Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The agriculture equipment market size to hit $296.61 billion by 2030, growing at CAGR of 7.3% during 2023 to 2030. The global market size was valued $169.18 billion in 2022. The rise is propelled by the escalating scarcity of human workforce on cattle maintenance in various countries. This shortage has advocated the demand for deploying modernized equipment. Fortune Business Insights presents this information in their report titled "Global Agriculture Equipment Market, 2023–2030."
KEY INDUSTRY DEVELOPMENTS:
April 2023 – Mahindra Tractors launched a new range of Ojas tractors constituting four sub tractors platform. Via this launch, the company intended to target the Indian as well as the global market for increasing its sales volume.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.3% |
| 2030 Value Projection | USD 296.61 billion |
| Base Year | 2022 |
| Agriculture Equipment Market Share in 2022 | USD 169.18 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | By Equipment Type, By Application and By Region |
| Agriculture Equipment Market Growth Drivers | Increasing Equipment Technology Awareness and Favorable Government Policies to Propel the Market Growth |
| Smart Farming Equipment and Industry 4.0 Integration to Create Lucrative Business Prospects |
COVID-19 Impacts:
Impact on Market Share Propelled by Imbalance in Supply Demand
The coronavirus pandemic affected industry growth considering the reduction in operations in labor-intensive agriculture countries such as China and India. Furthermore, the post-pandemic period registered a rise in the supply demand gap. However, the soaring integration of wireless equipment models and growing IoT automation are expected to drive product demand creating favorable ground for market expansion.
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Drivers and Restraints:
Favorable Government Policies and Rising Awareness Associated with Equipment Technology to Drive Industry Growth
One of the key factors propelling the agriculture equipment market growth is the soaring adoption of automatic and semi-automatic machines across various regions. The industry growth is further driven by the increasing demand for equipment such as combine harvesters and tractors.
However, the industry expansion could be affected by high costs associated with the initial procurement and maintenance of the product.
Report Coverage:
The report offers a comprehensive analysis of the major factors propelling the global business scenario throughout the estimated period. It further gives an insight into the key trends driving industry expansion over the forthcoming years. Other aspects comprise the significant steps undertaken by leading companies for establishing a strong position in the market.
Market Segmentation:
Agricultural Tractors Segment to Depict Substantial Demand Driven by Rising Development of New Products
On the basis of equipment type, the market for agriculture equipment is categorized into agriculture tractors, harvesting equipment, irrigation & crop processing equipment, agriculture spraying & handling equipment, soil preparation & cultivation equipment, and others (hay & forage equipment, trailers). The agriculture tractors segment is anticipated to exhibit lucrative growth throughout the forecast period. The expansion is due to the rising introduction of eco-friendly and efficient tractors.
Land Development Segment to Gain Prominence Impelled by Soaring Demand Across Industrial Sector
Based on application, the market is classified into land development, threshing and harvesting, plant protection, and after agro processing. The land development segment is poised to grow at a considerable pace over the estimated period. The growth is due to the rising development and launch of new solutions.
By geography, the market for agriculture equipment is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Regional Analysis:
Asia Pacific to Emerge as Prominent Region Impelled by Increasing Digitalization
The Asia Pacific agriculture equipment market share is expected to register considerable growth over the projected period. The rise is on account of the economic stability offered by various agro-based countries such as India, China, and others.
The North America market is anticipated to depict an appreciable surge over the study period. The rise is due to the presence of major companies such as Alamo Group, Inc., AGCO Corporation, Valmont Industries, Deere & Company, and others.
Competitive Landscape:
Key Players Ink Strategic Deals to Strengthen Industry Footing
Major industry participants are centered on adopting an array of initiatives for consolidation of their market positions. These include merger agreements, partnerships, and the launch of new solutions. Additional factors favoring market expansion comprise an escalation in R&D activities.
List of the Companies Operating in the Market:
- AGCO Corporation (U.S.)
- Alamo Group Inc. (U.S.)
- China National Machinery Industry Corporation (China)
- CNH Industrial N.V. (U.K.)
- CLAAS KGaA GmbH (Japan)
- Deere & Company (U.S.)
- Kubota Corporation (Japan)
- Mahindra & Mahindra (India)
- SDF S.p.A. (Italy)
- Valmont Industries Inc. (U.S.)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities, and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Agriculture Equipment Key Players Market Share/Ranking, 2022
- Global Agriculture Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, Trailers)
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Country (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Agriculture Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, Trailers)
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Country (USD)
- United States
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Application (USD)
- Canada
- By Application (USD)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- By Application (USD)
- United States
TOC Continued…!
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