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Agricultural equipment is super important and does a lot of different jobs based on what the people using them need. The machines with power are taking the place of the old-fashioned ways because they are new and improved. The market for these powered agriculture machines is affected by different things like the growth in farming, more people in the world, easy access to credit and subsidies in Asian markets, and a higher demand for better farming machines. But there are also things that make it a bit hard for the market to grow, like changing weather and farming schedules, machines being expensive, and the economic situation being uncertain.
People think that the global market for these machines will grow by 5.43% during a certain period. In 2016, Asia Pacific was leading the market, making up 33.47% of it, followed by North America with 29.15%. The market for these machines is split into different types of products. Tractors are the biggest, making up 52.35% of the market in 2016 and valued at USD 36.4 billion. They are expected to keep growing by 5.49%. Combine harvesters are the second biggest, worth USD 9.5 billion in 2016 and growing at a rate of 5.25%. But the equipment for preparing the soil and cultivating it is expected to grow the most, at a rate of 5.59%. Now, let's break this down even more. Agricultural equipment, the stuff that helps with farming, is really important. These machines do different jobs based on what the people using them need. The ones with power are replacing the old ways because they are new and improved. The market for these powered agriculture machines is influenced by different things. First, there's the growth in farming, meaning more people are doing it. Then, there's the increase in the world's population, meaning more people need food. Also, in Asian markets, it's easy for people to get money and help from the government, and there's a higher demand for better farming machines. People want things that make farming easier and faster.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022-2030 |
Powered Agriculture Equipment Market Highlights:
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