The Global Agricultural Machinery Market expects $405.14bn trade value by 2028
India’s Mahindra & Mahindra Ltd and its joint venture with Japanese group, Mitsubishi Mahindra Agricultural Machinery, are set to benefit from the Global Agricultural Machinery Market which is growing at a CAGR of 7.7% during 2023-28, according to an industry projection.
The Global Agricultural Machinery Market is expected to generate US$405.14 billion by the end of 2028, up from US$244.67 billion in 2021, says the report released on 21 Nov 2023 by ResearchAndMarkets.
The research also looks at the market growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.
The companies analysed in the report include Bucher Industries, AGCO Corporation, Deere & Company, Excel Industries, ClAAS KGaA mbh, CNH Industrial N.V., Mahindra and Mahindra.
The major factors driving the growth of the Global Agriculture Machinery market are the growing demand for smart and efficient machinery and equipment, due to the rising global population and need for improved productivity and operational efficiency and the increasing focus on sustainable farming practices throughout the world.
Presently, agriculture farming has been significantly transformed using agriculture machinery. Modern agriculture machinery has revolutionized farming practices, leading to improved efficiency, productivity, and sustainability. As a result, people are agriculture practices are becoming more sustainable and effective.
With the world population projected to reach 9.7 billion by 2050, the demand for food is expected to increase by at least 50%. In order to meet this demand, farmers are turning to advanced machinery to increase their productivity and efficiency. This has led to a significant increase in the demand for agricultural machinery.
Overall, the report provides a detailed overview of Global Agriculture Machinery, which will assist industry consultants, equipment manufacturers, existing players looking for expansion opportunities, new players looking for opportunities, and other stakeholders in aligning their market-centric strategies with current and expected future trends.
The Global Agricultural Machinery Market has been analyzed by countries (United States, Canada, Brazil, Germany, France, United Kingdom, Italy, Spain, Russia, China, India, Japan, South Korea, Australia, and Indonesia).
The industry players are: Bucher Industries AG, AGCO Corporation, Deere & Company, EXEL Industries, CLAAS KGaA mbH, ISEKI & Co Ltd, CNH Industrial, Krone UK Group, Kubota Corporation, Mahindra & Mahindra Ltd, Mitsubishi Mahindra Agricultural Machinery and LEMKEN GmbH & Co. fiinews.com
