Agriculture equipment is machinery utilized in agricultural or any farming activity. There are so many different types of this machinery, ranging from hand operated power equipment and wheeled tools to tractor and the many other types of farm tools that they run or tow. Various types of agriculture equipment are utilized in both non-agricultural farming activities. They are mostly used for transportation, harvesting, and the process of planting, harvesting and cultivation of crops and their products.
The major equipment utilized in agricultural farming is the tractor. Tractors are very important equipment because they are capable of moving very heavy loads. They are also capable of operating at very low speeds, so that they can work effectively.
Market Dynamics
Focus on increasing agricultural income is expected to propel growth of the global agriculture equipment market over the forecast period. For instance, according to a joint study by Vodafone Group Plc, Accenture Plc, and Oxfam, a confederation of 19 independent charitable organizations focusing on the alleviation of global poverty, adoption of connected agriculture could increase agricultural income by around US$ 138 billion across 26 of Vodafone’s markets in 2020.
Emergence of Covid-19 is also expected to aid in growth of the global agriculture equipment market. For instance, in October 2020, The Food and Agriculture Organization of the United Nations (FAO) has called on countries around the world to deal with the widespread effects of the global COVID-19 pandemic through promoting climate-smart and environmentally friendly agricultural practices. FAO also announced to organize an eLearning program in Iran to equip experts with the requisite knowledge and skills to implement the advanced approach of Real Water Savings (REWAS) in the agriculture sector.
Increasing demand for food is expected to offer lucrative growth opportunities for players in the global agriculture equipment market. For instance, according to Food and Agriculture Organization, worldwide food demand is expected to increase by 70% by 2050. Moreover, decreasing arable land is also expected to aid in growth of the global agriculture equipment market. For instance, according to the study ‘Will Limited Land, Water, and Energy Control Human Population Numbers in the Future’, published in the journal Human Ecology, the amount of arable land available per person will decrease to 1500m² by 2050 from 4000m² in 1961.
Competitive Analysis
The major players operating in the global agriculture equipment market include AGCO Corporation, Agrostroj Pelhrimov A.S, China National Machinery Industry Corporation, Concern Tractor Plants, Deere & Company, Escorts Limited, Mahindra Group, Same Deutz-Fahr Group (SDF), Valmont Industries Incorporated, and Weifang Euroking Machinery
November 2020: The AGCO Agriculture Foundation, a foundation of AGCO Corporation, partnered with Self Help Africa (SHA) to implement a sustainable poultry production project that will contribute to enhanced food, skills, income and nutrition security of smallholder farming communities in Chongwe District of the Republic of Zambia.
In-depth report on Agriculture Equipment Market by Coherent Market Insights:
https://www.coherentmarketinsights.com/market-insight/agriculture-equipment-market-1453
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