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Description
Agricultural Machinery Market size was valued at USD 154.34 billion in 2021, growing at a CAGR of 5.1% during the forecast period 2022 to 2028. Agriculture machinery market is driven by decreased agriculture workforce coupled with increased automation in agriculture. Because of the severe COVID-19 impact, the agriculture machinery industry requested some flexibility for machines to be fitted with transition engines that had already been manufactured and acquired prior to the crisis. During the pandemic, the market stagnated as global supply chains were disrupted and manufacturing industries were shut down in compliance with government steps to prevent the virus from spreading. In 2020, tractors accounted for more than 43.6 percent of the worldwide agricultural machinery market. Over the projection period, the Asia-Pacific area is predicted to grow fast due to increased demand for agricultural products, mostly from India and China. China leads Asia in terms of agricultural equipment production and sales, but India, Japan, and Australia are likely to take a considerable portion of the worldwide market in the next years, surpassing Europe as the largest market. The region’s population is growing, necessitating the mechanisation of agriculture. Increasing rates of mechanisation in developing countries are driving the market. In developing countries, the necessity for agriculture mechanisation has increased due to shrinking land, water supplies, and labour force. Farm mechanisation is 45-55 percent in emerging countries like India and China, compared to 95 percent in developed countries like the United States in 2018.
