Redding, California, Aug. 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled ‘Latin America Agriculture Equipment Market by Type (Tractors, Harvesting Equipment, Irrigation Equipment), Mode of Operation (Manual, Automatic), Power Source (Electric Equipment) Application, (Sowing, Planting, Harvesting, Irrigation)- Forecast to 2030,’ published by Meticulous Research®, the Latin America agriculture equipment market is projected to reach $6.55 billion by 2030, at a CAGR of 2.6% from 2023 to 2030.
Growing labor scarcity, the increasing government initiatives to support farmers, the increasing need for mechanization of agricultural operations, and improved credit availability for agriculture equipment manufacturers are some of the factors driving the growth of the Latin America agriculture equipment market. However, the economic instability of farmers and the high costs of advanced agriculture equipment hamper this market's growth to some extent.
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Moreover, technological advancements, the increasing adoption of precision farming techniques, and the expansion and entry of multinational agriculture equipment manufacturers firms in the region are further expected to create market growth opportunities for stakeholders operating in this market. Although, low awareness of advanced agriculture technologies is a major challenge for this market.
Key Players:
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past five years (2019–2023). The agriculture equipment market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the Latin America agriculture equipment market are AGCO Corporation (U.S.), Agromaster (Turkey), AMAZONEN-WERKE H. DREYER SE & Co. KG (Germany), APV - Technische Produkte GmbH (Austria), CLAAS KGaA mbH (Germany), CNH Industrial N.V. (U.K.), Deere & Company (U.S.), HORSCH Maschinen GmbH (Germany), ISEKI & CO., LTD. (Japan), KUBOTA Corporation (Japan), KUHN SAS (France), Mahindra & Mahindra Ltd. (India), Mascar SpA (Italy), Morris Equipment Ltd (Canada), and Valmont Industries, Inc. (U.S.).
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The Latin America agriculture equipment market is segmented by type (tractors, harvesting equipment, soil preparation & cultivation equipment, irrigation equipment, spraying equipment, and other agriculture equipment), mode of operation (semi-automatic, manual, automatic), power source (non-electric powered agriculture equipment and electric-powered agriculture equipment), application (land development & seedbed preparation, harvesting & threshing, irrigation, sowing & planting, crop protection, and other applications), and geography (Brazil, Argentina, and Rest of Latin America). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Key Findings in the Latin America Agriculture Equipment Market Study:
Among all the types studied in this report, the irrigation equipment segment is projected to register the highest CAGR during the forecast period of 2023–2030 due to increasing water shortages for agriculture use, rising government initiatives to boost sustainable irrigation practices, and growing automation in irrigation systems.
Among all the mode of operation studied in this report, the automatic segment is projected to register the highest CAGR during the forecast period of 2023–2030 due to increasing skilled agriculture labor shortages, technological advancements in the agricultural equipment sector, and rising adoption of precision agriculture. Moreover, it is projected that the growing usage of robotics and artificial intelligence technologies in the agriculture sector will also create market growth opportunities for the stakeholders in this market in the coming years.
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Among all the power sources studied in this report, the non-electric equipment segment is expected to account for the larger share of the Latin America agriculture equipment market in 2023 owing to the growing adoption of this equipment from Latin American farmers due to simplicity in use and comparatively lower cost of the non-electric agriculture equipment over their electric counterparts. Non-electric equipment often has lower initial cost and power requirements than their electric counterparts. This affordability makes Latin American farmers more accessible to a broader range of equipment with limited financial resources.
Among all the applications studied in this report, in 2023, the harvesting & threshing preparation segment is expected to account for the largest share of the Latin America agriculture equipment market. The large market share of this segment is mainly attributed to factors such as the growing area under the crop cultivations and increasing demand for mechanized equipment for harvesting and threshing due to its advantages, including reduced labor costs, and time requirements, lower crop wastage, and enhanced processing effectiveness.
Based on geography, the Latin America agriculture equipment market is majorly segmented into Brazil, Argentina, Mexico, and the rest of Latin America. In 2023, Brazil is expected to account for the largest share of the Latin America agriculture equipment market, followed by Mexico and Argentina. The large share of this market is attributed to the growing demand for micro irrigation systems, coupled with the government’s increased support and increasing agriculture labor shortages. Moreover, the investment from international vendors in the country’s agriculture equipment sector further indicates the market growth opportunities for the stakeholders in this market.
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Scope of the Report:
Latin America Agriculture Equipment Market Assessment— by Type
- Tractors
- 30-50 HP
- Less than 30 HP
- 51-100 HP
- More than 100 HP
- Harvesting Equipment
- Combine Harvesters
- Forage Harvesters
- Other Harvesters
- Soil Preparation & Cultivation Equipment
- Irrigation Equipment
- Irrigation Equipment Market, by Type
- Drip Irrigation
- Sprinkler Irrigation
- Other Irrigation Equipment
- Irrigation Equipment Market, by Component
- Tubing
- Sprinklers
- Emitter/Drippers
- Irrigation Valves
- Filters
- Irrigation Controllers
- Other Components
- Irrigation Equipment Market, by Type
- Spraying Equipment
- Other Agriculture Equipment
Latin America Agriculture Equipment Market Assessment— by Mode of Operation
- Semi-automatic
- Manual
- Automatic
Latin America Agriculture Equipment Market Assessment— by Power Source
- Non-electric powered Agriculture Equipment
- Electric-powered Agriculture Equipment
Latin America Agriculture Equipment Market Assessment— by Application
- Land Development & Seedbed Preparation
- Harvesting & Threshing
- Irrigation
- Crop Protection
- Sowing & Planting
- Other Applications
Latin America Agriculture Equipment Market Assessment— by Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
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