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Market Analysis - Agriculture Congress 2021

Stella Ruth

The Global Agriculture Equipment market has been impacted significantly by the outbreak of COVID-19 in early 2020 marked by production and supply chain disruptions and anemic market demand amid the global macroeconomic challenges & uncertainty.

The industry, however, remains focused on restructuring to optimize the cost & production base aligned with prevailing market scenario while continuing to focus on long term trends & growth opportunities. The net farm income in the U.S. is projected to grow by 43% year on year for 2020 to reach $119 billion despite the disruptions & fallout from the outbreak of COVID-19 pandemic and is projected to be heading towards the peak levels of 2013 once again following four consecutive years of steady improvements & increases. For 2021, the agricultural equipment sales are projected to grow by 5%+ across North America, Europe and South America while the sales in Asia are projected to contract marginally. The demand for agricultural equipment is projected to be heading upwards going forward with the last equipment sales peak witnessed almost 7 years ago.