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Agriculture Equipment Market Trends

Report ID: GMI2845
Published Date: Apr 2024
Report Format: PDF

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Agriculture equipment Market Trends

The agriculture equipment industry is thriving due to rapid AI integration and the adoption of sensors and data analytics. AI applications in farming equipment enable predictive maintenance and precise decision-making. Additionally, sensors and data analytics provide real-time insights into crop conditions and equipment performance. Farmers benefit from increased efficiency and reduced wastage, driving the demand for smart agricultural equipment embedded with AI and advanced sensor technologies.

For instance, in July 2023, Balwaan Krishi introduced the inaugural ISI-certified agricultural machinery in India, marking a milestone in the industry's quality standards.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Market size for agriculture equipment was USD 155.7 billion in 2023 and is expected to register 5.5% CAGR from 2024-2032 owing to the increasing demand for sustainable farming practices and smart equipment worldwide.

Agriculture equipment industry from the farm tractor segment held over 50% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to the crucial role tractors play in modern farming practices, enhancing efficiency and productivity.

Asia Pacific industry recorded USD 74 billion in 2023 and is expected to register a commendable CAGR from 2024-2032 due to dynamic economic growth and technological prowess in the region.

Alamo Group Inc., Deere & Company, Argo Tractors SpA, Bamford (JC) Excavators Limited, Bucher Industries AG, Escorts Ltd., China National Machinery Industry Corporation, CLAAS KGaA mbH, and CNH Industrial NV, are some of the major agriculture equipment companies worldwide.