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The global agriculture equipment market is expected to grow from $163.4 billion in 2021 to $295.3 billion by 2030, at a CAGR of 6.8 per cent during the forecast period 2022-2030

As per the report published by The Brainy Insights, the global agriculture equipment market is expected to grow from $163.4 billion in 2021 to $295.3 billion by 2030, at a CAGR of 6.8 per cent during the forecast period 2022-2030.

Agriculture equipment is a must for farming these days as there is a shortage of labour and the labour-intensive works from land development to harvesting and threshing need to be done by machinery.

One of the major restraints of the agriculture equipment market is the lack of skilled labour for operating the technologically advanced equipment. Several farmers are reluctant on purchasing these equipment as they don’t have the proper skill for using this equipment. This is restraining the growth of the market.

There are several organisations and government bodies which are providing loan to farmers at low-interest rates or at no interest rates which is an opportunity for the growth of the market. The outbreak of the Covid-19 pandemic affected the market growth as several manufacturing units shut down which resulted in a shortage of raw materials and components and delayed production of the agriculture equipment.

The global agriculture equipment market is expected

The market reached Rs 954.3 bn in 2020

Market research firm IMARC Group report titled, “Indian Agricultural Equipment Market Manufacturers: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” informed that the Indian agricultural equipment market reached a value of Rs 954.3 billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026.

The Government of India (GoI) has been promoting agricultural equipment by undertaking various initiatives, including providing subsidies and incentives and establishing financial institutions. Furthermore, leading players are increasingly introducing advanced equipment integrated with Big Data and Internet-of-Things (IoT), such as self-driving autonomous tractors, which is contributing to the market growth.

The market reached Rs 954.3 bn in