China Agriculture Equipment Market Share 2023, Growth, Latest Trends, Key Manufacturers, Competitive Analysis and Forecast by 2033: SPER Market Research
The variety of tools and machinery that farmers use for various jobs and operations on their farms is referred to as agricultural equipment. Harvesters, tractors, and ploughs are a few of these implements. In comparison to earlier, more laborious methods, farmers use modern agricultural machinery to increase crop yields in less time and with less physical effort. These devices are essential in contemporary agriculture because of the high cost of farm work.
According to SPER market research, ‘China Agriculture Equipment Market Size- By Tractors, By Equipment, By Sprayers, By Harvesting Machinery, By Haying & Forage Machinery- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the China Agriculture Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of 6.5%.
The China Agriculture Equipment Market is anticipated to experience significant growth over the course of the forecast period, supported by rising government investments in the country’s agricultural sector as well as reasonable rebates and incentives the Chinese government has introduced to make buying farm equipment more convenient.
In China, there is a substantial need for large and medium tractors, and sales are rising quickly. Small tractors are the most often purchased agricultural equipment in China because they are more accessible and used by regular farmers. A further factor driving up demand for small tractors is the country’s farmers’ rising per capita income. A single harvesting machine, which completes a single task, and a combine/multipurpose harvesting machine, which can harvest a variety of crops, are the two categories of harvesting equipment used in the report. Additionally, there are three subcategories of combine harvesters: those used for harvesting rice, wheat, and other crops.
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Despite the fact that China’s agricultural equipment business is built on rapidly developing technology, some of the key obstacles impeding its growth include a lack of human resources and the infrastructure required to create advanced farming machinery that can compete with imported goods. As a result, China is heavily dependent on imports for cutting-edge farming machinery.
Impact of COVID-19 on China Farm Equipment Market Outlook
The COVID-19 epidemic had a severe impact on the agricultural equipment market in China and disrupted supply, production, and distribution networks. Industries were temporarily shut down as a result of quarantine measures, which increased material costs and caused production delays. Farmer financing became difficult, initially resulting in fewer equipment sales. Nevertheless, the pandemic’s effects were lessened by the Chinese government’s implementation of supportive measures like tax reductions, loan guarantees, and infrastructural projects. The crisis hastened the introduction of digital farming techniques like precision farming, which will likely fuel business expansion in the future.
China Agricultural Machinery Market Key Players:
China is one of the world’s major producers of agricultural machinery and the largest market for it. Shandong, Henan, Jiangsu, Liaoning, and Zhejiang provinces house the majority of the farming equipment industries. Additionally, some of the market key players are AGCO Corporation, CNH Industrial NV, Lovol Heavy Industry Co. Ltd, Weichai Power Co. Ltd, YTO Group Corporation, Others.
Our in-depth analysis of the China Agriculture Equipment Market includes the following segments:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Tractors:
- Engine Power
- 1 25 HP to 100 HP
- 2 Above 100 H
By Equipment:
- Plows
- Harrows
- Rotovators & Cultivators
- Seed & Fertilizer Drills
- Fertilizer Spreaders
- Other Equipment
By Sprayers:
- Field-crop Sprayers
- Orchard Sprayers
By Harvesting Machinery:
- Combine Harvesters
- Forage Harvesters
- Other Harvesting Machinery
- By Haying & Forage Machinery:
- Mowers & Conditioners
- Balers
- Other Haying & Forage Machinery
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
China Agriculture Equipment Market Growth Opportunities
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