APAC Agricultural Equipment Market Share 2024- Industry Trends, Growth Drivers, Key Players, Business Challenges and Future Competition till 2033: SPER Market Research
The machinery or manufactured components that increase land productivity in agro-based economies worldwide are referred to as “agriculture equipment”. Farmers’ or landowners’ propensity to use automated technology into traditional farming is instantly encouraged by the equipment. The dearth of workers on the planet and the expensive cost of maintaining livestock on construction projects are two more reasons why buyers should take advantage of the advantages offered by contemporary farming equipment.
According to SPER market research, ‘Asia-Pacific Agricultural Equipment Market Size- By Type, By Service Type, By Restaurant Type, By Cuisine Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the APAC Agricultural Equipment Market is predicted to reach USD 149.9 billion by 2033 with a CAGR of 5.35%.
Drivers:
The two primary factors driving the need for agricultural machinery are the declining labor force and farmers’ increasing understanding of cutting-edge farming methods. Furthermore, the growing demand for pre-owned equipment and the advancements in agricultural equipment technology will likely cause the revenue share to grow more quickly. In addition, the market is growing as a result of rising demand for agricultural products, especially from China and India, and population growth.
Furthermore, high-tech farming and agricultural technology have been adopted by farmers in an attempt to increase productivity and efficiency in their fields. For instance, a lot of farmers have started utilizing resource maps to gather topography information and equipment with sensors to gather variables for measuring soil nutrients, such as temperature and acidity.
Challenges:
Agricultural machinery comes with hefty price tags, especially the more advanced types. These costs might prove to be prohibitive for many farmers, particularly those that operate on a small scale or in rural regions. The large upfront expenses connected with purchasing new machinery can sometimes discourage farmers from replacing their outdated implements with more modern and effective equipment. The high cost of agricultural machinery is a major deterrent to the expansion of the agricultural equipment market in India, and it also prevents the sector’s overall growth.
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Impact of COVID-19 on Asia Pacific Agricultural Equipment Market
The COVID-19 pandemic had a significant impact on the Asia-Pacific Agricultural Equipment Market, presenting both opportunities and problems. The early impact of the pandemic on supply networks caused delays in equipment delivery and manufacturing. This affected farmers’ ability to maintain and improve their equipment, which also affected the availability of agricultural machinery and spare parts. At the height of the crisis, government-imposed lockdowns and restrictions further hindered agricultural activities, which in turn reduced demand for new equipment acquisitions.
Asia-Pacific Agricultural Equipment Market Key Players:
Additionally, some of the market key players are AGCO Corp., AMAZONEN-Werke H. Dreyer GmbH & Company KG, CNH Industrial NV, Deere and Company.
APAC Agricultural Equipment Market Key Segments Covered
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 Product Type: Based on the Product Type, Asia-Pacific Agricultural Equipment Market is segmented as; Tractors, Plowing and Cultivating Machinery, Planting Machinery, Harvesting Machinery, Haying Machinery, Irrigation Machinery, Others.
By Region: This research also includes data for Australia, China, India, Japan, South Korea, Rest of Asia-Pacific.
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:-
APAC Agricultural Equipment Market Revenue
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