Agricultural Equipment Market to Remain Steady through Contract Farming & Introduction of Appropriate Farm Equipment Technology
Market players are seeking to introduce innovative solutions for small farms such as Rowbot to help farmers in field processes.
The global agricultural equipment market is anticipated to foresee a CAGR of 4.8% during the forecast period 2020-2030. The growth can be primarily attributed to unusually lesser arable land, holistic aid to high crop yield, as well as higher dependability of agrarian societies. However, the market demand has witnessed a slump amid the COVID-19 crisis leading to massive disruptions in the supply chains and labour shortages.
“AR will appear as the game-changer in the global market, since social distancing is becoming the new normal during the COVID-19 outbreak. Manufacturers are capitalizing AR technologies to address various issues in the agricultural sector. Furthermore, after-sales engineer can look at the problem at the site and assist the local technician consequently.” concludes the FMI analyst.
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Agricultural Equipment Market – Key Highlights
- Europe remain the biggest producer and consumer in the global market, followed by North America.
- Rental ownership is gaining traction among other categories over the forecast period.
- The tractors category will remain lucrative among other product types due to increased adoption in small, medium and large firms.
Agricultural Equipment Market – Drivers
- Usage of advanced cropping and harvesting methods to reduce or eliminate manual labor and turn-around time is a noteworthy aspect driving market growth.
- Increased focus on farm productivity to capitalize on ROI is propelling agricultural equipment market growth.
- Generous subsidies by various governments is scaling up the demand for agricultural equipment.
Agricultural Equipment Market – Restraints
- Lack of awareness regarding the usage of agriculture equipment amid farmers can restrain the market growth.
- Unavailability of proper resources in addition to high cost associated with the equipment negatively affect the adoption in the market.
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COVID-19 Impact on the Market
The agricultural equipment market has encountered an adverse impact due to the COVID-19 outbreak. While labor shortages are obligating farmers to fall back to mechanization, dealerships of agricultural equipment are closed and credit lines are cut off. This is inducing an adverse impact on demand for tractors as majority of them are bought on credit. However, contract farming is assisting small-scale and poor farmers to alleviate the virus impact on secure supply chains and their revenue earnings.
Key market players in the agricultural equipment market are Deere & Company, AGCO Corp, CLAAS KGaA mbH, Bucher Industries AG, EXEL Industries, Kubota Corporation, and CNH Industrial N.V.
Players are set to the age demographics of farmers in matured regions which is fueling structural changes in a farm set ups. Furthermore, leading players are falling back to automation of their equipment for higher profit revenue.
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