Research Nester released a report titled “Agricultural Machinery Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global agricultural machinery market in terms of market segmentation by product, by crops, by energy capacity, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for agricultural machinery is projected to grow at a CAGR of 7.82% during the forecast period, i.e., 2020-2027. The market is witnessing rising investments in various research and development activities by leading manufacturing companies. Agricultural machinery market is segmented by product, by crops, by energy capacity, by application and by region. On the basis of application, the market is segmented into land development & seed bed preparation, sowing & planting, harvesting & threshing, weed cultivation, plant protection and post-harvest & agro processing. Out of these, the land development and seed bed preparation segment held the highest market share of USD 39.01 billion in the year 2018. This can be attributed to the rising agricultural activities all across the world on the back of growing consumer demand.
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Agricultural machinery market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is predicted to grow substantially on account of growing availability of advanced technologies in the agriculture industry. The market in Asia Pacific is estimated to grow at the highest rate in the coming years as a result of increasing investments in the agriculture sector by governments for enhancing productivity in the region, especially in countries such as India and China.
Increase in Agricultural Output through Agricultural Machineries to Drive Market Growth
The major contribution of agricultural machinery is the high agricultural output as compared to manual labor. Moreover, the favorable government policies that promote various initiatives for boosting the demand for these machines and equipment are further estimated to expand the market size. Additionally, the various other advantages offered by these machineries include reduction in time taken to carry out various activities, increase in productivity and rising profits from the produce. On the back of these, the market is anticipated to grow significantly over the forecast period. However, the high costs associated with advanced agricultural equipment and machineries is estimated to hamper the market growth as it decreases the demand for these machinery, mainly in the low income regions.
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This report also provides the existing competitive scenario of some of the key players of the global agricultural machinery market which includes company profiling of KUHN Group, Deere & Company, AGCO Corporation, CNH Industrial, SDF Group, Kubota Corporation, CLAAS KGaA mbH, The Toro Company, Escorts Ltd. and Mitsubishi Mahindra Agricultural Machinery Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global agricultural machinery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
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