Increasing adoption of modern technologies boosts the Global Agriculture and Farm Equipment Market

Market overview:
The global Agriculture and Farm Equipment Market was valued to be 139 billion US dollars in 2020, and it is estimated to increase much further at a CAGR of 8.9% during the forecast period of 2020 - 2025.

Market Drivers and Restrains:
The global Agriculture and Farm Equipment market is expected to grow at a significant rate as there is rising incorporation of innovative technologies in farm machinery around the world. Also, the government subsidies and low rates offered to farmers is a major driving factor of the Agriculture and Farm Equipment market. Furthermore, increasing investments for the new technological advancements are some of the supporting aspects for the global Agriculture and Farm Equipment business.

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Report is segmented as:
The global Agriculture and Farm Equipment market is segmented according to product and application.

By product, the market of Agriculture and Farm Equipment is segmented into tractors, harvesters, planting equipment, irrigation & crop processing equipment, spraying equipment, hay & forage equipment and other products.

By application, the Agriculture and Farm Equipment market is segmented into land development & seed bed preparation, sowing & planting, weed cultivation, plant protection, harvesting,threshing, post-harvest& agro-processing.

Geographical Segmentation:
The Asia Pacific region is expected to experience high demand due to the low level of mechanization and large area of agricultural land helps the market to grow further. Asia Pacific region is also estimated to hold the dominance of the market during the outlook period. North America holds the second largest share of the market due to the increase in investments by the companies for the adoption of novel technologiesin the field.

Impact of COVID-19 on Agriculture and Farm Equipment Market
Due to coronavirus, the market forAgriculture and Farm Equipment has reduced since all the manufacturing units have halted due to the lockdown situation. Because of the lockdown conditions, all the major industries have faced huge financial crisis. As per the reports, companies are expecting to witness an increase in the revenue rate in the next few years as the government authorities have given permission to to restart their manufacturing units which will help the companies to focus more on their businesses. Furthermore, the Agriculture and Farm Equipment related companies are expecting that the market will boost up in the next few years owing to the increasing adoption of modern technologies by the farmers.

Key market players:
Major players of Agriculture and Farm Equipment market include Mahindra & Mahindra, John Deere, AGCO, CNH industrial N.V, Iseki & Co ltd, Kubota.

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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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