Redding, California, Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation & Crop Processing Equipment, Spraying & Handling Equipment), Mode of Operation (Manual, Automatic), Application (Land Development, Harvesting) - Forecast to 2029,’ the agriculture equipment market is expected to reach $242.9 billion by 2029, at a CAGR of 5.6% during the forecast period.
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The growth of the agriculture equipment market is driven by the rising need for mechanizing agricultural operations, progressive government initiatives supporting farmers, and the growing adoption of modern agricultural techniques. However, the high cost of advanced agriculture equipment and fluctuating raw material prices are expected to restrain the growth of this market.
The Impact of COVID-19 on the Agriculture Equipment Market
The COVID-19 pandemic adversely affected the global economy. The lockdowns and quarantines imposed to curb the spread of the SARS-CoV-2 virus negatively impacted many sectors, including the agricultural sector. In the initial days of the pandemic, disrupted logistics and transportation impacted the movement of agricultural commodities. Hence, the agriculture equipment market registered a decline in sales in 2020.
In addition to the interruptions in the industry’s value chain from raw materials supply to manufacturing, packaging, and distribution, the COVID-19 pandemic also led to restrictions on the movement of workers, a decline in demand from farmers, and the closure of equipment manufacturing facilities. The industry suffered severe labor shortages due to repeated lockdowns, affecting machinery production. The decline in revenues during the initial months of 2020, coupled with reductions in demand from major markets, impacted the profitability of agriculture equipment manufacturers and vendors. Therefore, disruptions in transportation & logistics impacted production and adversely affected the agriculture equipment market in terms of sales volumes during the initial phase of the pandemic in 2020.
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However, government bodies gradually eased restrictions on transportation, making it easier for agriculture equipment providers to meet the demand from farmers across most countries. In 2021, strong growth was witnessed in the agriculture equipment market due to the growing demand for agricultural commodities. In addition, the increasing number of government subsidiaries for purchasing agricultural equipment contributed to the market's growth.
The agriculture equipment market is segmented based on type (tractors, harvesting equipment, irrigation & crop processing equipment, spraying & handling equipment, soil preparation & cultivation equipment, and other equipment types), mode of operation (manual, semi-automatic, automatic), application (land development, harvesting, crop protection, plowing & cultivation, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2022, the tractors segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the introduction of new advanced tractors and the benefits offered by tractors, such as reduced manpower requirements for farming and greater production yield. Furthermore, the rising adoption of precision farming is expected to drive the demand for tractors. However, the harvesting equipment segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the benefits offered by harvesting equipment, including efficiency, reduction of manpower requirement and operational costs, and the rising demand for automated harvesters.
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Based on mode of operation, in 2022, the manual segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the benefits such as ease of use, low cost, and low maintenance offered by manual agriculture equipment. However, the automatic segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the benefits offered by automated equipment, such as higher production capabilities, reduced labor costs, and improved operational precision & accuracy.
Based on application, in 2022, land development segment is expected to account for the largest share of the agriculture equipment market. The large market share of this segment is attributed to the increasing adoption of advanced cultivation techniques, the rising demand for advanced farming technologies to reduce labor costs, and the benefits offered by advanced agricultural equipment during land development, such as high productivity and efficiency.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the agriculture equipment market. Asia-Pacific’s major market share is attributed to the rising demand for automated farming equipment and the rising per capita income in the region. Furthermore, the availability of loans and subsidies for purchasing agricultural equipment drives the growth of this regional market. However, North America is slated to register the highest CAGR during the forecast period.
The agriculture equipment market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the agriculture equipment market include Deere & Company (U.S.), AGCO Corporation (U.S.), KUBOTA Corporation (Japan), Mahindra & Mahindra Ltd. (India), HORSCH Maschinen GmbH (Germany), Valmont Industries, Inc. (U.S.), SDF S.p.A. (Italy), ISEKI & CO., LTD. (Japan), ROSTA AG (Switzerland), and Tractors and Farm Equipment Limited (TAFE) (India).
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Scope of the Report:
Agriculture Equipment Market, by Type
- Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Other Equipment Types
Agriculture Equipment Market, by Mode of Operation
- Manual
- Semi-automatic
- Automatic
Agriculture Equipment Market, by Application
- Land Development
- Harvesting
- Crop Protection
- Plowing & Cultivation
- Other Applications
Agriculture Equipment Market, by Geography
- North America
-
- U.S
- Canada
-
- Europe
-
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
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