China Agriculture Equipment Market Growth and Share 2023, Surpass at a CAGR of 6.5%, Key Manufacturers and Forecast up to 2022-2032: SPER Market Research
According to SPER Market Research, The China Agricultural Equipment Market refers to the sector of the economy that produces, markets, and sells farm and agricultural equipment in China. Among the equipment and machinery for sale in this market are tractors, harvesters, ploughs, planters, irrigation systems, and other agricultural implements. The large nation’s agricultural production demands a considerable amount of machinery in order to increase productivity and efficiency. China’s agriculture equipment industry has recently grown quickly as a result of rising demand from farmers and agricultural cooperatives. The demand for more productivity, rising labour costs, and the modernization of agricultural methods are just a few of the factors driving the growth of the China Agricultural Equipment Market.
China Agriculture Equipment Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 6.5%
- Forecast Market Size (2032): XX billion
The growth of rural infrastructure and government initiatives that support agriculture, such as financial aid for the purchase of agricultural equipment, have also contributed to the market’s development. The market, however, confronts several challenges, including the limited availability to funding for small and medium-sized farmers, a lack of technical expertise in operating modern agricultural equipment, and environmental concerns related to the use of chemical pesticides and fertilisers. The China Farm Equipment Market, an important sector of the Chinese economy, underpins the country’s enormous agricultural productivity. The industry is expected to rise over the coming years as a result of growing technology usage and the modernisation of farming practises.
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Impact of COVID-19 on the China Agriculture Equipment Market
The COVID-19 epidemic had a major impact on the agricultural equipment sector in China. Manufacturing, distributing, and supply chains for agricultural machinery and equipment were hampered by the initial virus epidemic in China. Regulations pertaining to quarantine necessitated the short-term closure of a large number of businesses and production facilities, which caused delays and decreased output. Due to the fact that many farmers were unable to obtain financing and the rising cost of raw materials for manufacturing, the pandemic also had a detrimental impact on the market for agricultural machinery and equipment.
Due to the pandemic’s early phases, fewer agricultural machinery and equipment sales occurred. However, the Chinese government implemented a variety of measures to aid the agriculture sector and mitigate the pandemic’s consequences. These measures included loan guarantees, tax cuts for farmers and agricultural cooperatives, and financial aid for the acquisition of farm machinery. The government also increased funds for the development of rural infrastructure, which raised demand for agricultural tools and equipment. The epidemic accelerated the adoption of digital agriculture practises, including as precision farming, which are expected to propel industry expansion in the coming years.
China Agriculture Machinery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AGCO Corporation, CNH Industrial NV, Lovol Heavy Industry Co. Ltd, Weichai Power Co. Ltd, YTO Group Corporation.
China Agriculture Equipment Market Segmentation:
China Agriculture Equipment Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Tractors: Based on the Tractors, China Agriculture Equipment Market is segmented as; Engine Power (25 HP to 100 HP, Above 100 H).
By Equipment: Based on the Equipment, China Agriculture Equipment Market is segmented as; Plows, Harrows, Rotovators & Cultivators, Seed & Fertilizer Drills, Fertilizer Spreaders, Other Equipment.
By Sprayers: Based on the Sprayers, China Agriculture Equipment Market is segmented as; Field-crop Sprayers, Orchard Sprayers.
By Harvesting Machinery: Based on the Harvesting Machinery, China Agriculture Equipment Market is segmented as; Combine Harvesters, Forage Harvesters, Other Harvesting Machinery.
By Haying & Forage Machinery: Based on the Haying & Forage Machinery, China Agriculture Equipment Market is segmented as; Mowers & Conditioners, Balers, Other Haying & Forage Machinery.
By Region: This report also provides the data for key regional segments of East China, Middle China, North China, Northeast China, Northwest China, South China, Southwest China.
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:-
China Agriculture Machinery Market Demand
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SPER Market Research