Global farm equipment market to reach $150 million by 2024, report

The global farm equipment market is expected to reach $150 million by 2024 from $128 million in 2018 growing at a compound annual growth rate of 2.59 per cent according to a new report dubbed The “Global Farm Equipment Market – Forecasts from 2019 to 2024” by Research and Markets.

Farm equipment are used in the production, harvesting, and care of agriculture or farm produce. These equipment help in reducing the dependency on labor, improving crop quality, and reducing the time for agricultural work.

The increasing automation in the field of agriculture and farming along with the support from various governments is driving the market for farm equipment. The growing population is attributing the market growth too since it leads to an increase in the demand for food.

Additionally, the scarcity of skilled labor in the agriculture and farming sector is also supporting the market demand. Furthermore, the increasing research and development for technological advancement in the farm equipment are also augmenting the market growth to continue in the forecasted period.

However, the high cost of equipment and the growing market for used/second-hand equipment is a restraint in the growth of the market.