Categories: Market Research

Agricultural Implement Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Agricultural Implement by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Agricultural Implement, The agricultural implement market size has grown strongly in recent years. It will grow from $241.6 billion in 2023 to $257.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to migration, population growth, and economic growth. factors that negatively affected growth in the historic period were high costs, and lack of awareness.

The agricultural implement market size is expected to see strong growth in the next few years. It will grow to $325.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to favorable government policies, agriculture finance, technological advances, and increasing awareness. Major trends in the forecast period include developing autonomous farm equipment, offering telematics technology, offering robotic lawn mowers, and providing robotic milking systems to leverage the growing demand for these machines. player-adopted strategies in the agricultural implement market include expanding through strategic acquisitions, expanding digital services in existing agricultural products through strategic acquisition of innovative software companies, and integrating data management technologies with agco products through strategy collaborations.

Surging demand for food crops is expected to drive the growth of the agricultural implement market. Food crops refer to cultivated and grown item used for the purpose of producing food for human consumption. Agricultural implements are tools and machinery used in various stages of food crop production to enhance efficiency, reduce labor, and improve overall agricultural productivity. For instance, in December 2022, according to the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, the global production of primary crop commodities in 2021 increased by 2% from the previous year, reaching a total of 9.5 billion metric tons. Cereals were the dominant crop group, accounting for 32% of this production, followed by sugar crops at 22% in 2021. , Therefore, rising demand for food crops will propel the growth of the agricultural implement market going forward.

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The agricultural implement market covered in this report is segmented –

1) By Type: Farm Machinery And Equipment, Lawn And Garden Tractor And Home Lawn And Garden Equipment

2) By Operation: Autonomous, Semi-autonmous, Manual

3) By Capacity: Small, Medium, Large

4) By Application: Land Development and Seed Bed Preparation, Sowing and Planting, Weed Management, Plant Protection, Harvesting and Threshing, Post-Harvest and Agro Processing

Subsegments Covered: 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), Other Farm Machinery And Equipment, Push Lawn Mowers, Riding Mowers, Other Lawn And Garden Tractor And Home Lawn And Garden Equipment Manufacturing

Major companies operating in the agriculture implement market are exploring technologically advanced agricultural machinery, to gain a competitive advantage and enhance their product offerings. Advanced agricultural machinery refers to the use of modern technology and equipment in farming operations to improve efficiency, productivity, and sustainability. For instance, in August 2021, AGCO Corporation, a US-based agricultural machinery manufacturer, introduced the Massey Ferguson VE Series planters. This comprehensive line of planters encompasses various types, including rigid and folding-frame planters, narrow transport models, and track planters. Massey Ferguson VE Series planters are the most advanced precision planting tools and technologies, delivering accurate planting performance while minimizing downtime, wear and tear, and maintenance requirements. These planters are designed to provide farmers with straightforward, reliable, and robust planting equipment that ensures precise seed placement, ultimately leading to optimal yields.

The agricultural implement market report table of contents includes: