The Business Research Company’s Agricultural Implement Market Report – Opportunities And Strategies – Global Forecast To 2030
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In the major agricultural machinery market trends, farm machinery manufacturers are offering driverless tractors and robots to individual farmers and corporate farming companies. Driverless tractors and robots automate the weeding and harvesting process. They use GPS and sensors and can be controlled using a tablet or a smart phone. These technologies are known to considerably increase farm output and decrease labor costs. For instance, according to a report by Goldman Sachs, automated tractors can raise farmer revenue by more than 10% and reduce farm labor costs. Companies offering driverless tractor and robot technologies include CNH Industrial, Deere, and AGCO.
The global agricultural implement market size is expected to decline from $239.3 billion in 2019 to $228.5 billion in 2020 at a compound annual growth rate (CAGR) of -4.6%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $274.3 billion in 2023.
Asia Pacific was the largest region in the global agricultural equipment market, accounting for 31% of the market in 2019. Western Europe was the second largest region accounting for 26% of the global market. Africa was the smallest region in the global agricultural implement market.
The global agricultural implement market report by TBRC is segmented by type into farm machinery and equipment, lawn and garden tractor and home lawn and garden equipment, by operation into autonomous, semi-autonomous, manual, by application: land development and seed bed preparation, sowing and planting, weed cultivation, plant protection, harvesting and threshing, post-harvest and agro-processing, and by capacity into small, medium, large. Subsegments covered in the report are cotton ginning machinery, feed processing equipment, fertilizing machinery, haying machines, milking machines, planting machines, plows, poultry brooders, feeders, and waterers, combines (i.e., harvester-threshers), others – farm machinery and equipment, push lawn mowers, riding mowers, others – lawn and garden tractor and home lawn and garden equipment.
Here Is A List Of Similar Reports By The Business Research Company:
Agriculture Global Market Report 2020-30: COVID-19 Impact and Recovery
Agriculture, Construction, And Mining Machinery Manufacturing Global Market Report 2020
Autonomous Agriculture Equipment Global Market Report 2020
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