Agricultural Equipment Market to Remain Steady through Contract Farming & Introduction of Appropriate Farm Equipment Technology: Future Market Insights
*Market players are seeking to introduce innovative solutions for small farms such as Rowbot to help farmers in field processes.*
*DUBAI, UAE / ACCESSWIRE / December 21, 2020 / *The global agricultural equipment market is anticipated to foresee a CAGR of 4.8% during the forecast period 2020-2030. The growth can be primarily attributed to unusually lesser arable land, holistic aid to high crop yield, as well as higher dependability of agrarian societies. However, the market demand has witnessed a slump amid the COVID-19 crisis leading to massive disruptions in the supply chains and labour shortages.
*"AR will appear as the game-changer in the global market, since social distancing is becoming the new normal during the COVID-19 outbreak. Manufacturers are capitalizing AR technologies to address various issues in the agricultural sector. Furthermore, after-sales engineer can look at the problem at the site and assist the local technician consequently." concludes the FMI analyst.*
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*Agricultural Equipment Market - Key Highlights*
· Europe remain the biggest producer and consumer in the global market, followed by North America.
· Rental ownership is gaining traction among other categories over the forecast period.
· The tractors category will remain lucrative among other product types due to increased adoption in small, medium and large firms.
*Agricultural Equipment Market - **Drivers*
· Usage of advanced cropping and harvesting methods to reduce or eliminate manual labor and turn-around time is a noteworthy aspect driving market growth.
· Increased focus on farm productivity to capitalize on ROI is propelling agricultural equipment market growth.
· Generous subsidies by various governments is scaling up the demand for agricultural equipment.
*Agricultural Equipment Market - **Restraints*
· Lack of awareness regarding the usage of agriculture equipment amid farmers can restrain the market growth.
· Unavailability of proper resources in addition to high cost associated with the equipment negatively affect the adoption in the market.
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*COVID-19 Impact on the Market*
The agricultural equipment market has encountered an adverse impact due to the COVID-19 outbreak. While labor shortages are obligating farmers to fall back to mechanization, dealerships of agricultural equipment are closed and credit lines are cut off. This is inducing an adverse impact on demand for tractors as majority of them are bought on credit. However, contract farming is assisting small-scale and poor farmers to alleviate the virus impact on secure supply chains and their revenue earnings.
*Competitive Landscape*
Key market players in the agricultural equipment market are Deere & Company, AGCO Corp, CLAAS KGaA mbH, Bucher Industries AG, EXEL Industries, Kubota Corporation, and CNH Industrial N.V.
Players are set to the age demographics of farmers in matured regions which is fueling structural changes in a farm set ups. Furthermore, leading players are falling back to automation of their equipment for higher profit revenue.
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*About the Study*
The study offers readers a comprehensive assessment of the Agricultural Equipment market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (tractors, rotavators {wheel type and crawler type}, threshers & dehuskers {wheel type and crawler type}, power tillers {wheel type and crawler type}, power weeder{wheel type and crawler type}, plough, baler and seed drill), category (tractor pulled / attachment and self-propelled), ownership (individual and rental), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
*Table Of Content*
*1. Executive Summary*
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
*2. Market Overview*
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
*3. Key Market Trends*
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
*4. Key Success Factors*
4.1. Services Adoption / Usage Analysis
4.2. Services USPs / Features
4.3. Strategic Promotional Strategies
*5. Global Agricultural Equipment Market Demand Analysis 2015-2019 and Forecast, 2020-2030*
5.1. Historical Market Volume (Units) Analysis, 2015-2019
5.2. Current and Future Market Volume (Units) Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
*6. Global Agricultural Equipment Market - Pricing Analysis*
6.1. Regional Pricing Analysis By Product Type
6.2. Pricing Break-up
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*About Future Market Insights*
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, the global financial capital, and has delivery centers in the 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.
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*SOURCE: *Future Market Insights
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