AGRICULTURAL EQUIPMENT MARKET ANALYSIS

Agricultural Equipment MarketSize and Trends

The global agricultural equipment market size is estimated to reach at US$ 132.49 billion in 2023 and is anticipated to witness a Compound Annual Growth Rate (CAGR) of 4.7% from 2023 to 2030.

Global Agricultural Equipment Market Trends:

Growing trend of contract farming and committed sourcing with corporate partnership

Contract farming has emerged as a significant trend in various countries, in order to reduce migration from rural to urban areas, generate stable source of income, and get seasonal rotation of crops. In this type of farming, the farmers are contracted to plant the contractor’s crop on his land and then harvest and deliver the crop to the contractor at a pre-agreed price. According to Coherent Market Insights analysis, in Brazil, 75% of poultry production are under contract farming. Moreover, emerging economies such as Vietnam, India, Morocco, and more have developed policies for endorsing contract farming. In the U.S. and European countries, contract farming has witnessed significant growth.

Mechanized equipment

Key players in the market are involved in developing smart tractors that are equipped with advanced technologies such as GPS antenna, different attachments such as thresher, hauler, and fertilizer distributors, and better hydraulic systems. Such equipment are expected to offer more efficient performance that its contemporaries.

Smart tractors are equipped with different attachments such as threshers, tractors and spreaders. These attachments increase the equipment's versatility and functionality, allowing the farmer to perform multiple operations with his single machine. Installing such attachments streamlines farming operations, reduces the need for separate machines, and optimizes resource utilization.