studies the market based on taxonomy including product type, category, and ownership during the assessment period. The report profiles some of the leading players in in the global market and also examines the impact of their growth strategies
As per a recent survey by FMI, the global agricultural equipment market is expected to total US$ 65 Bn in 2021. In response to surging demand for advanced and automated technologies in the agricultural sector, the market is anticipated to register steady demand.
As per FMI, the global agricultural equipment market will expand at 4.8% CAGR between 2021and 2031 in comparison to 2.8% CAGR registered from 2016 to 2020.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-523
Advent of novel electrical technologies has rapidly transitioned traditional farming methodologies to modern agricultural machinery over the past few years. As these equipment minimizes manual labor, increases production, and reduces turnaround time, they are extensively being adopted by framers.
Further, favorable initiatives undertaken by governments of several countries are mechanizing the agricultural sector to address the increasing demand for food. For instance, according to the India Brand Equity Foundation (IBEF), the Indian Government has announced to allocate more than US$ 551 million under an initiative named Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-22. Such initiatives are estimated to create high revenue-generation opportunities for the market players.
Among product type verticals, tractor is projected to remain the most preferred farming machine in the segment. The growth in the segment is attributed to the multipurpose nature of tractors such as preparing fields, plowing, harvesting, and others.
“Manufacturers are emphasizing on launching novel automated farming equipment with integrated advanced technologies such as internet of things (IoT), telematics, and artificial intelligence (AI) to capitalize on the trend of smart farming,” says the FMI analyst.
Key Takeaways from the Agricultural Equipment Market Study
Report preview with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/agriculture-equipment-market
As per FMI, top 5 manufacturers in the global market are Deere & Company, AGCO Corp, CNH Industrial N.V., Kubota Corporation, and CLAAS KGaA GmbH. These players are expected to account for nearly 44% of the overall sales in 2021.
Key manufacturers are focusing on developing and launching advanced quality products. They are aiming at adopting various organic and inorganic expansion strategies such as mergers and acquisitions, partnerships, collaborations, and advanced product development to gain a competitive edge in the market. For instance,
For any Queries Linked with the Report, Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-523
Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Agricultural Equipment Market
FMI, in its new report, offers an unbiased analysis of the global agricultural equipment market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in agricultural equipment market with detailed segmentation:
By Product type:
We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-523
Key Questions Covered in the Agricultural Equipment Market Report
Browse Extensive Coverage of our Top Trending Reports:
Agricultural Food Grade Rubber Conveyor Belt Market: The global sales of agricultural and food grade rubber conveyor belt are likely to reach beyond US$ 3 Bn in 2020, witnessing a steady yearly expansion in 2019 and 2020, says the report
Agricultural Fabrics Market: Agricultural Fabrics market, sales of Agricultural Fabrics are projected to increase at around 4.7% CAGR over the next ten years (2021-2031)
Heat Shrink Tubing and Sleeves Market: Heat Shrink Tubing and Sleeves Market is projected to reach US$ 1,879 Mn in 2021, expanding at a healthy 5.9% CAGR over the forecast period of 2021-2031
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
For Sales Enquiries: firstname.lastname@example.org
For Media Enquiries: email@example.com
Press Release Source: https://www.futuremarketinsights.com/press-release/agriculture-equipment-market