- Agriculture equipment is any type of machinery that can be used in the farm for farming. Different types of agriculture equipment utilized for farming include tractor, harvester, and cultivator. A farm tractor is employed to pull or push agricultural machinery for tilling, ploughing, harrowing, and other tasks.
- Agriculture equipment helps reduce human effort and enhance crop yield in less time. Automatic and semi-automatic agriculture equipment reduce the labor required for work, which in turn reduces the labor cost. This is likely to boost the agriculture equipment market across the globe.
Key Drivers of Agriculture Equipment Market
- Rise in rate of adoption of advanced technology in agriculture equipment, including autonomous tractor and robotic system that assist handling of equipment and increase the accuracy of farming, is anticipated to propel the agriculture equipment market across the globe. Increase in integration of artificial intelligence in agriculture equipment to enhance their functionality is likely to offer significant opportunity for manufacturers of agriculture equipment across the globe.
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- Rise in use of Internet of Things (IoT) in machinery and equipment is likely to boost the agriculture equipment market. Rise in development in technology including electric driverless tractor and also fleet telematics, which takes data from the equipment that can be utilized to maintain vehicle data, is anticipated to boost the agriculture equipment market across the globe.
Asia Pacific & Europe to hold significant share of global agriculture equipment market
- Asia Pacific is projected to hold a major share of the global agriculture equipment market due to rapid expansion of the economy and a rise in population across the region. Increase in government initiatives and rise in productivity across the region is likely to propel the agriculture equipment market across Asia Pacific. Rise in consumer trend toward mechanization in agriculture is likely to propel the agriculture equipment market across the region.
- Followed by Asia Pacific, Europe is projected to account for a significant share of the global agriculture equipment market due to an increase in adoption of technology including robotic systems. Europe is home to major agriculture equipment manufacturers who have advanced research and development facilities regarding agriculture equipment, which is anticipated to boost the agriculture equipment market across Europe.
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Key Players Operating in Agriculture Equipment Market
The global agriculture equipment market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the agriculture equipment market are:
- AGCO Corporation
- Alamo Group Inc.
- ARGO SpA
- Bucher Industries AG
- CNH Industrial NV
- Deere & Company
- Escorts Ltd
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