Dublin, July 26, 2023 (GLOBE NEWSWIRE) -- The "Agricultural Machinery Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
Agricultural machinery plays a pivotal role in enhancing farming operations and achieving high yields by reducing manpower and labor costs. This includes essential equipment such as tractors, plows, harvesting machines, cultivators, and seedling machines. The market's growth is fueled by increasing mechanization rates in developing countries, which is expected to have a profound long-term impact. As land, water resources, and labor force shrink, the demand for farm mechanization rises significantly in these regions. In 2018, farm mechanization in developing countries like India and China accounted for 45-55%, while developed countries such as the United States witnessed a staggering 95% mechanization rate.
Government subsidies also play a pivotal role in boosting the agricultural machinery market. Tractors, in particular, held a dominant market share of 43.6% in 2020.
Key Highlights:
- Growing Demand for Farm Mechanization in Developing Countries: Increasing rates of mechanization in developing nations have led to a rise in the market for agricultural machinery. Government policies offering subsidies, interest-free loans, and financial assistance further fuel the adoption of farm equipment. For instance, the US Farm Service Agency provides loans to family-size farmers who struggle to secure commercial financing for purchasing farm machinery. Similarly, African farmers are demanding access to advanced farm technologies to enhance their operations and reduce production costs, aligning with the sustainable development goals outlined in Agenda 2063.
- Asia-Pacific Dominates the Market: The Asia-Pacific region is witnessing significant growth in the agricultural machinery market due to the rapid launch of new equipment, fostering faster innovation and product launches. China, in particular, has emphasized farm mechanization for various crops, with the government issuing substantial subsidies to promote agricultural machinery purchases. India, too, is experiencing substantial market growth, driven by increasing government subsidies and a focus on the mechanization of agriculture.
The agricultural machinery market is consolidated, with key players such as Deere and Co., CNH Industrial, AGCO Corporation, Kubota, Mahindra and Mahindra Limited, Iseki & Co. Ltd, JC Bamford Excavators Limited, and Lindsay Corporation holding the majority of the market share. These companies have undertaken strategic activities such as product innovation, expansion, partnerships, and mergers and acquisitions to maintain their competitive edge.
As the market continues to grow, opportunities for expansion and future trends are expected to emerge. Market players are urged to stay vigilant and embrace innovations such as driverless machinery to drive further growth during the forecast period.
The "Agricultural Machinery Market - Growth, Trends, and Forecasts (2023-2028)" report provides in-depth insights into market dynamics, drivers, restraints, and competitive landscape, offering valuable information for investors and industry stakeholders.
For more information about this report visit https://www.researchandmarkets.com/r/548u9r
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
