China Agricultural Machinery Market Growth, Share, Emerging Trends, CAGR Status, Revenue, Key Manufacturers and Future Opportunities by 2033: SPER Market Research
Tools used for specific tasks or purposes in agriculture are called agricultural equipment (cultivating farm land and rearing animals). By reducing human effort and the faults, physical flaws, and waste in agriculture brought on by human labour and tiredness, these instruments increase production and efficiency in the field of agriculture. Agricultural equipment differs from other types of machinery in that it is not powered by its own unique energy sources, such as fuel, electricity, steam, or gas, and it does not contain several moving components made to accomplish specific tasks.
According to SPER market research, ‘China Agriculture Equipment Market Size- By Tractors, By Equipment, By Sprayers, By Harvesting Machinery, By Haying & Forage Machinery- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the China Agriculture Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of 6.5%.
The market is expanding more quickly due to the rising need for technologically sophisticated equipment to increase agricultural production and efficiency. The agricultural equipment industry is expanding thanks to the use of new technologies in production, such as drones, GPS-equipped equipment, IoT-based equipment, and AI-based equipment. These technologies are pushing equipment makers to create products that satisfy end-user requirements. By increasing digitization in the agriculture industry, the use of these technologies has supported market expansion.
A significant financial commitment is made when purchasing farm equipment, such as tractors and harvesters, which also account for the majority of the worldwide rental industry. The entire process of designing, producing, and distributing this equipment is expensive, as seen by the cost of the agricultural equipment that is available. Farm equipment adoption is low in emerging economies, partly due to small-scale farmers’ limited investment capacities. Renting agricultural gear is a popular choice among farmers since it increases speed and production, which improves company profitability and efficiency. Compared to purchasing equipment through conventional financing, renting it is a more affordable option. Thus, the need for agricultural equipment rental services has increased as a result of the worldwide labour shortage and growing wages.
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The COVID-19 epidemic caused a severe decline in the Chinese Farm machinery sector, with dealership networks suffering the most as a result of supply chain interruptions. Moreover, production facilities weren’t operating at full capacity. Tractor sales fell precipitously during the epidemic as a result of travel restrictions delaying manufacturing and disrupting supplies. Consequently, the COVID-19 epidemic had a detrimental effect on the Chinese market for agricultural machinery.
China Agricultural Machinery Market Key Players:
China is the world’s biggest market for agricultural machinery and one of the biggest producers of farming equipment. Mainly located in the provinces of Shandong, Henan, Jiangsu, Liaoning, and Zhejiang are the farm machinery industry. Large tractors and harvesting machines with high horsepower and high levels of automation are among the best-selling categories of agricultural machinery in the nation. Additionally, some of the key market players are CNH Industrial NV, Lovol Heavy Industry Co. Ltd, Weichai Power Co. Ltd, YTO Group Corporation and some others.
For More Information, refer to below link:-
China Agriculture Equipment Market Revenue
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