Agriculture equipment sales are projected to reach about 6.7 Mn units by 2031 due to the growing use of modern farm machinery. The top 5 market players collectively held a 44 percent market share in 2021, as the Agricultural Equipment Market experienced year-over-year (YOY) growth of 3.7 percent between 2020 and 2021. Between 2021 and 2031, the market for agricultural equipment will grow at a consistent CAGR of 4.8 percent. By the end of 2021, the market value is anticipated to reach US$ 65 Bn.
Growing popularity of precision farming is augmenting the demand for modern agricultural equipment. With the integration of artificial intelligence (AI) and internet of things (IoT), the sales of agriculture equipment are soaring. Smart farming is gaining traction.
Introduction of electric agricultural equipment has completely changed the market scenario. These equipment does not only minimize the emissions but also reduce costs and improve efficiency.
New trends of agricultural robotics and driverless machines are attracting large number of farmers to upgrade their equipment systems.
As per FMI, the agricultural equipment market will surpass a valuation of US 65 Bn by 2021 end.
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