Agriculture Equipment Market to Reach $166.49 Bn, Globally, by 2027 at 6.0% CAGR

Allied Market Research

- Implementation of precision farming enabling sustainability & rise in profitability and mechanization of agricultural activities drive the growth of the global agriculture equipment market

PORTLAND, Oregon, July 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Agriculture Equipment Market by Type (Tractors, Harvesters, Soil Preparation & Cultivation, Irrigation & Crop Processing, Agriculture Spraying Equipment, Hay & Forage Machines, and Others), Automation (Manual, Semi-Automatic, and Automatic Equipment), and Business (Original Equipment Manufacturers (OEMs), and Aftersales): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global agriculture equipment industry garnered $105.00 billion in 2019, and is estimated to reach $166.49 billion in 2027, registering a CAGR of 6.0% from 2020 to 2027.

Drivers, restraints, and opportunities

Implementation of precision farming enabling sustainability & rise in profitability and mechanization of agricultural activities including plowing, harvesting, harrowing, and planting drive the growth of the global agriculture equipment market. However, lack of awareness and unavailability of necessary resources hinder the market growth. On the other hand, technological advancements leading to emergence of automatic and semi-automatic equipment and supportive government policies present new opportunities in the market.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/1509

COVID-19 scenario

• Equipment dealers have closed down their shops and banks & financers have curbed the credit limits for purchase. There is a considerable drop in sales of tractors, harvesters, and other equipment.
• There is a complete disruption in the supply chain due to lockdown. The shortage of truck drivers led to increase in freight rate.
• Daily farming activities have affected considerably as migrant laborers have returned to their native places.

The tractors segment to maintain its leadership status throughout the forecast period