Vancouver, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global powered agriculture equipment market is projected to reach a market size of USD 79.93 Billion at a steady CAGR of 6.6% in 2032, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing government incentives, policies, and schemes to support greater mechanization of the agriculture sector in developing countries. Various countries are increasingly utilizing more mechanized approaches to obtain greater crop yields and overcome manpower shortage, which are some key factors driving growth of the powered agriculture equipment market. Rising need to increase profitability from farming and agriculture is a major factor boosting demand for powered agriculture equipment as mechanizing operations results in significant time and cost savings.
Increasing fuel prices has also been resulting in technological advancements of machinery, equipment, and vehicles used in the agriculture sector. Demand for tractors continues to remain comparatively high, and demand for and deployment of auto-guided tractors or driverless tractors in the agriculture has been increasing significantly in the past decade.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 82.20 Billion |
| CAGR (2023-2032) | 6.6% |
| Revenue forecast in 2032 | USD 176.33 Billion |
| Base year for estimation | 2020 |
| Historical data | 2017–2019 |
| Forecast period | 2019-2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2019 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, next generation equipment, and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, South Africa, Turkey |
| Key companies profiled | AGCO Corporation, John Deere & Co., Mahindra & Mahindra Limited, CNH Industrial N.V., Kubota Corporation, CLAAS, Alamo Group Inc., Escorts Group, Iseki & Co., Ltd. and SDF S.P.A. |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Competitive Landscape
The global powered agriculture equipment market is moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major revenue share. Companies are well-equipped with manufacturing facilities and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies in the powered agriculture equipment market. Some prominent players operating in the powered agriculture equipment market are:
- AGCO Corporation
- John Deere & Co.
- Mahindra & Mahindra Limited
- CNH Industrial N.V.
- Kubota Corporation
- CLAAS
- Alamo Group Inc.
- Escorts Group
- Iseki & Co., Ltd.
- SDF S.P.A.
Strategic development
In March 2019, AGCO Corporation, which is a world-leading manufacturer and distributor of agricultural equipment solutions, entered into a commercial and technological partnership with Solinftec, which is a world-leading developer and distributor of digital agriculture solutions. The partnership is expected to give customers of AGCO direct access to the portfolio of solutions of Solinftec, which includes, weather stations, on-board computers, telemetry networks, soil sensors, and proprietary algorithms.
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Key Highlights of Report
- In September 2020, AGCO Corporation, which is a global leader in design, manufacture, and distribution of agricultural machinery and solutions, announced an agreement regarding the acquisition of 151 Research, which is a research and product development firm. The acquisition is expected to result in deployment of the new GSI GrainViz technology solution. The solution offers commercial operators and farmers advanced insight into the moisture content of the grain in their steel storage bins.
- Tractors segment accounted for largest market share of 49.4% in 2020. Rising need to enhance operational efficiency, improve soil fertility, and increase profitability has been driving demand for tractors and other powered agricultural equipment for high crop yields.
- The agricultural unmanned aerial vehicles or agricultural drones segment revenue is expected to expand at a rapid CAGR of 7.5% during the forecast period. The cost-effectiveness of agricultural drones has increased their utilization in crop mapping and surveying, crop spraying, and spot spraying, soil and field analysis, and irrigation monitoring and management.
- Asia Pacific accounted for largest revenue share contribution to the global powered agriculture equipment market in 2020. The extreme climatic conditions and vagaries of weather existing in the region have increased the need for farm mechanization in the region to help farmers adapt to climate risk, which is driving demand for powered agriculture equipment in the region.
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Emergen Research has segmented the global powered agriculture equipment market on the basis of type, next generation equipment, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Combine Harvesters
- Tractors
- Seed Drill
- Soil Preparation & Cultivation Equipment
- Sprayer
- Others
- Next Generation Equipment Outlook (Revenue, USD Billion; 2019-2032)
- Harvesting & Picking Robots
- Agricultural Unmanned Aerial Vehicles or Agricultural Drones
- Driverless Tractors
- Electric Tractors
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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