Research Offers 10-Year Forecast on Agricultural Equipment Market

Agricultural Equipment Market: Overview

Agricultural equipment consist of various farm field and farmstead machinery used for crop cultivation and production of agricultural livestock. Agricultural equipment reduces human effort and provides ease of operation in various farming activities such as soil cultivation, planting, fertilizers & pest control activities, irrigation, produce sorting, harvesting, hay making, milking, animal feeding and others. The use of agricultural equipment in farming delivers improved harvest quality within reduced period of time. The expansion of population around the globe, especially in developing countries portrays a positive picture for the agricultural equipment market in the near future, as increased population will lead to increased demand for food, which in turn raises farm income. The agricultural equipment market is increasing due to continuous focus of manufacturers on providing technically advanced solutions such as advanced farming equipment needed for precision farming. Increasing technology in agriculture equipment market reduce the overall farming cost. Further, improvement in economic condition in near future tends to increase investment in agricultural equipment market. In case of mature markets, farms tends to be large, requiring mechanization and thus implementing agricultural equipment to carry out various farming activities.

Agricultural Equipment Market: Drivers and Restraints

Agricultural equipment market is driven by increasing global economic conditions, rising farm income, and increasing per-capita calorie consumption. Growth of the agricultural equipment market is also driven by the technological advancements in agricultural equipment. For mature markets that are already a major user of agricultural equipment, the replacement demand for old equipment with the technologically advanced ones, drives the agricultural equipment market. Further, reduced availability of labour also leads to increased...