Italy Farm Equipment Market Share 2023- Industry Trends, Revenue, CAGR Status, Growth Drivers, Business Opportunities and Future Investment till 2033: SPER Market Research
A mechanical tool or vehicle used in agricultural operations, such as farming, is referred to as agricultural machinery. There are many different kinds of farm equipment that make things easier to operate, including tractors, harvesters, hay and forage machines, and many other power and manual tools.
According to SPER market research, Italy Agricultural Machinery Market Size–By Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Italy Agricultural Machinery Market is predicted to reach USD XX billion by 2033 with a CAGR of 5.51%.
Factors accelerating the market’s growth is the growing demand for technologically sophisticated machinery to increase agriculture’s production and efficiency. The market is expanding thanks in part to the development of agricultural equipment adopting new technology. Manufacturers are being influenced by these technologies to create equipment that satisfies end-user needs. The adoption of these technologies has increased digitization in the agriculture industry, supporting market expansion. The need for farm mechanisation is also growing in the area as a result of farmers’ incomes falling short of growing production costs, such as labour costs. In agriculture, there is a serious worker shortage. Because of this scarcity of agricultural labour, salary rates are rising, allowing local farmers to purchase tractors and other farm equipment. As a result, it is expected that this aspect will propel the agricultural machinery market’s rise in the region.
However, a few of the challenges hindering the market’s expansion include a decline in the number of farms in operation and a significant decline in agricultural revenue. The lack of awareness among small-scale farmers on the advantages and benefits of using agricultural technology is another factor hindering the market’s growth. The growing price of agricultural equipment in developing nations is a major impediment to the sector. The market’s expansion is further hampered by the city’s rapid urbanisation. During the forecast period, the market growth has slowed down due to the loss of arable land that might be used for crop growth as a result of increasing urbanisation.
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Impact of COVID-19 on Italy Agricultural Machinery Market
Furthermore, the Covid-19 pandemic has caused the market for agricultural equipment to suffer since it has forced the closure of multiple production facilities. Due to this, production was delayed and there was a shortage of the raw materials needed to make this agricultural equipment. The market players’ financial success was also hindered by the global lockdowns.
Italy Agricultural Machinery Market key players
Additionally, some of the market key players are AGCO Corporation, CLAAS KGaA mbH, CNH Industrial NV, Deere & Company, Kubota Corporation, Kuhn Group, Same Deutz-Fahr, Yanmar Co. Ltd, Others.
Italy Agricultural Machinery Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Italy Agricultural Machinery Market is segmented as; Equipments (Harrows, Ploughs, Rotovators and Cultivators, Seed and Fertilizer Drills, Other Equipments), Harvesting Machinery (Combine Harvesters, Forage Harvesters, Other Harvesting Machinery), Haying and Forage Machinery (Balers, Mowers and Conditioners, Other Haying and Forage Machinery), Irrigation Machinery (Sprinkler Irrigation, Drip Irrigation, Other), Tractors (Less than 40 HP, 40 HP to 99 HP, Greater than 100 HP).
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Italy Agricultural Machinery Market Growth
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